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In May 2017, we highlighted the Sixth Circuit’s opinion in Town Center Flats. Briefly, Town Center Flats held that ownership of a commercial property’s rents transferred to a lender...
On June 24, 2022, the Legislature changed that by enacting the Michigan Uniform Assignment of Rents Act MUARA. The MUARA protects lenders by clarifying that an assignment of rents is a perfected security interest as soon as it is recorded.