Section 554.211 - Assignment of rents and profits under trust mortgage or deed; lawfulness. - Michigan Statutes

RENTS AND PROFITS UNDER TRUST MORTGAGE (EXCERPT)
Act 228 of 1925

554.211 Assignment of rents and profits under trust mortgage or deed; lawfulness.

Sec. 1.

Hereafter, in or in connection with any trust mortgage or deed of trust, to secure bonds or obligations issued or to be issued thereunder, it shall be lawful to assign the rents and profits of the property mortgaged to the trustee or trustees under the trust mortgage or deed of trust for the benefit of the bondholders and holders of the obligations issued or to be issued under the trust mortgage or deed of trust.

History: 1925, Act 228, Eff. Aug. 27, 1925 ;-- CL 1929, 13498 ;-- CL 1948, 554.211