Section 557.267 - Purchaser for value; lender taking security interest in property. - Michigan Statutes

UNIFORM DISPOSITION OF COMMUNITY PROPERTY RIGHTS AT DEATH ACT (EXCERPT)
Act 289 of 1975

557.267 Purchaser for value; lender taking security interest in property.

Sec. 7.

(1) If a surviving spouse has apparent title to property to which this act applies, a purchaser for value or a lender taking a security interest in the property takes his interest in the property free of any rights of the personal representative or an heir or devisee of the decedent.

(2) If a personal representative or an heir or devisee of the decedent has apparent title to property to which this act applies, a purchaser for value or a lender taking a security interest in the property takes his interest in the property free of any rights of the surviving spouse.

(3) A purchaser for value or a lender need not inquire whether a vendor or borrower acted properly.

(4) The proceeds of a sale or creation of a security interest shall be treated in the same manner as the property transferred to the purchaser for value or a lender.

History: 1975, Act 289, Eff. Mar. 31, 1976