Section 565.903 - Priority of recorded mortgage amended to become future advance mortgage. - Michigan Statutes

PRIORITY OF MORTGAGES (EXCERPT)
Act 348 of 1990

565.903 Priority of recorded mortgage amended to become future advance mortgage.

Sec. 3.

Except as otherwise provided by this act, if a recorded mortgage has been or is amended to become a future advance mortgage, it shall have priority with respect to a future advance secured by the mortgage as if the future advance was made at the time the amendment was recorded.

History: 1990, Act 348, Eff. Apr. 1, 1991 ;-- Am. 1992, Act 35, Eff. July 1, 1992