Section 570.434 - Sale of craft; distribution of surplus. - Michigan Statutes

LIEN ON WATERCRAFT (EXCERPT)
Act 59 of 1864 (Ex. Sess.)

570.434 Sale of craft; distribution of surplus.

Sec. 34.

Any portion of the sum so paid by the sheriff to the clerk, or of a deposit remaining after such distribution as aforesaid shall be denominated surplus proceeds, and when any claim or complaint shall be filed against the same, as provided in section 11 of this act, distribution shall be directed by the court, after decrees or judgment, upon motion and notice as provided in the last section, and after the following order:

First. All costs upon claims passing into decree which were filed after sale:

Second. All other liens enforceable under this act against the water-craft prior to sale in the order in which they were filed:

Third. All claims upon mortgages of such water-craft or other incumbrances created by the owner in proportion to the interest they cover and priority:

Fourth. The owner.

History: 1864, Ex. Sess., Act 59, Eff. May 7, 1864 ;-- Am. 1865, Act 323, Eff. June 22, 1865 ;-- CL 1871, 6679 ;-- How. 8268 ;-- CL 1897, 10821 ;-- CL 1915, 14924 ;-- CL 1929, 13170 ;-- CL 1948, 570.434