Michigan § 3.824 - Deferred installment payment schedule; interest; request for full payment; deferred payment agreement assignable.
Full text of Michigan Michigan Compiled Laws § 3.824 — Deferred installment payment schedule; interest; request for full payment; deferred payment agreement assignable., with citation guidance and answers to common questions.
§ 3.824. Deferred installment payment schedule; interest; request for full payment; deferred payment agreement assignable.
At the option of the seller, the commission shall purchase property under section 12 and provide farmland equity adjustment payments under section 13 on a deferred installment payment schedule not to exceed 10 years after the date of purchase. However, the commission shall receive title of the property at the time the deferred payment agreement is entered into. If property is purchased on a deferred payment schedule pursuant to this section, the commission shall pay interest on the balance owing to the seller at the same rate as the state's rate of return on its investments in the common cash fund.
If property is purchased on a deferred payment schedule pursuant to this section, the seller may request, at any time, full payment of the outstanding principal, plus any accrued interest, owing to him or her. The state may grant the sellers request under this subsection in the event of financial hardship or other reasonable cause. In the event of death of the seller, the state shall grant the request.
A deferred payment agreement entered into under this section shall be assignable.
Frequently Asked Questions About Michigan § 3.824
What does Michigan Compiled Laws § 3.824 cover?
Section 3.824 ("Deferred installment payment schedule; interest; request for full payment; deferred payment agreement assignable.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 3.824?
A common citation format is "Michigan Compiled Laws § 3.824" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 3.824 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.