Michigan § 451.401 - Trust mortgage foreclosure; definitions.
Full text of Michigan Michigan Compiled Laws § 451.401 — Trust mortgage foreclosure; definitions., with citation guidance and answers to common questions.
§ 451.401. Trust mortgage foreclosure; definitions.
As used in this act:
The term "trust mortgage" means any trust mortgage, trust indenture or deed of trust given to secure bonds or other obligations issued and authenticated as therein set forth.
The term "trustee" means the trustee or trustees of any such "trust mortgage."
The term "bonds" means bonds or other obligations outstanding and secured by any such "trust mortgage."
The term "request" as used in sections 2 and 3 of this act means the written request filed by the trustee or holders of bonds for authorization of the trustee to bid for and acquire the mortgaged property as provided in section 2 of this act.
The term "non-concurring holder or holders" means such holder or holders as shall have filed written refusal to concur in said "request."
Frequently Asked Questions About Michigan § 451.401
What does Michigan Compiled Laws § 451.401 cover?
Section 451.401 ("Trust mortgage foreclosure; definitions.") 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 § 451.401?
A common citation format is "Michigan Compiled Laws § 451.401" (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 § 451.401 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.