Michigan § 554.1035 - Enforcement by secured party; effect.
Full text of Michigan Michigan Compiled Laws § 554.1035 — Enforcement by secured party; effect., with citation guidance and answers to common questions.
§ 554.1035. Enforcement by secured party; effect.
A request by a secured party for appointment of a receiver, the appointment of a receiver, or application by a secured party of receivership property or proceeds to the secured obligation does not do any of the following:
(a) Make the secured party a mortgagee in possession of the real property.
(b) Impose any duty on the secured party under section 9207 of the uniform commercial code, 1962 PA 174, MCL 440.9207.
(c) Make the secured party an agent of the owner.
(d) Constitute an election of remedies that precludes a later action to enforce the secured obligation.
(e) Make the secured obligation unenforceable.
(f) Limit any right available to the secured party with respect to the secured obligation.
(g) Constitute an action within the meaning of section 3204(1)(b) of the revised judicature act of 1961, 1961 PA 236, MCL 600.3204.
Frequently Asked Questions About Michigan § 554.1035
What does Michigan Compiled Laws § 554.1035 cover?
Section 554.1035 ("Enforcement by secured party; effect.") 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 § 554.1035?
A common citation format is "Michigan Compiled Laws § 554.1035" (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 § 554.1035 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.