HOUSE BILL No. 5328


     October 23, 2001, Introduced by Reps. Bishop, Richardville, Stewart and Raczkowski and referred to the Committee on Commerce.


        A bill to amend 1879 PA 237, entitled

   "An act to provide for the execution, acknowledgment, and record-
   ing of contracts for the sale of land,"

   by amending section 6 (MCL 565.356), as added by 1998 PA 106.

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

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           Sec. 6.  As used in this act:

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           (a) "Assignee" means assignee of the vendor named in a land

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      contract, a succeeding assignee, or a land contract mortgagee who

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      became the absolute holder of the land contract as a result of

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      security enforcement procedures.

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           (b) "Grantee" means grantee of the vendor named in a land

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      contract, a succeeding grantee, or a grantee pursuant to a mort-

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      gage foreclosure of a mortgage upon the land but subordinate to

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      the land contract.





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           (c) "Land contract mortgage" means a mortgage granted by a

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      vendor or a vendee.

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           (d) "Land contract mortgagee" means the holder of a land

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      contract mortgage granted by a vendor or vendee, or his or her

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      heirs, successors, or assigns.

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           (e) "Nonmortgaging vendee" means a vendee who has not

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      entered into a land contract mortgage granted by his or her

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      vendor.

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           (f) "Nonmortgaging vendor" means a vendor who has not

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      entered into a land contract mortgage granted by his or her

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      vendee.

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           (g) "Real estate mortgage" means a mortgage granted upon an

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      interest in real property,  which is created when  OTHER THAN A

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      MORTGAGE UPON A VENDOR'S OR VENDEE'S INTEREST IN A LAND CONTRACT

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      UNLESS the vendor and the vendee join in or subject their respec-

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      tive interests to a single mortgage.  A land contract mortgage is

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      not a real estate mortgage.

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           (h) "Third parties" means persons or entities other than the

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      vendor, vendee, nonmortgaging vendor, nonmortgaging vendee,

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      assignee, grantee, or land contract mortgagee, who have or claim

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      an interest in or encumbrance upon real property or a vendor's or

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      vendee's interest which is subject to a land contract mortgage.

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           (i) "Vendee" means the vendee named in the land contract and

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      the vendee's heirs, successors, or assigns.

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           (j) "Vendor" means the vendor named in the land contract and

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      the vendor's heirs, successors, or assigns.





   04428'01          Final page.                            DRM