Section 445.618d - Sale for sum greater than amount of lien; disposition of proceeds; prohibited sales. - Michigan Statutes

State Codes and Statutes

Statutes > Michigan > Chapter-445 > Act-155-of-1981 > Section-445-618d

OWNERSHIP RIGHTS IN DIES, MOLDS, AND FORMS (EXCERPT)
Act 155 of 1981

445.618d Sale for sum greater than amount of lien; disposition of proceeds; prohibited sales.

Sec. 8d.

(1) If the sale is for a sum greater than the amount of the lien, the proceeds shall first be paid to the prior lienholder who has a perfected lien in an amount sufficient to extinguish that interest. Any excess shall next be paid to the molder who possesses a lien under this act in an amount sufficient to extinguish that interest. Any remainder shall then be paid to the customer.

(2) A sale shall not be made under this act if it would be in violation of any right of a customer under federal patent or copyright law.

History: Add. 1986, Act 103, Imd. Eff. May 16, 1986

State Codes and Statutes

Statutes > Michigan > Chapter-445 > Act-155-of-1981 > Section-445-618d

OWNERSHIP RIGHTS IN DIES, MOLDS, AND FORMS (EXCERPT)
Act 155 of 1981

445.618d Sale for sum greater than amount of lien; disposition of proceeds; prohibited sales.

Sec. 8d.

(1) If the sale is for a sum greater than the amount of the lien, the proceeds shall first be paid to the prior lienholder who has a perfected lien in an amount sufficient to extinguish that interest. Any excess shall next be paid to the molder who possesses a lien under this act in an amount sufficient to extinguish that interest. Any remainder shall then be paid to the customer.

(2) A sale shall not be made under this act if it would be in violation of any right of a customer under federal patent or copyright law.

History: Add. 1986, Act 103, Imd. Eff. May 16, 1986

State Codes and Statutes

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State Codes and Statutes

Statutes > Michigan > Chapter-445 > Act-155-of-1981 > Section-445-618d

OWNERSHIP RIGHTS IN DIES, MOLDS, AND FORMS (EXCERPT)
Act 155 of 1981

445.618d Sale for sum greater than amount of lien; disposition of proceeds; prohibited sales.

Sec. 8d.

(1) If the sale is for a sum greater than the amount of the lien, the proceeds shall first be paid to the prior lienholder who has a perfected lien in an amount sufficient to extinguish that interest. Any excess shall next be paid to the molder who possesses a lien under this act in an amount sufficient to extinguish that interest. Any remainder shall then be paid to the customer.

(2) A sale shall not be made under this act if it would be in violation of any right of a customer under federal patent or copyright law.

History: Add. 1986, Act 103, Imd. Eff. May 16, 1986