Section 570.561 - Payment of proceeds to prior lienholder; payment of amount to end user possessing lien or to customer. - Michigan Statutes

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Statutes > Michigan > Chapter-570 > Act-481-of-2002 > Section-570-561

SPECIAL TOOLS LIEN ACT (EXCERPT)
Act 481 of 2002

570.561 Payment of proceeds to prior lienholder; payment of amount to end user possessing lien or to customer.

Sec. 21.

(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 end user 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: 2002, Act 481, Imd. Eff. June 27, 2002

State Codes and Statutes

Statutes > Michigan > Chapter-570 > Act-481-of-2002 > Section-570-561

SPECIAL TOOLS LIEN ACT (EXCERPT)
Act 481 of 2002

570.561 Payment of proceeds to prior lienholder; payment of amount to end user possessing lien or to customer.

Sec. 21.

(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 end user 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: 2002, Act 481, Imd. Eff. June 27, 2002

State Codes and Statutes

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State Codes and Statutes

Statutes > Michigan > Chapter-570 > Act-481-of-2002 > Section-570-561

SPECIAL TOOLS LIEN ACT (EXCERPT)
Act 481 of 2002

570.561 Payment of proceeds to prior lienholder; payment of amount to end user possessing lien or to customer.

Sec. 21.

(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 end user 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: 2002, Act 481, Imd. Eff. June 27, 2002