HB-4470, As Passed Senate, January 25, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HOUSE BILL No. 4470

 

 

March 30, 2017, Introduced by Rep. Iden and referred to the Committee on Judiciary.

 

     A bill to amend 1961 PA 236, entitled

 

"Revised judicature act of 1961,"

 

by amending sections 3204 and 5807 (MCL 600.3204 and 600.5807),

 

section 3204 as amended by 2014 PA 125.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 3204. (1) A party may foreclose a mortgage by

 

advertisement if all of the following circumstances exist:

 

     (a) A default in a condition of the mortgage has occurred, by

 

which the power to sell became operative.

 

     (b) An action or proceeding has not been instituted, at law,

 

to recover the debt secured by the mortgage or any part of the

 

mortgage or, if an action or proceeding has been instituted, either

 

the action or proceeding has been discontinued or an execution on a

 

judgment rendered in the action or proceeding has been returned

unsatisfied, in whole or in part. For purposes of this subdivision,

 

an action or proceeding for the appointment of a receiver is not an

 

action or proceeding to recover a debt.

 

     (c) The mortgage containing the power of sale has been

 

properly recorded.

 

     (d) The party foreclosing the mortgage is either the owner of

 

the indebtedness or of an interest in the indebtedness secured by

 

the mortgage or the servicing agent of the mortgage.

 

     (2) If a mortgage is given to secure the payment of money by

 

installments, each of the installments mentioned in the mortgage

 

after the first shall be treated as a separate and independent

 

mortgage. The mortgage for each of the installments may be

 

foreclosed in the same manner and with the same effect as if a

 

separate mortgage were given for each subsequent installment. A

 

redemption of a sale by the mortgagor has the same effect as if the

 

sale for the installment had been made upon an independent prior

 

mortgage.

 

     (3) If the party foreclosing a mortgage by advertisement is

 

not the original mortgagee, a record chain of title must exist

 

before the date of sale under section 3216 evidencing the

 

assignment of the mortgage to the party foreclosing the mortgage.

 

     Sec. 5807. (1) No A person may not bring or maintain any an

 

action to recover damages or sums money due for breach of contract

 

, or to enforce the specific performance of any a contract unless,

 

after the claim first accrued to himself the person or to someone

 

through whom he the person claims, he the person commences the

 

action within the periods of time applicable period prescribed by

this section.

 

     (2) (1) The period of limitations on actions an action

 

charging any a surety on any a bond of any executor, administrator,

 

a personal representative or guardian is 4 years after the

 

discharge of the executor, administrator, personal representative

 

or guardian.

 

     (3) (2) The Except as otherwise provided in this section or

 

another statute of this state, the period of limitations is 10

 

years for actions an action founded upon bonds on a bond of a

 

public officers.officer.

 

     (4) (3) The period of limitations on actions an action founded

 

upon bonds on a bond executed under sections 41.80 and 41.81 80 and

 

81 of the Compiled Laws of 1948, 1846 RS 16, MCL 41.80 and 41.81,

 

is 2 years after the expiration of the year for which the constable

 

was elected.

 

     (5) (4) The period of limitations is 10 years for actions an

 

action founded upon covenants on a covenant in deeds and mortgages

 

a deed or mortgage of real estate.

 

     (6) (5) The Except as otherwise provided in another statute of

 

this state, the period of limitations is 2 years for actions an

 

action charging any a surety for costs.

 

     (7) (6) The period of limitations is 2 years for actions an

 

action brought on bonds a bond or recognizances recognizance given

 

on appeal from any a court in this state.

 

     (8) (7) The period of limitations is 10 years for actions an

 

action on bonds, notes, a bond, note, or other like instruments

 

which are instrument that is the direct or indirect obligation of,

or were was issued by although not the obligation of, the this

 

state of Michigan or any a county, city, village, township, school

 

district, special assessment district, or other public or quasi-

 

public corporation in the this state. of Michigan.

 

     (9) (8) The period of limitations is 6 years for all other

 

actions an action to recover damages or sums money due for breach

 

of contract that is not described in subsections (2) to (8).

 

     Enacting section 1. This amendatory act takes effect 90 days

 

after the date it is enacted into law.

 

     Enacting section 2. This amendatory act does not take effect

 

unless Senate Bill No.____ or House Bill No. 4471 (request no.

 

00179'17) of the 99th Legislature is enacted into law.