Section 445.1622 - Enforcement of due-on-sale clause generally.
DUE-ON-SALE CLAUSES (EXCERPT)
Act 351 of 1984
445.1622 Enforcement of due-on-sale clause generally.
Sec. 2.
Except for a residential window period loan, a lender may enforce a due-on-sale clause in a real property loan in accordance with the terms of the loan contract. A lender shall enforce a due-on-sale clause in a residential window period loan only in accordance with sections 3 to 5.
History: 1984, Act 351, Eff. Oct. 15, 1985 ;-- Am. 1985, Act 136, Imd. Eff. Oct. 15, 1985