Watercraft: marinas; enforcement of liens; modify. Amends sec. 5 of 1998 PA 362 (MCL 570.375).
What changed between versions
Added specific steps for facility owners to take before selling property, including mailing detailed notices of default to owners and lienholders, and publishing sale advertisements in local newspapers.
Allowed facility owners to bid on the property at the auction sale they are conducting.
Added a provision allowing facility owners to deny access to the storage facility after proper notice, with limited exceptions for viewing the property.
Established a clear order for distributing sale proceeds: first to sale expenses, then to the facility owner's lien, then to other lienholders, and finally to the property owner.
Clarified that facility owners are only liable for the net proceeds from a sale, protecting them from claims exceeding the sale amount.
Defined 'commercially reasonable' sales using the Uniform Commercial Code standards to ensure fair market value during auctions.
Specified that property owners remain liable for any deficiency if the sale proceeds do not cover the full debt owed.