MCL - Act 481 of 2002


Act 481 of 2002

AN ACT to provide for and establish possession and ownership rights in special tools for use in the fabrication of metal parts under certain conditions; to require procedures to establish a lien; and to establish and maintain a lien on certain special tools.

History: 2002, Act 481, Imd. Eff. June 27, 2002

The People of the State of Michigan enact:
Document Type Description
Section 570.541 Section Short title.
Section 570.542 Section Definitions.
Section 570.543 Section Special tools; unclaimed possession; transfer of rights from customer to end user; destruction.
Section 570.545 Section Transfer of rights to end user; notice; waiting period.
Section 570.547 Section Return receipt of notice; possession unclaimed; transfer.
Section 570.549 Section Retroactive application of waiting period.
Section 570.551 Section Applicability and construction of MCL 570.543, 570.545, 570.547, and 570.549.
Section 570.553 Section Lien; possession.
Section 570.555 Section Enforcement of lien; notice.
Section 570.557 Section Sale of special tool at public auction; conditions.
Section 570.559 Section Sale of special tool at public auction; notice; information; notice nondeliverable; dispute.
Section 570.561 Section Payment of proceeds to prior lienholder; payment of amount to end user possessing lien or to customer.
Section 570.563 Section Information recorded by special tool builder; filing financial statement; constructive notice of lien on special tool; attachment; duration of lien; priority.
Section 570.565 Section Enforcement of lien; notice.
Section 570.567 Section Rights of possession.
Section 570.569 Section Sale of special tool with lien asserted.
Section 570.571 Section Sale of special tool; use of excess proceeds; prohibition.