November 10, 2004, Introduced by Reps. Adamini, LaSata, Lipsey, Condino, Gillard and Howell and referred to the Committee on Judiciary.
A bill to amend 1961 PA 236, entitled
"Revised judicature act of 1961,"
by amending section 2431 (MCL 600.2431).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 2431. (1) The expenses of foreclosing any mortgage by
2 advertisement shall be taxed in the circuit court as in civil
3 actions upon the request of any person paying the expenses
4 thereof, and upon such party liable to pay the same.
5 (2) Where If
an attorney is employed to foreclose a
6 mortgage by
advertisement, an a reasonable attorney's fee, not
7 to exceed exceeding any amount which may be for
attorney's
8 fees provided for in the mortgage, may be included as a part of
9 the expenses in the amount bid upon such sale for principal and
10 interest due thereon.
in the following amounts:
11 (a) for all sums
of $1,000.00 or less, $25.00.
1 (b) for all sums
over $1,000.00 but less than $5,000.00,
2 $50.00.
3 (c) for all sums
of $5,000.00 or more, $75.00.
4 But if payment is
made after foreclosure proceedings are
5 commenced and before
sale is made, only 1/2 of such attorney's
6 fees shall be
allowed. Both the principal and the interest due
7 thereon shall be
included in the sum on which the attorney's fee
8 is computed.