MI SB0732

Allows mortgage holders or their assignees to waive mortgage priority in favor of another lien or mortgage by executing a separate acknowledged instrument.

Recording the waiver serves as constructive notice to all persons dealing with the mortgage or property from the date of recording.

Requires waivers to be recorded using the same process as mortgage discharges.

Register of deeds receives the same fee for recording a waiver as is charged for recording a real estate mortgage under MCL 600.2567.

Effective date: September 18, 2018 (90 days after enactment on June 19, 2018).