Bill Text: MI HB4797 | 2023-2024 | 102nd Legislature | Introduced
Bill Title: Property tax: other; act regarding survivorship of entireties interest in mortgages and land contracts; revise gender-specific language. Amends title & sec. 1 of 1925 PA 126 (MCL 557.81). TIE BAR WITH: HJR F'23
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced) 2023-06-20 - Bill Electronically Reproduced 06/15/2023 [HB4797 Detail]
Download: Michigan-2023-HB4797-Introduced.html
HOUSE BILL NO. 4797
A bill to amend 1925 PA 126, entitled
"An act to provide for the payment to the survivor of husband and wife, of land contracts, and of notes and other obligations secured by a mortgage, given as part of the purchase price of lands held as a tenancy by the entirety, and the vesting of the title of the mortgage or land contract in the survivor,"
by amending the title and section 1 (MCL 557.81).
the people of the state of michigan enact:
An act to provide for the payment to the survivor of husband and wife, spouses of land contracts, and of notes and other obligations secured by a mortgage, given as part of the purchase price of lands held as a tenancy by the entirety, and for the vesting of the title of the mortgage or land contract in the survivor.
Sec. 1. In all cases where a husband and wife shall If spouses sell land held as a tenancy by the entirety and accept in part payment for the purchase price the note or other obligation of said the purchaser payable to said husband and wife, the spouses and secured by a mortgage on said the land, payable to husband and wife, the said debt together with all and interest thereon, on the debt, unless otherwise expressly stated in said the mortgage, after the death of either shall be spouse, are payable to the survivor , and the title to said the mortgage shall vest vests in the survivor. , and in case If a contract for the sale of property owned by the husband and wife spouses as tenants by the entirety , is entered into by them as vendors, the same provisions herein applying this section applies to the rights of the survivor in the contract in the same way that it applies to mortgages. as above set forth, shall apply to the survivor of the contract.
Enacting section 1. This amendatory act does not take effect unless Senate Joint Resolution ____ or House Joint Resolution F (request no. 00367'23) of the 102nd Legislature becomes a part of the state constitution of 1963 as provided in section 1 of article XII of the state constitution of 1963.
