Michigan’s New Rent Law Improves Borrower-Lender Relationships

By Scott Lesser and Ronald Spinner (August 18, 2022, 5:24 p.m. EDT) – On June 24, Michigan enacted the Michigan Uniform Assignment of Rents Act.[1] When it comes into force on September 22, the law will change the borrower-lender relationship for the better, bringing more certainty and clarity to lending relationships.

Although the law’s passage was largely driven by recent bankruptcy court rulings, the law also clarifies many legal and practical issues under Michigan state law. This article discusses some of the changes in the law and how they will affect lenders, borrowers and tenants.[2]

Michigan Rent Assignment Law, Before and After the Law

An assignment of rent is a provision…

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