Sec. 12.
(1) If a claim of lien recorded under this act has been partially paid, the real estate broker shall provide a partial satisfaction and release of lien in the form provided in subsection (2) within 5 days after written demand by the owner of record or the owner's agent.
(2) A partial satisfaction and release of lien under this section shall meet the requirements of 1937 PA 103, MCL 565.201 to 565.203, and be in substantially the following form:
The claimant named below is the claimant under a claim of commercial real estate broker's lien recorded on ____________ [date] in the office of the register of deeds of _______________ County, Michigan, at Liber _________, Page _________ on the following described property:
The claimant has been paid $_____________, a portion of the amount of the lien. The remaining amount of the lien is $______.
Therefore, the claimant, for and in consideration of the payment, waives, to the extent of the payment, the claim of or right to a lien under the commercial real estate broker's lien act against the property described above, the building or buildings on the property, and the tenant spaces in the building or buildings.
History: 2010, Act 201, Imd. Eff. Oct. 5, 2010
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