Michigan

Court case breathes a possible new life into Michigan's Judgment Lien Statute

Many years ago, the Michigan Creditors Bar Association, then headed up by Michael H.R. Buckles, spearheaded a drive to pass a law that allowed creditors to place liens on real estate owned by debtors. I know Mike Buckles to be a first rate lawyer and someone that just gets things done. Unfortunately, in this case, Mike was out spent by other lobbyists to the point where although a law was passed, it was nothing like what we had envisioned. Michigan's new judgment lien statute was impotent. Essentially, a creditor can place a lien on a debtor's property and if that debtor sells the property or refinances, the creditor may get paid. The creditor, however, COULD NOT foreclose on the judgment lien. Hence, the lien just hands on the property, year after year, until something financial happens to it. That is, until recently.

Full post as published by Michigan Collection Law Blog on November 16, 2010 (boomark / email).