Sec. 8d. (1) If the sale is for a sum greater than the amount of the lien, the proceeds shall first be paid to the prior lienholder who has a perfected lien in an amount sufficient to extinguish that interest. Any excess shall next be paid to the molder who possesses a lien under this act in an amount sufficient to extinguish that interest. Any remainder shall then be paid to the customer. (2) A sale shall not be made under this act if it would be in violation of any right of a customer under federal patent or copyright law.
Mich. Comp. Laws § 445.618d
Sale for sum greater than amount of lien; disposition of proceeds; prohibited sales
Applied in 2 court decisions — leading case 260 Mich. App. 722 - Gateplex Molded Products, Inc v. Collins & Airman Plastics, Inc (2004)
Most recently applied in 286 Mich. App. 115 - Delta Engineered Plastics, LLC v. Autolign Manufacturing Group, Inc. (October 2009)
Add. 1986, Act 103, Imd
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.