Sec. 1. An agreement hereafter made to change or modify, or to discharge in whole or in part, any contract, obligation, or lease, or any mortgage or other security interest in personal or real property, shall not be invalid because of the absence of consideration: Provided, That the agreement changing, modifying, or discharging such contract, obligation, lease, mortgage or security interest shall not be valid or binding unless it shall be in writing and signed by the party against whom it is sought to enforce the change, modification, or discharge.
Mich. Comp. Laws § 566.1
Agreements to modify or discharge contracts and obligations valid without consideration
Applied in 19 court decisions — leading case Bankey v. Storer Broadcasting Co. (1989)
Most recently applied in Plante & Moran Cresa, L.L.C. v. Kappa Enterprises, L.L.C. (October 2007)
1941, Act 238, Eff
How often courts cite this section
Court decisions citing this, by year. The dip in the last several years is a data-coverage gap, not a real trend — our corpus holds fewer opinions from the most recent years, so recent citations are undercounted.
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.