Legal Question in Credit and Debt Law in Michigan

How to file security lien against commercial property.

I have had to borrow funds from my parents. To secure their present position and to help induce future funds, both they and I would like to file a security lien in their name against the real estate in my and my wife's names. The property already has first and second liens against it to secure first and second mortgages. How would I go about giving them a security interest in the real estate that would protect them in a third position if we had to file bankruptcy or were killed, or about anything else unpleasant that might happen?


Asked on 8/20/01, 3:24 pm

1 Answer from Attorneys
David McDonagh

Re: How to file security lien against commercial property.

I would suggest that you contact an attorney who will create an promissory note with a security interest and that a lien be filed against the property in the register of deeds office. This would protect your parents as well as your and your wife.

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Answered on 8/22/01, 5:50 pm


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