Chain of Title; Divestment of Interest

Under the Michigan Marketable Record Title Act, to possess a marketable record title to an interest in land, a person must have held an unbroken chain of title of record for 20 years for mineral interests and 40 years for other interests. The marketable record title is subject only to claims to that interest and defects of title that are not extinguished or barred by application of the Act, as well as any interests and defects in records forming the chain of record title that are recorded during the 20-year period for mineral interests or the 40-year period for other interests. Unbroken chain of title exists if either:

-       A conveyance or other title transaction not less than 20 years in the past for mineral interests and 40 years for other interests, that purports to create the interest in that person, with nothing appearing of record purporting to divest that person of that interest.

-       A conveyance or other title transaction within the past 20 years for mineral interests and 40 years for other interests, that purports to create the interest in some other person and other conveyances of title transactions of record by which the purported interest has become vested in the person considered to have an unbroken chain of title, with nothing appearing of record purporting to divest the person of the interest. 

 

Learn more about the Michigan Marketable Record Title Act here.

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If you would like to learn more about the Michigan Marketable Record Title Act, contact a bankruptcy attorney in Ann Arbor today! Our bankruptcy attorney at Pear Sperling Eggan & Daniels, P.C., can help assist you with your case and everything in between. 

What is the Michigan Marketable Record Title Act?

Like many States, Michigan has implemented the Marketable Record Title Act (MRTA), MCL 565.101 et seq., with the goal of determining ownership interests in land by limiting the number of years during which claims like liens or land use restrictions may be asserted. This means that if an interest in land is not asserted during a specified period of time, it will be lost or extinguished by law. The Marketable Record Title Act (MRTA), Public Act 572 of 2018 amended Public Act 200 of 1945, and it applies to and defines a marketable record title to interests in land. Under the Act, these interests appear to include: 

-       Building and Use Restrictions created in deeds, plats, condominium master deeds, and other recorded documents, including all amendments.

-       Easements that have not been improved or visibly used.

 

Learn more about the Michigan Marketable Record Title Act here.

Get Started Today: Schedule Your Consultation!

If you would like to learn more about the Michigan Marketable Record Title Act, contact a bankruptcy attorney in Ann Arbor today! Our bankruptcy attorney at Pear Sperling Eggan & Daniels, P.C., can help assist you with your case and everything in between. 

How to Create a Limited Liability Company in Michigan

In Michigan, Limited Liability Companies are regulated under MCL 450.4101, also known as the "Michigan limited liability company act" (the Act). According to the Act, “Limited liability company" or "domestic limited liability company" means an entity that’s an unincorporated membership organization. The term unincorporated differentiates this form of business entity from a corporation. In order for you to create a Limited Liability Company or LLC in MI, you must fill out an application and file it with the Department of Licensing and Regulatory Affairs (LARA)  in the State of Michigan Corporations Division. 

Learn more about limited liability companies in Michigan here.

Contact the business attorneys in Ann Arbor at Pear Sperling Eggan & Daniels, P.C. today, and let us help you set up your Limited Liability Company. Please contact us at 734-665-4441 or fill out our contact form to schedule an initial consultation.

Do I Qualify for Chapter 7 Bankruptcy?

Debtors must pass the legally required ‘means test’, which checks whether the debtors’ income is higher than certain limits, to determine whether they’re eligible for chapter 7 bankruptcy. Debtors have the right to hold on to assets that have been exempt from being taken from them based on certain law-allowed exemptions that protect part of their property. There’s usually little or no nonexempt property in these cases to be sold. However, if any assets get liquidated by the trustee, only creditors holding unsecured claims (not supported by a collateral) and who have filed a proof of claim with the bankruptcy court for the particular debtor(s)’ case(s) would be eligible to receive any of the proceeds to satisfy all or part of their claims.

Learn more about the differences between chapter 7 and chapter 13 bankruptcy here.

Want to file for Bankruptcy? Contact a Bankruptcy Attorney in Ann Arbor to Help You!

If you need help filing for bankruptcy, consult a bankruptcy attorney in Ann Arbor for a free consultation on whether you qualify. (734) 665-4441

What is Financial Analysis?

Set your Key Performance Indicators, or KPIs, which measure your company's performance outcomes against internal or external targets, such as financial and operational goals. Internal targets or goals refer to your company’s business strategy and objectives, while external targets or goals refer to your industry peers and competitors. KPI examples would include targets of increasing sales by a certain percent, increasing customer retention, increasing profits or decreasing certain expenses. Key performance indicators related to financial performance focus on profitability, liquidity, solvency, and efficiency, utilizing financial ratios to measure financial results. For example, in measuring profitability, the Net Profit Margin ratio measures what percent of total revenue ends up as net income for your company after all expenses and taxes are considered. In measuring liquidity, the current ratio measures whether your company can pay its short-term obligations with the short-term assets, such as cash and cash equivalents, it has available on hand. 

Learn more about business consulting services in Ann Arbor here.

If you have questions regarding business consulting in Ann Arbor, please contact us at 734-665-4441 or fill out our contact form to schedule an initial consultation.

How Can We Help with Business Analysis?

You should think of business analysis as a tool to aid strategic decisions and direction, understand and improve your business operational and financial position, set financial or bottom-line objectives, and facilitate organizational efficiency and effectiveness. 

Seeking business solutions from a professional can help shed light on new perspectives you may not have considered. PSED’s business consultants can help you reach your goals of having a successful growing business and help you solve problems along the way.

PSED’s Business Consulting Services include:

§  Financial Analysis and Forecasting

§  Cash Flow Analysis

§  Budgeting

§  Accounting and Bookkeeping

§  Internal Controls Analysis 

§  Capital Asset Decisions

§  Operations Analysis and Restructuring

§  Strategic Planning 

Learn more about business consulting services in Ann Arbor here.