HOW MUCH TIME DO VENDEES HAVE TO CURE THEIR LAND CONTRACT DEFAULTS AFTER FILING FOR BANKRUPTCY? OR DOES SECTION 362(a) REALLY STAY TIME? Skip over navigation
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Copyright (c) 1994 by Thomas M. Cooley Law School
Thomas M. Cooley Law Review

HOW MUCH TIME DO VENDEES HAVE TO CURE THEIR LAND CONTRACT DEFAULTS AFTER FILING FOR BANKRUPTCY? OR DOES SECTION 362(a) REALLY STAY TIME?

Winter, 1994

11 T.M. Cooley L. Rev. 45

Author

PATRICK J. POTTER *

Excerpt



I. INTRODUCTION


When real property is sold pursuant to a land contract, the vendor retains title to the property until the vendee has made all of the payments due under the land contract to the vendor. 1 A major advantage for vendees who purchase under a land contract is that they are typically not required by the vendor to obtain or qualify for mortgage financing. 2 An advantage for vendors, at least theoretically, is that they can enforce their rights in the property and terminate the rights of the vendee more expeditiously than with a mortgage. 3

The number of land contract sales of property is significant. According to one source that tracks property sales, more than 25,000 land contract property sales occur in Michigan each year. 4
In some counties, land contracts have accounted for up to thirtysix percent of all residential property sales. 5 Accordingly, interpretation, judicial or otherwise, of the state and federal laws governing and impacting on land contracts will have significant and wide ranging implications.

In Michigan, a default under a land contract is enforced by the vendor under either chapter 31 6 or chapter 57 7 of the Michigan Compiled Laws. A vendor proceeding under chapter 31 will accelerate the balance due from the vendee and bring a law suit in state court seeking a judgment against the vendee. 8 The judgment will recite the amount due from the vendee and direct the sale of the property. 9 If ...
 
 
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