(1) A party may foreclose a mortgage by advertisement if all of the following circumstances exist:
(2) If a mortgage is given to secure the payment of money by installments, each of the installments mentioned in the mortgage after the first shall be treated as a separate and independent mortgage. The mortgage for each of the installments may be foreclosed in the same manner and with the same effect as if a separate mortgage were given for each subsequent installment. A redemption of a sale by the mortgagor has the same effect as if the sale for the installment had been made upon an independent prior mortgage.
(3) If the party foreclosing a mortgage by advertisement is not the original mortgagee, a record chain of title must exist before the date of sale under section 3216 evidencing the assignment of the mortgage to the party foreclosing the mortgage.
Amended by 2018, Act 15,s 1, eff. 5/7/2018.
Amended by 2014, Act 125,s 1, eff. 6/19/2014.
Amended by 2013, Act 103,s 1, eff. 7/3/2013.
Amended by 2012, Act 521,s 1, eff. 12/28/2012.
Amended by 2011, Act 301,s 1, eff. 12/22/2011.
Amended by 2011, Act 72,s 1, eff. 7/1/2011.
Amended by 2009, Act 29,s 1, eff. 7/5/2009.
Amended by 2004, Act 186, s 1, eff. 7/1/2004.
1961, Act 236, Eff. Jan. 1, 1963 ;--Am. 1994, Act 397, Imd. Eff. Dec. 29, 1994 . .
See 2011, Act 301, s 5.