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Code · Michigan · Chapter 487 — Financial Institutions

487.12401 Liquidation; receiver or other liquidating agent.

92 words·~1 min read·/mi/chapter-487/487-12401

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487.12401 Liquidation; receiver or other liquidating agent.
Sec. 2401.
(1)Except as provided in subsection (2), a bank subject to this act shall not be liquidated except as provided by this act. A receiver or other liquidating agent shall not be appointed for a bank or its assets and property except as provided in this act.
(2)If the federal deposit insurance corporation is appointed as receiver of a bank, the receivership procedures of the federal deposit insurance corporation shall govern the receivership.
History: 1999, Act 276 , Eff. Mar. 1, 2000
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