487.14306 Lease, purchase, holding, and conveyance of real property.
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487.14306 Lease, purchase, holding, and conveyance of real property.
Sec. 4306.
A bank may lease, purchase, hold, and convey any of the following real property:
(a)As necessary for the convenient transaction of its business, including space within its banking office buildings to rent as lessor to third parties.
(b)As conveyed to it in satisfaction of debts previously contracted in the course of its business.
(c)As it purchases at sales under judgments, decrees, or mortgages held by the bank or to secure debts due to it.
(d)As it legally owned on the effective date of this act.
(e)As conveyed to it under sections 4401 to 4405.
(f)As it may acquire in connection with the purchase by it of a land contract, but the purchase of the land contract constitutes a loan secured by real property for purposes of section 4202.
(g)For any other purpose as may be permitted by this act or by order or declaratory ruling of the commissioner.
History: 1999, Act 276 , Eff. Mar. 1, 2000