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Code · Michigan · Chapter 487 — Financial Institutions

487.14308 Acquisition of real property for use of customer; loan secured by real property.

117 words·~1 min read·/mi/chapter-487/487-14308

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487.14308 Acquisition of real property for use of customer; loan secured by real property.
Sec. 4308.
(1)A bank may lease, purchase, hold, and convey real property for the use of a customer by lease arrangement with the bank, but the acquisition of real property and leasing to a customer constitutes a loan secured by real property for purposes of section 4202.
(2)A bank may incur additional obligations incident to becoming an owner or lessor of real property acquired for the use of a customer.
(3)Inventory of real property held under this section and not leased shall not exceed 25% of the bank's capital and surplus.
History: 1999, Act 276 , Eff. Mar. 1, 2000
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