490.231 Liquidation; appointment of federal agency as receiver.
87 words·~1 min read·
/mi/chapter-490/490-231A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
490.231 Liquidation; appointment of federal agency as receiver.
Sec. 231.
(1)Except as provided in subsection (2), a domestic credit union shall only be liquidated as provided in this part. A receiver or other liquidating agent shall only be appointed for a domestic credit union or its assets and property under this part.
(2)If a federal agency is appointed as receiver of a domestic credit union, the receivership procedures of the federal agency shall govern the receivership.
History: 2003, Act 215 , Eff. June 1, 2004