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
Last modified: October 10, 2016