Michigan Compiled Laws 276-1999-2-4 Part 4 Receiverships And Conservatorships (487.12401...487.12410)

• Section 487.12401 Liquidation; Receiver Or Other Liquidating Agent.
  (1) Except as provided in subsection (2), a bank subject to this act shall not be liquidated except as provided by this act. A...
• Section 487.12402 Appointment Of Receiver; Conditions; Procedures.
  (1) If a bank has refused to pay its deposits or obligations in accordance with the terms under which the deposits or obligations were...
• Section 487.12403 Receiver; Duties; Powers.
  (1) Subject to court approval, a receiver shall do all of the following: (a) Take possession of the books, records, and assets of the...
• Section 487.12404 Lien On Property Or Assets; Voidable Transfer.
  (1) A transfer of or lien on the property or assets of the bank is voidable by the receiver if the transfer or lien...
• Section 487.12405 Records.
  (1) On approval by the court, the receiver may dispose of records of the bank in receivership that are obsolete and unnecessary to the...
• Section 487.12406 Conservator; Appointment; Bond And Security; Qualifications; Expenses.
  (1) If any of the grounds under section 2402 authorizing the appointment of a receiver exist or if the commissioner considers it necessary in...
• Section 487.12407 Conservator; Rights, Powers, And Privileges.
  (1) The conservator, under the direction of the commissioner, shall take possession of the books, records, and assets of the bank, and take any...
• Section 487.12408 Deposits Received While Bank In Conservatorship.
  (1) While a bank is in conservatorship, the commissioner may require the conservator to set aside and make available for withdrawal by depositors and...
• Section 487.12409 Authority Of Conservator To Borrow Money; Purpose.
  With the prior approval of the commissioner, the conservator of a bank may borrow money as necessary or expedient in aiding the operation, reorganization,...
• Section 487.12410 Termination Of Conservatorship.
  (1) If satisfied that it may be done safely and that it would be in the public interest, the commissioner may terminate a conservatorship...

Last modified: October 10, 2016