Michigan Compiled Laws 215-2003-2-2 Part 2 Receivers (490.231...490.235)

• Section 490.231 Liquidation; Appointment Of Federal Agency As Receiver.
  (1) Except as provided in subsection (2), a domestic credit union shall only be liquidated as provided in this part. A receiver or other...
• Section 490.232 Appointment Of Receiver; Conditions; Proceeding; Bond; Reporting Schedule; Subrogation Of Federal Agency To Rights Of Deposit Owners.
  (1) If a domestic credit union refuses to pay its shares, deposits, or obligations in accordance with the terms under which the shares were...
• Section 490.233 Receiver; Duties; Powers.
  (1) Subject to court approval, a receiver appointed under this part shall do all of the following: (a) Take possession of the books, records,...
• Section 490.234 Voidable Transfer Or Lien; Person Knowingly Implementing Voidable Transfer Or Lien; Personal Liability; Prohibitions To Voiding Otherwise Voidable Transfer; "Preference" Defined.
  (1) Except as provided in subsection (3), a transfer of or lien on the property or assets of a domestic credit union is voidable...
• Section 490.235 Disposal Of Obsolete And Unnecessary Records; Maintenance Methods; Reservation, Deposit, And Use Of Assets.
  (1) If approved by the court, a receiver appointed under this part may dispose of records of a domestic credit union in receivership that...

Last modified: October 10, 2016