Michigan Laws 487.14306 – Lease, purchase, holding, and conveyance of real property
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A bank may lease, purchase, hold, and convey any of the following real property:
(a) As necessary for the convenient transaction of its business, including space within its banking office buildings to rent as lessor to third parties.
Terms Used In Michigan Laws 487.14306
- Bank: means a state banking corporation that is organized or reorganized under this act or organized under any law of this state enacted before March 1, 2000, including a state banking corporation that voluntarily limits its activities. See Michigan Laws 487.11201
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) As conveyed to it in satisfaction of debts previously contracted in the course of its business.
(c) As it purchases at sales under judgments, decrees, or mortgages held by the bank or to secure debts due to it.
(d) As it legally owned on the effective date of this act.
(e) As conveyed to it under section 4401 to 4405.
(f) As it may acquire in connection with the purchase by it of a land contract, but the purchase of the land contract constitutes a loan secured by real property for purposes of section 4202.
(g) For any other purpose as may be permitted by this act or by order or declaratory ruling of the commissioner.