Michigan Laws 487.3402 – Purchase, design, manufacture, construction, repair, modification, or improvement of real property; use of loan proceeds; liability for defect
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 487.3402
- Bank: means a state banking corporation organized or reorganized under the provisions of the banking code of 1999, 1999 PA 276, MCL 487. See Michigan Laws 487.3102
- Person: means an individual, corporation, limited liability company, governmental entity, partnership, limited liability partnership, or other legal entity. See Michigan Laws 487.3103
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
A savings bank that makes a loan the proceeds of which are used or may be used by the borrower to finance the purchase, design, manufacture, construction, repair, modification, or improvement of real property shall not be liable for any defect in the real property purchased, designed, manufactured, constructed, repaired, modified, or improved or for any loss or damage resulting from the failure of the borrower or any agent or other person employed by the borrower to use due care in the examination, design, manufacture, construction, repair, modification, or improvement of the real property.