Michigan Laws 487.3512 – Overdrafts
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 487.3512
- 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
- Director: means a director, trustee, or other person holding a similar position with respect to an organization whether incorporated or unincorporated. See Michigan Laws 487.3102
- 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
- Probate: Proving a will
- Savings bank: means a state banking corporation organized or reorganized under this act. See Michigan Laws 487.3103
(1) An overdraft existing for 90 days shall be charged off to the profit and loss account of the savings bank at the expiration of that time.
(2) A director or executive officer of a savings bank shall not knowingly overdraw his or her account.
(3) Unless a debt constitutes a claim against a solvent estate in probate, if the interest on a debt held by a savings bank is past due and unpaid for a period of 12 months, the savings bank shall charge off to its allowance for loan and lease losses the portion of the debt that is not well secured.