Michigan Laws 487.3602 – Receiver; powers; report to commissioner
Current as of: 2023 | Check for updates
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(1) Subject to court approval, a receiver may do any of the following:
(a) Take possession of the books, records, and assets of the savings bank and collect all debts, dues, and claims belonging to the savings bank.
Terms Used In Michigan Laws 487.3602
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Commissioner: means the commissioner of the office of financial and insurance services. See Michigan Laws 487.3102
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.
- Savings bank: means a state banking corporation organized or reorganized under this act. See Michigan Laws 487.3103
- Shareholder: means the registered owner of any share or shares of capital stock of a savings bank. See Michigan Laws 487.3103
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(b) Sue and defend, compromise, and settle all claims involving the savings bank.
(c) Sell any and all real and personal property.
(d) Exercise all fiduciary functions of the savings bank as of the date of the commencement of the receivership.
(e) Pay all expenses of the receivership, which expenses shall be a first charge upon the assets of the savings bank and be fully paid before any final distribution or payment of dividends to creditors or shareholders.
(f) Pay ratably any and all debts of the savings bank, except that debts not exceeding $50.00 in amount may be paid in full but the holders of such debts shall not be entitled to interest on the debts.
(g) Repay, ratably, any amount which may have been paid in by a shareholder by reason of assessments made upon the stock of the savings bank by order of the commissioner in accordance with this act.
(h) Pay, ratably, to the shareholders or members of the savings bank in proportion to the number of shares or membership interests held and owned the balance of the net assets of the savings bank after payment or provision for payments as provided under subdivisions (e), (f), and (g).
(i) Borrow money as may be necessary or expedient in aiding the liquidation of the savings bank and to secure the borrowings by the pledge, hypothecation, or mortgage of the assets of the savings bank.
(j) Exercise other powers and duties as may be provided by the court under the laws of this state applicable to the appointment of receivers.
(2) The receiver from time to time shall report to the commissioner with respect to all of his or her acts and proceedings in connection with the receivership.