Michigan Laws 487.3603 – Procedures for liquidation; limitation
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Terms Used In Michigan Laws 487.3603
- 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
- Savings bank: means a state banking corporation organized or reorganized under this act. See Michigan Laws 487.3103
The full and exclusive procedures for the liquidation of a savings bank under this act shall be the procedures prescribed in this act and a receiver or other liquidating agent shall not be appointed for such purpose or for any savings bank or its assets and property except as expressly provided in this act.