Sec. 3.
Upon sale of real estate under this act, the state treasurer may give such length of credit, not to exceed 5 years, and for not more than 3/4 of the purchase money, as the state treasurer considers best calculated to produce the highest price, and shall require the money for which credit is given to be secured by a mortgage on the real estate sold.
History: 1941, Act 230, Imd. Eff. June 16, 1941 ;-- CL 1948, 322.3 ;-- Am. 2002, Act 705, Imd. Eff. Dec. 30, 2002
Structure Michigan Compiled Laws
Act 230 of 1941 - Sale or Lease of Real Estate Acquired by State (322.1 - 322.5)
Section 322.1 - Real Estate Acquired by State; Sale or Lease; Authorization.
Section 322.2 - Appraisal of Real Estate; Sale to Highest Bidder; Notice.
Section 322.3 - Terms of Sale; Credit; Limitation; Security.
Section 322.4 - Notice of Sale; Deed of Conveyance; Documents Attached; Quitclaim Deed.