Michigan Compiled Laws
Act 182 of 1971 - Loans to Cities or Villages Owning Public Utilities (460.461 - 460.463)
Section 460.463 - Forfeiture of Security to Pledgee or Assignee.

Sec. 3.
A pledge or assignment may allow forfeiture of the security to the pledgee or assignee for default or noncompliance with the terms of the loan.
History: 1971, Act 182, Imd. Eff. Dec. 20, 1971

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 460 - Public Utilities

Act 182 of 1971 - Loans to Cities or Villages Owning Public Utilities (460.461 - 460.463)

Section 460.461 - Loans to Cities or Villages Owning and Operating Public Utilities; Evidences of Indebtedness; Term of Loan; Security; Indebtedness Subject to Revenue Bond Act.

Section 460.462 - Home Rule City Act Inapplicable.

Section 460.463 - Forfeiture of Security to Pledgee or Assignee.