Sec. 2401.
(1) Except as provided in subsection (2), a bank subject to this act shall not be liquidated except as provided by this act. A receiver or other liquidating agent shall not be appointed for a bank or its assets and property except as provided in this act.
(2) If the federal deposit insurance corporation is appointed as receiver of a bank, the receivership procedures of the federal deposit insurance corporation shall govern the receivership.
History: 1999, Act 276, Eff. Mar. 1, 2000
Structure Michigan Compiled Laws
Chapter 487 - Financial Institutions
Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)
276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410)
276-1999-2-4 - Part 4 Receiverships and Conservatorships (487.12401...487.12410)
Section 487.12401 - Liquidation; Receiver or Other Liquidating Agent.
Section 487.12402 - Appointment of Receiver; Conditions; Procedures.
Section 487.12403 - Receiver; Duties; Powers.
Section 487.12404 - Lien on Property or Assets; Voidable Transfer.
Section 487.12406 - Conservator; Appointment; Bond and Security; Qualifications; Expenses.
Section 487.12407 - Conservator; Rights, Powers, and Privileges.
Section 487.12408 - Deposits Received While Bank in Conservatorship.
Section 487.12409 - Authority of Conservator to Borrow Money; Purpose.