Sec. 3704.
(1) Whether it maintains a presence in this state, a consolidated organization or any of its successors in interest is subject to service of process in a proceeding in this state for enforcement of any obligation incurred in this state by any consolidating organization that is or was a party to a consolidation.
(2) An action or proceeding by or against any of the consolidating organizations in a court or any other public tribunal of this state may be prosecuted to judgment, as if consolidation had not taken place, or the consolidated bank or consolidated organization may be substituted in the place of any consolidating organization whose existence has ceased.
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)
276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)
276-1999-3-7 - Part 7 Consolidation and Conversion (487.13701...487.13714)
Section 487.13701 - Consolidated Bank; Formation.
Section 487.13702 - Consolidated Organization.
Section 487.13703 - Consolidated Bank; Rights, Privileges, and Powers.
Section 487.13704 - Service of Process.
Section 487.13705 - Notice of Operation.
Section 487.13706 - Definitions; Applicable Provisions.
Section 487.13707 - Definitions; Consolidation Agreement; Approval of Terms and Conditions.
Section 487.13709 - Conversion of Depository Institution.
Section 487.13710 - Effect of Conversion.
Section 487.13711 - Branch Services.
Section 487.13712 - Discontinuing Branch Operations; Transfer of Functions to Principal Office.
Section 487.13713 - Principal Office; Relocation.
Section 487.13714 - Branch Office in Foreign Country; Applicable Provisions.