Michigan Compiled Laws
276-1999-4-2 - Part 2 Loans (487.14201...487.14205)
Section 487.14205 - Allowance for Bank Loan and Lease Losses; Charge Off of Debt.

Sec. 4205.
Unless a debt constitutes a claim against a solvent estate in probate, if the interest on a debt held by a bank is past due and unpaid for a period of 12 months, the bank shall charge off to its allowance for loan and lease losses the portion of the debt that is not well secured.
History: 1999, Act 276, Eff. Mar. 1, 2000 ;-- Am. 2009, Act 59, Imd. Eff. July 2, 2009

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 487 - Financial Institutions

Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)

276-1999-4 - Chapter 4 Banking Powers (487.14101...487.14406)

276-1999-4-2 - Part 2 Loans (487.14201...487.14205)

Section 487.14201 - Loans and Credit Extensions; Interest and Charges.

Section 487.14202 - Total Loans and Credit Extensions; Limitation; Exceptions; Limitations Based Upon Capital and Surplus.

Section 487.14203 - Financing Real or Personal Property; Use of Proceeds for Purchase, Design, Manufacture, Construction, Repair, Modification, or Improvement; Liability for Defect.

Section 487.14204 - Insurance; Hazard; Property and Casualty.

Section 487.14205 - Allowance for Bank Loan and Lease Losses; Charge Off of Debt.