Sec. 714.
The liability of any savings bank, national banking association, stock association, or federal savings bank or of the shareholders, directors, or officers thereof, or the rights or remedies of the creditors thereof, or of persons transacting business with such entities, shall not be lessened or impaired by virtue of the sale of all or substantially all of the assets of such entities or by the consolidation of 2 or more organizations or the conversion of an organization.
History: 1996, Act 354, Imd. Eff. July 1, 1996
Structure Michigan Compiled Laws
Chapter 487 - Financial Institutions
Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)
354-1996-7 - Chapter 7 Consolidations, Mergers, and Conversions (487.3701...487.3715)
Section 487.3701 - Consolidated Savings Bank.
Section 487.3702 - Consolidated Organization.
Section 487.3704 - Consolidated Organization; Service of Process; Prosecution.
Section 487.3705 - Operation of Branches of Consolidated or Acquired Savings Bank.
Section 487.3706 - Definitions; Consolidation.
Section 487.3707 - Definitions; Terms and Conditions of Conversion or Exchange.
Section 487.3713 - Rights, Obligations, and Relations of Converted and Converting Organization.
Section 487.3714 - Liability Not Impaired by Sale of Assets, Consolidation, or Conversion.
Section 487.3715 - Conversion of Mutual Savings Bank to Stock Savings Bank.