Authority of Conservator to Borrow Money; Purpose.

  1. Law
  2. Michigan Compiled Laws
  3. Financial Institutions
  4. 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)
  5. Chapter 2 Financial Institutions Bureau (487.12101...487.12410)
  6. Part 4 Receiverships and Conservatorships (487.12401...487.12410)
  7. Authority of Conservator to Borrow Money; Purpose.

Checkout our iOS App for a better way to browser and research.

Sec. 2409.

With the prior approval of the commissioner, the conservator of a bank may borrow money as necessary or expedient in aiding the operation, reorganization, or liquidation of the bank, including the payment of liquidating dividends, and may secure the loans by the pledge, hypothecation, or mortgage of the assets of the bank.

History: 1999, Act 276, Eff. Mar. 1, 2000


Download our app to see the most-to-date content.