487.12401 Liquidation; receiver or other liquidating agent. 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
Michigan Legal Code