SAVINGS BANK ACT (EXCERPT)
Act 354 of 1996


487.3510 Insolvency; transfer of assets null and void.

Sec. 510.

     A transfer of any assets of a savings bank to its shareholders or members, or to its creditors made after the commission of an act of insolvency or made in contemplation of insolvency, with a view to preventing the application of its assets in the manner prescribed by this act, or with a view to the preference of 1 creditor over another, is null and void.


History: 1996, Act 354, Imd. Eff. July 1, 1996




Rendered 8/16/2025 5:14 AM
Michigan Compiled Laws Complete Through PA 5 of 2025
Courtesy of legislature.mi.gov