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Michigan Compiled Laws Complete Through PA 358 of 2014
House: Adjourned until Tuesday, December 30, 2014 11:30:00 AM

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Section 487.14205

Act 276 of 1999

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

© 2009 Legislative Council, State of Michigan