{"data":{"id":"us-mi/mich.-comp.-laws-487.12403","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 487.12403","heading":"Receiver; duties; powers.","body":"Sec. 2403.\n\nSubject to court approval, a receiver shall do all of the following:\n\nTake possession of the books, records, and assets of the bank and collect all debts, dues, and claims belonging to the bank.\n\nSue and defend, compromise, and settle all claims involving the bank.\n\nSell all real and personal property.\n\nExercise all fiduciary functions of the bank as of the date of the commencement of the receivership.\n\nPay all administrative expenses of the receivership which shall be a first charge upon the assets of the bank and shall be fully paid before any final distribution or payment of dividends to creditors or shareholders.\n\nPay ratably any and all debts of the bank, except that debts not exceeding $500.00 in amount may be paid in full but the holders of such debt shall not be entitled to interest on the debt.\n\nRepay ratably any amount which may have been paid in by any shareholder by reason of assessments made upon the stock of the bank by order of the commissioner in accordance with this act.\n\nPay ratably to the shareholders of the bank in proportion to the number of shares held and owned by each the balance of the net assets of the bank after payment or provision for payments as provided in subdivisions (e), (f), and (g).\n\nHave all the powers of the directors, officers, and shareholders of the bank as necessary to support an action taken on behalf of the bank.\n\nHold title to all the bank's property, contracts, and rights of action beginning on the date the bank is ordered in receivership.\n\nSubject to court approval, a receiver may do any of the following:\n\nBorrow money as necessary or expedient in aiding the liquidation of the bank and secure these borrowings by the pledge, hypothecation, or mortgage of the assets of the bank.\n\nEmploy agents, legal counsel, accountants, appraisers, consultants, and other personnel the receiver considers necessary to assist in the performance of the receiver's duties. With the prior written approval of the commissioner, the receiver may employ personnel of the bureau if the receiver considers the employment to be advantageous or desirable. The expense of employing bureau personnel is an administrative expense of the liquidation that is payable to the bureau.\n\nExercise other powers and duties as may be provided by the court under the laws of this state applicable to the appointment of receivers by the circuit court.","path":["MI Code","Chapter 487","Act Act-276-of-1999"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-487-12403","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"32c170dc265fe52023d6a74bf2b55acbc1fdf2139ce45e65de6c2172a69869d6","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-487.12402","next":"us-mi/mich.-comp.-laws-487.12404"},"notice":"GroundRules: Original legal text. Not legal advice."}