Michigan Compiled Laws
Mich. Comp. Laws § 490.231 (2026)
Liquidation; appointment of federal agency as receiver.
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CREDIT UNION ACT
Act 215 of 2003
490.231 Liquidation; appointment of federal agency as receiver.
Sec. 231.
(1) Except as provided in subsection (2), a domestic credit union shall only be liquidated as provided in this part. A receiver or other liquidating agent shall only be appointed for a domestic credit union or its assets and property under this part.
(2) If a federal agency is appointed as receiver of a domestic credit union, the receivership procedures of the federal agency shall govern the receivership.
History: 2003, Act 215, Eff. June 1, 2004
Notes of Decisions
Cited in 1
case, 2020–2020 · leading case: James Perna v. Health One Credit Union, 983 F.3d 258 (6th Cir. 2020).
James Perna v. Health One Credit Union, 983 F.3d 258 (6th Cir. 2020). “Mich. Comp. Laws § 490.231 (2). Even under Perna’s reading, then, § 1787(b)’s procedures apply in this case.”
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