Michigan § 331.1408 - Security instruments to continue in effect until principal and interest on corporation obligations paid in full; terms of security instrument; recital.
Full text of Michigan Michigan Compiled Laws § 331.1408 — Security instruments to continue in effect until principal and interest on corporation obligations paid in full; terms of security instrument; recital., with citation guidance and answers to common questions.
§ 331.1408. Security instruments to continue in effect until principal and interest on corporation obligations paid in full; terms of security instrument; recital.
The provisions of this act, any resolution and any mortgage, deed of trust, or other security instrument shall continue in effect until all principal and interest on the corporation obligations has been fully paid or payment has been duly provided for. Any resolution, mortgage, deed of trust, or other security instrument governing the issuance of or securing corporation obligations may provide terms under which it is enforceable by the holder or holders of corporation obligations or a trustee or trustees for their benefit by mandamus, foreclosure, or other appropriate action in any court of competent jurisdiction.
The resolution authorizing corporation obligations shall contain a recital that they are issued pursuant to this act, which recital shall be conclusive evidence of their validity and the regularity of their issuance.
Frequently Asked Questions About Michigan § 331.1408
What does Michigan Compiled Laws § 331.1408 cover?
Section 331.1408 ("Security instruments to continue in effect until principal and interest on corporation obligations paid in full; terms of security instrument; recital.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 331.1408?
A common citation format is "Michigan Compiled Laws § 331.1408" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 331.1408 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.