Michigan § 487.13303 - Bank in dissolution; function of officers, directors, and shareholders.
Full text of Michigan Michigan Compiled Laws § 487.13303 — Bank in dissolution; function of officers, directors, and shareholders., with citation guidance and answers to common questions.
§ 487.13303. Bank in dissolution; function of officers, directors, and shareholders.
Subject to section 3302 or as otherwise provided by the commissioner, a bank in dissolution, it officers, directors, and shareholders shall continue to function in the same manner as if dissolution had not occurred.
The directors of the bank in dissolution are not considered to be trustees of its assets and shall be held to no greater standard of conduct than that prescribed by section 3504.
Title to the assets of a bank in dissolution remains in the bank until transferred.
The dissolution of the bank does not change quorum or voting requirements for the board or shareholders, and does not alter provisions regarding election, appointment, resignation, or removal of, or filling vacancies among, directors or officers, or provisions regarding amendment or repeal of bylaws or adoption of new bylaws.
Shares of the stock of a bank in dissolution may be transferred.
The bank in dissolution may sue and be sued in its corporate name and process may issue by and against the bank in dissolution in the same manner as if dissolution had not occurred.
An action brought against the bank before the commencement of its dissolution is not limited or affected because of the dissolution.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 487.13303
What does Michigan Compiled Laws § 487.13303 cover?
Section 487.13303 ("Bank in dissolution; function of officers, directors, and shareholders.") 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 § 487.13303?
A common citation format is "Michigan Compiled Laws § 487.13303" (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 § 487.13303 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.