Michigan § 487.3407 - Acquisition, development, or improvement of real estate; limitation on investment of assets; powers of savings bank.
Full text of Michigan Michigan Compiled Laws § 487.3407 — Acquisition, development, or improvement of real estate; limitation on investment of assets; powers of savings bank., with citation guidance and answers to common questions.
§ 487.3407. Acquisition, development, or improvement of real estate; limitation on investment of assets; powers of savings bank.
A savings bank may invest not more than 10% of its total assets in the acquisition and development of real estate for sale, or for the improvement of real estate by construction or rehabilitation of residential or commercial units for sale or rental purposes. For purposes of this section, a savings bank may purchase, take, lease as lessee, or otherwise acquire, and own, hold, use, sell, lease as lessor, pledge, grant a security interest in, convey, or otherwise dispose of real estate. The investment by a savings bank may be direct or indirect as a stockholder in a corporation, member of a limited liability company, or limited partner in a partnership or limited liability partnership.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 487.3407
What does Michigan Compiled Laws § 487.3407 cover?
Section 487.3407 ("Acquisition, development, or improvement of real estate; limitation on investment of assets; powers of savings bank.") 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 § 487.3407?
A common citation format is "Michigan Compiled Laws § 487.3407" (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 § 487.3407 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.