Michigan § 487.3502 - Violations; liability of directors or officers.
Full text of Michigan Michigan Compiled Laws § 487.3502 — Violations; liability of directors or officers., with citation guidance and answers to common questions.
§ 487.3502. Violations; liability of directors or officers.
If the directors or officers of a savings bank knowingly violate or knowingly permit any of the agents, officers, or directors of a savings bank to violate this act or rules of the commissioner made under this act, those directors or officers shall be liable in his or her personal and individual capacity for all damages that the savings bank, any shareholder, or any other person sustains in consequence of the violation. Any action to recover damages shall be brought within 3 years from the time of the violation.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 487.3502
What does Michigan Compiled Laws § 487.3502 cover?
Section 487.3502 ("Violations; liability of directors or officers.") 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 § 487.3502?
A common citation format is "Michigan Compiled Laws § 487.3502" (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 § 487.3502 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.