Michigan § 487.3511 - Property or casualty insurance as condition to mortgage loan.
Full text of Michigan Michigan Compiled Laws § 487.3511 — Property or casualty insurance as condition to mortgage loan., with citation guidance and answers to common questions.
§ 487.3511. Property or casualty insurance as condition to mortgage loan.
Except as provided in subsection (2), a savings bank that requires a mortgagor to maintain property or casualty insurance as a condition to receiving a mortgage loan shall not require the amount of the property or casualty insurance to be greater than the replacement cost of the mortgaged building or buildings.
A savings bank may require an amount of property or casualty insurance that is required of the savings bank as a condition of a sale, transfer, or assignment of all or part of the mortgage to a third party. This subsection does not require that the savings bank anticipate a sale, transfer, or assignment at the time the mortgage loan is made.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 487.3511
What does Michigan Compiled Laws § 487.3511 cover?
Section 487.3511 ("Property or casualty insurance as condition to mortgage loan.") 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 § 487.3511?
A common citation format is "Michigan Compiled Laws § 487.3511" (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 § 487.3511 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.