Michigan § 487.3512 - Overdrafts.
Full text of Michigan Michigan Compiled Laws § 487.3512 — Overdrafts., with citation guidance and answers to common questions.
§ 487.3512. Overdrafts.
(1) An overdraft existing for 90 days shall be charged off to the profit and loss account of the savings bank at the expiration of that time.
(2) A director or executive officer of a savings bank shall not knowingly overdraw his or her account.
(3) Unless a debt constitutes a claim against a solvent estate in probate, if the interest on a debt held by a savings bank is past due and unpaid for a period of 12 months, the savings bank shall charge off to its allowance for loan and lease losses the portion of the debt that is not well secured.
Frequently Asked Questions About Michigan § 487.3512
What does Michigan Compiled Laws § 487.3512 cover?
Section 487.3512 ("Overdrafts.") 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 § 487.3512?
A common citation format is "Michigan Compiled Laws § 487.3512" (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 § 487.3512 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.