Michigan § 490.231 - Liquidation; appointment of federal agency as receiver.

Full text of Michigan Michigan Compiled Laws § 490.231 — Liquidation; appointment of federal agency as receiver., with citation guidance and answers to common questions.

§ 490.231. Liquidation; appointment of federal agency as receiver.

Sec. 231.(1)

Except as provided in subsection (2), a domestic credit union shall only be liquidated as provided in this part. A receiver or other liquidating agent shall only be appointed for a domestic credit union or its assets and property under this part.

(2)

If a federal agency is appointed as receiver of a domestic credit union, the receivership procedures of the federal agency shall govern the receivership.

Source: official Michigan text · Last verified 2026-08-27

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Frequently Asked Questions About Michigan § 490.231

What does Michigan Compiled Laws § 490.231 cover?

Section 490.231 ("Liquidation; appointment of federal agency as receiver.") 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 § 490.231?

A common citation format is "Michigan Compiled Laws § 490.231" (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 § 490.231 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.