Mich. Comp. Laws § 487.14205
Current through Public Act 156 of the 2024 Legislative Session
Unless a debt constitutes a claim against a solvent estate in probate, if the interest on a debt held by a bank is past due and unpaid for a period of 12 months, the bank shall charge off to its allowance for loan and lease losses the portion of the debt that is not well secured.
MCL 487.14205