2010 Michigan Compiled Laws
Chapter 322 - STATE LANDS
Act 230 of 1941 - SALE OR LEASE OF REAL ESTATE ACQUIRED BY STATE (322.1 - 322.5)
Section 322.3 - Terms of sale; credit; limitation; security.
SALE OR LEASE OF REAL ESTATE ACQUIRED BY STATE (EXCERPT)Act 230 of 1941
322.3 Terms of sale; credit; limitation; security.
Sec. 3.
Upon sale of real estate under this act, the state treasurer may give such length of credit, not to exceed 5 years, and for not more than 3/4 of the purchase money, as the state treasurer considers best calculated to produce the highest price, and shall require the money for which credit is given to be secured by a mortgage on the real estate sold.
History: 1941, Act 230, Imd. Eff. June 16, 1941
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CL 1948, 322.3
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Am. 2002, Act 705, Imd. Eff. Dec. 30, 2002
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