Mich. Comp. Laws § 38.1138
This is the official text of Mich. Comp. Laws § 38.1138, part of Michigan’s Comp. Laws — part of the compiled statutory law of Michigan, published by the state as "Comp. Laws." Browse the sections below, each linked to its official government source.
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Investment in real estate or mortgages on certain leased real property.
Official statutory text
Sec. 18.
An investment fiduciary may invest in real estate or mortgages on real property leased or to be leased to the United States government, or to a state, territory, agency, authority, or public instrumentality of the United States, if the investment does not exceed 100% of the appraised value of the property subject to the mortgage and if all of the following requirements are met:
The lease has an unexpired term exclusive of optional renewal terms equal to or greater than the remaining term of the investment.
The lease provides for net rental payments equal to or greater than the periodic payments on the investment.
The lease and the lease payments are assigned to the system.
History: Add. 1982, Act 55, Imd. Eff. Apr. 6, 1982
An investment fiduciary may invest in real estate or mortgages on real property leased or to be leased to the United States government, or to a state, territory, agency, authority, or public instrumentality of the United States, if the investment does not exceed 100% of the appraised value of the property subject to the mortgage and if all of the following requirements are met:
The lease has an unexpired term exclusive of optional renewal terms equal to or greater than the remaining term of the investment.
The lease provides for net rental payments equal to or greater than the periodic payments on the investment.
The lease and the lease payments are assigned to the system.
History: Add. 1982, Act 55, Imd. Eff. Apr. 6, 1982
Status: in_force · Read it on the official government site
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