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IN RE PETITION OF COM'R OF MICH. FINANCIAL INSTITUTIONS BUREAU

Docket No. 13504.

51 Mich. App. 421 (1974)

215 N.W.2d 722

IN THE MATTER OF THE PETITION OF THE COMMISSIONER OF THE MICHIGAN FINANCIAL INSTITUTIONS BUREAU FOR THE APPOINTMENT OF A RECEIVER FOR THE PEOPLES STATE BANK OF AUBURN GENERAL CONFERENCE OF SEVENTH DAY ADVENTISTS v. SULLIVAN

Michigan Court of Appeals.

Decided March 1, 1974.

Attorney(s) appearing for the Case

Smith & Brooker, P.C., and Higgs & Higgs, for appellees.

Leopold P. Borrello, for appellants.

Before: McGREGOR, P.J., and BRONSON and CARLAND, JJ.

CARLAND, J.

The Peoples State Savings Bank of Auburn, hereinafter called the bank, was a small state bank located in Auburn, Michigan. Donald L. Pickelman was the president and Gerald J. Nellet the cashier of this bank. For some time prior to February 1970, Graham Alvey and his wife Helene were indebted to the bank in a sum in excess of $80,000. The Alveys were engaged in the development of certain recreational property on Sanford Lake. The Alvey loan was in default...

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