Sec. 3. A pledge or assignment may allow forfeiture of the security to the pledgee or assignee for default or noncompliance with the terms of the loan.
Forfeiture of security to pledgee or assignee.
Mich. Comp. Laws § 460.463, under LOANS TO CITIES OR VILLAGES OWNING PUBLIC UTILITIES.
Mich. Comp. Laws § 460.463