S. Mike Michelson, 62, president of the Arrow Leasing Corp. in Mount Rainier who was active in social and civic organizations, died of cardiac and respiratory arrest Monday at Holy Cross Hospital in Silver Spring.

Mr. Michaelson founded Arrow Leasing, a car and truck leasing company, 32 years ago and had been its president since that time. He was president of the Mount Rainier Civic Association at the time of his death and had served on the board of the Prince George's County Redevelopment Association.

From 1962 to 1970, Mr. Michelson was a magistrate with the Hyattsville Court. A Democrat, he was defeated in 1964 for a seat in the Maryland House of Delegates from Prince George's County.

He was fleet captain of the National Potomac Yacht Club and was a member of the Kent Island Yacht Club in Maryland. He also had been a member of the University of Maryland's Terrapin Club.

Mr. Michelson was a native of Hartford, Conn., and moved here in 1941. He lived in West Hyattsville before moving to Silver Spring 12 years ago. He attended the Cooper Union in New York City. He served with the Army in Europe during World War II.

Survivors include his wife, Miriam, of Silver Spring; a son, Sheldon, of Beltsville; a daughter, Judith Michelson of Los Angeles, and three sisters, Miriam Thompson of Wheaton, Florence Horn of New York City, and Frances Wirth of Frankfort, N.Y.