Michigan Compiled Laws § 129.42 Security For Deposit Prohibited.

129.42 Security for deposit prohibited.

Sec. 2.

Security in the form of collateral, surety bonds, or another form shall not be taken for the deposit of the public funds.

History: Add. 1979, Act 77, Imd. Eff. Aug. 1, 1979

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Last modified: October 10, 2016