Michigan § 484.3218 - Default.
Full text of Michigan Michigan Compiled Laws § 484.3218 — Default., with citation guidance and answers to common questions.
§ 484.3218. Default.
If the authority defaults in the payment of principal or interest of any notes or bonds when due, whether at maturity or upon call for redemption, and the default continues for a period of 30 days, or if the authority fails or refuses to comply with this act, or defaults in any agreement made with the holders of any notes or bonds, the holders of 25% in aggregate principal amount of the notes or bonds then outstanding may apply to the circuit court of Ingham county for the appointment of a trustee to represent the holders of the notes or bonds.
A trustee appointed under this act may, and upon the written request of the holders of 25% in aggregate principal amount of the notes or bonds shall, do any of the following:
Enforce all rights of the noteholders or bondholders, including the right to require the authority to perform its duties under this act.
Bring suit upon the notes or bonds.
Require the authority to account as if it were the trustee of an express trust for the holders of the notes or bonds.
Enjoin any acts or things that may be unlawful or in violation of the rights of the holders of the notes or bonds.
Declare all the notes or bonds due and payable.
Before declaring the principal of notes or bonds due and payable, the trustee shall first give 30 days' notice in writing to the governor, to the authority, and to the attorney general.
The trustee has all of the powers necessary or appropriate for the general representation of bondholders or noteholders in the enforcement and protection of their rights.
An action under this section shall be brought in the circuit court for the county of Ingham.
Frequently Asked Questions About Michigan § 484.3218
What does Michigan Compiled Laws § 484.3218 cover?
Section 484.3218 ("Default.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 484.3218?
A common citation format is "Michigan Compiled Laws § 484.3218" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 484.3218 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.