Michigan § 554.1018 - Bond; alternative security.
Full text of Michigan Michigan Compiled Laws § 554.1018 — Bond; alternative security., with citation guidance and answers to common questions.
§ 554.1018. Bond; alternative security.
(1) Except as otherwise provided in subsection (2), a receiver shall post with the court a bond that meets all of the following requirements:
(a) The bond is conditioned on the faithful discharge of the receiver's duties.
(b) The bond has 1 or more sureties approved by the court.
(c) The bond is in an amount the court specifies.
(d) The bond is effective as of the date of the receiver's appointment.
(2) The court may approve the posting by a receiver with the court of alternative security, such as a letter of credit or deposit of funds. The receiver may not use receivership property as alternative security. Interest that accrues on deposited funds must be paid to the receiver on the receiver's discharge.
(3) The court may authorize a receiver to act before the receiver posts the bond or alternative security required by this section.
(4) A claim against a receiver's bond or alternative security must be made not later than 1 year after the date the receiver is discharged.
Frequently Asked Questions About Michigan § 554.1018
What does Michigan Compiled Laws § 554.1018 cover?
Section 554.1018 ("Bond; alternative security.") 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 § 554.1018?
A common citation format is "Michigan Compiled Laws § 554.1018" (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 § 554.1018 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.