Mich. Admin. Code R. 436.1817 - Warehouse receipts
Rule 17. A person shall not sell, offer for sale or in any manner assign or transfer in this state warehouse receipts for spirits, wherever the spirits are located, except as follows:
(a) An isolated transaction in which a
warehouse receipt for spirits is sold, offered for sale or delivered by a bona
fide owner or pledgee thereof, such sale or offer for sale or delivery not
being made in the course of repeated or successive transactions of a like
character by the owner or pledgee, and the owner or pledgee not being a dealer
or issuer or salesman of such warehouse receipts.
(b) A sale of warehouse receipts for spirits
by a manufacturer.
(c) A sale made
to a bank, trust company, insurance company, or broker or dealer in warehouse
receipts for spirits.
Notes
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