Mich. Admin. Code R. 436.2001 - "Securities" defined
Rule 1. As used in these rules, "securities" means any of the following:
(a) Stocks or bonds
registered by the securities and exchange commission or the office of financial
and insurance services of the Michigan department of consumer and industry
services which are offered for public sale in the state of Michigan and the
values of which are regularly reported in a nationally recognized financial
publication.
(b) Obligations of the
United States, including bonds, notes, and bills.
(c) Obligations which are guaranteed fully as
to principal and interest by the United States, except those requiring partial
payment of principal.
(d) General
obligations of the state of Michigan.
(e) Unlimited tax general obligation bonds of
political subdivisions of the state which are payable directly from the levying
of general ad valorem taxes without limitation as to rate or amount.
(f) An irrevocable trust which contains a
guaranteed minimum corpus of $50,000.00, which has as trustee a financial
institution registered in this state, and which provides for the state of
Michigan as first beneficiary and claimant of a distribution of up to
$50,000.00 from the trust to satisfy judgments arising from liability under
section 801 of 1998 P.A. 58, MCL 436.1801.
(g) An irrevocable letter of credit or a
certificate of deposit issued by a bank, savings bank, savings and loan
association, or credit union which is licensed to do business in this state and
which is pledged to the state of Michigan as first claimant for distribution of
up to $50,000.00 to satisfy judgments arising from liability under section 801
of 1998 P.A. 58, MCL 436.1801.
Notes
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