765.17 Deposit in special fund; interest. Sec. 17. Any cash or securities received by any treasurer or clerk under the provisions of this chapter shall be deposited in a special fund, or place of deposit subject to the order of the proper court. Any interest accumulating upon such fund shall be paid into the general fund or corresponding fund of the state, county, city, village or township according to the nature of the case or in accordance with the order of the proper court. When bonds or other securities are deposited the interest coupons shall not be detached therefrom but shall follow the disposition of the securities. History: 1927, Act 175, Eff. Sept. 5, 1927 ;-- CL 1929, 17179 ;-- CL 1948, 765.17 ;-- Am. 1970, Act 78, Imd. Eff. July 16, 1970 Former Law: See section 5 of Act 332 of 1919.
Michigan Legal Code