Michigan Laws 129.133 – Replacement obligations; form; security; execution; formal requirements; indorsement
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Terms Used In Michigan Laws 129.133
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Obligation: means evidence of indebtedness including, but not limited to, a bond, refunding bond, revenue bond, note, certificate of indebtedness and other like instrument issued by a public corporation, and any coupon representing interest on the obligation. See Michigan Laws 129.131
- Replacement obligation: means an obligation and any coupon representing interest in connection with the obligation issued under this act. See Michigan Laws 129.131
A replacement obligation shall be of the same form and tenor and be secured in the same manner as the obligation originally issued. The replacement obligation shall be executed in the same manner and subject to the same formal requirements as those provided by law for the obligation originally issued. Obligations that are not registered as to payment of either principal or interest shall be indorsed with the word “replacement”.