Michigan Laws 129.150 – Orders or warrants; limitation; liability for overdraft
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Terms Used In Michigan Laws 129.150
- Participant: means a local unit participating in the investment pool. See Michigan Laws 129.142
An order or warrant shall not be issued upon a participant‘s account in an amount greater than the total of the account to which that order or warrant applies. If an order or warrant for an amount greater than the total of the account to which the order or warrant applies is issued and the order or warrant is paid, the county treasurer shall be personally liable under his or her official bond for the overdraft resulting from the payment.