{"data":{"id":"us-mi/mich.-comp.-laws-484.3218","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 484.3218","heading":"Default.","body":"Sec. 18.\n\nIf the authority defaults in the payment of principal or interest of any notes or bonds when due, whether at maturity or upon call for redemption, and the default continues for a period of 30 days, or if the authority fails or refuses to comply with this act, or defaults in any agreement made with the holders of any notes or bonds, the holders of 25% in aggregate principal amount of the notes or bonds then outstanding may apply to the circuit court of Ingham county for the appointment of a trustee to represent the holders of the notes or bonds.\n\nA trustee appointed under this act may, and upon the written request of the holders of 25% in aggregate principal amount of the notes or bonds shall, do any of the following:\n\nEnforce all rights of the noteholders or bondholders, including the right to require the authority to perform its duties under this act.\n\nBring suit upon the notes or bonds.\n\nRequire the authority to account as if it were the trustee of an express trust for the holders of the notes or bonds.\n\nEnjoin any acts or things that may be unlawful or in violation of the rights of the holders of the notes or bonds.\n\nDeclare all the notes or bonds due and payable.\n\nBefore declaring the principal of notes or bonds due and payable, the trustee shall first give 30 days' notice in writing to the governor, to the authority, and to the attorney general.\n\nThe trustee has all of the powers necessary or appropriate for the general representation of bondholders or noteholders in the enforcement and protection of their rights.\n\nAn action under this section shall be brought in the circuit court for the county of Ingham.","path":["MI Code","Chapter 484","Act Act-49-of-2002"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-484-3218","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"c0cad1700bb46e58fc80ef708e4572f55d5250e1403dc05503ce786c48409282","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-484.3217","next":"us-mi/mich.-comp.-laws-484.3219"},"notice":"GroundRules: Original legal text. Not legal advice."}