Michigan Compiled Laws

Mich. Comp. Laws § 390.1437 (2026)

Preserving, investing, and expending assets of trust.

✓ current as of July 2026

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MICHIGAN EDUCATION TRUST ACT

Act 316 of 1986

390.1437 Preserving, investing, and expending assets of trust.

Sec. 17.

The assets of the trust shall be preserved, invested, and expended solely pursuant to and for the purposes set forth in this act and shall not be loaned or otherwise transferred or used by the state for any purpose other than the purposes of this act. This section shall not be construed to prohibit the trust from investing in, by purchase or otherwise, bonds, notes, or other obligations of the state, an agency of the state, or an instrumentality of the state.

History: 1986, Act 316, Imd. Eff. Dec. 23, 1986

Notes of Decisions

Cited in 2 cases, 1992–1992 · leading case: Michigan v. United States, 802 F. Supp. 120 (W.D. Mich. 1992).

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Michigan v. United States, 802 F. Supp. 120 (W.D. Mich. 1992). “§ 390.1437; M.S.A. § 15.-2097(437). Conversely, while the Act provides that MET may contract with subscribers “on behalf of itself and the state,” *124 it was conceded at oral argument that Michigan does not back up those contracts with its full faith and credit.”

State of Mich. v. United States, 802 F. Supp. 120 (W.D. Mich. 1992). “§ 390.1437; M.S.A. § 15.2097(437). Conversely, while the Act provides that MET may contract with subscribers "on behalf of itself and the state," *124 it was conceded at oral argument that Michigan does not back up those contracts with its full faith and credit.”

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