MichiganFarm development authority bonds would count as negotiable instruments
If House Bill 6347 becomes law, bonds and notes issued under the Michigan Family Farm Development Act would count as negotiable instruments, subject to any registration terms.
What it does
The authority’s bonds and notes would count as negotiable under state commercial law, even if their form would not otherwise qualify. Their terms may still require registration.
Argument forThe authority’s bonds and notes could be treated as negotiable under commercial law even when their form would not otherwise qualify, which may ease their transfer.
Argument againstTreating the authority’s bonds and notes as negotiable could make transfers easier, which might complicate tracking who holds them when their terms require registration.
More detail
The bill text says the authority’s bonds and notes are negotiable instruments under the Uniform Commercial Code. This applies to bonds and notes issued under the Michigan Family Farm Development Act. The terms of the bonds or notes may require registration. This amendatory act would take effect only if House Bill 6347 is enacted into law.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 29bill electronically reproduced 09/24/2026Latest
- Sep 24referred to Committee on FinanceMinor
- Sep 24read a first timeMinor
- Sep 24introduced by Representative Rep. Bryan PosthumusIntroduced
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