Mich. Admin. Code R. 436.2003
Current through Vol. 24-21, December 1, 2024
Rule 3. As used in these rules, "unencumbered securities" means securities that are free and clear of all liens and obligations, including their use as collateral, and upon filing with the commission are without claims or liabilities to third parties.
Mich. Admin. Code R. 436.2003