Michigan — Statute

750.277 – Promise to vendee of grain to sell at fictitious price; sale and transfer | Michigan Law

Michigan law makes it a felony to sell or transfer financial instruments obtained for schemes to sell grain at fictitious or inflated prices.

Legal Content

Michigan State Law

750.277 – Promise to vendee of grain to sell at fictitious price; sale and transfer

Michigan Penal Code § 750.277

Summary

This law prohibits selling or transferring financial instruments like notes or drafts that were obtained as part of a scheme to sell grain, seed, or cereals at fictitious or inflated prices. Engaging in such transactions knowingly is considered a felony. The law aims to prevent price manipulation and fraudulent sales in the grain market.

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Explain Like I'm 5

In simple terms: Michigan law makes it a felony to sell or transfer financial instruments obtained for schemes to sell grain at fictitious or inflated prices.. This means people must follow this rule, and breaking it can lead to criminal penalties.