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SCHWAEMMLE CO. v. COMMERCE DEP'T

Docket No. 68656, (Calendar No. 1).

420 Mich. 66 (1984)

360 N.W.2d 141

FRED J SCHWAEMMLE CONSTRUCTION COMPANY v. DEPARTMENT OF COMMERCE, CORPORATION AND SECURITIES BUREAU

Supreme Court of Michigan.

Decided December 28, 1984.

Attorney(s) appearing for the Case

Ward, Schenk & Boncher (by Paul A. Ward and Gary P. Schenk) for Burton Abstract & Title Company, St. Paul Title Insurance Corporation, and Westinghouse Electric Corporation.

Steketee & Timmons (by Peter W. Steketee) for Fred J. Schwaemmle Construction Company.

Donovan, Hammond, Ziegelman, Roach & Sotiroff (by Dennis M. Rauss) for Kelly Mortgage & Investment Company.

Carruthers & Halverson Associates (by James G. Halverson) for intervening defendants.

CAVANAGH, J.

This appeal involves the disbursement of $125,000, plus interest, which remains in an escrow account. The issue of first impression presented here is whether the Michigan Corporation and Securities Bureau has the authority to impose conditions concerning the disbursement of funds acquired from the sale of a registered security, beyond the condition that these proceeds be impounded until the issuer of the security...

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