Michigan Compiled Laws, Chapter 554. Real and Personal Property § 554.1018

Sec. 8. (1) Except as otherwise provided in subsection (2), a receiver shall post with the court a bond that meets all of the following requirements:

(2) The court may approve the posting by a receiver with the court of alternative security, such as a letter of credit or deposit of funds. The receiver may not use receivership property as alternative security. Interest that accrues on deposited funds must be paid to the receiver on the receiver's discharge.

(3) The court may authorize a receiver to act before the receiver posts the bond or alternative security required by this section.

(4) A claim against a receiver's bond or alternative security must be made not later than 1 year after the date the receiver is discharged.