Michigan Compiled Laws, Chapter 600. Revised Judicature Act of 1961 § 600.572

(a) make and file with the clerk of the court rules and regulations concerning funds, stocks, or securities deposited with the court pursuant to court order;

(b) require the court clerk to file a bond with the county treasurer conditioned that said clerk shall, in all respects comply with the requirements of law and the court rules in the handling and management of such funds, and to faithfully account for the same.

(3)  1 Whenever the court directs by order that stocks and securities be deposited with a court officer, they shall be taken in the name of the court clerk. Upon the death, removal from office, or resignation of a court clerk, all bank accounts, stocks, or securities vested in him by virtue of his office shall vest in his successor.