Mich. Comp. Laws § 750.182

Sec. 182. Embezzlement or conversion by warehouseman or forwarder of property receipted for—Any warehouseman or forwarder, or other person who shall have issued a receipt or certificate for flour, wheat, pot or pearl ashes, or any grain, produce or thing of value, or shall receive property on deposit or for sale on a specific contract or understanding, and shall, after issuing said receipt or certificate or receiving such property, embezzle, dispose of or convert to his own use, such property or the moneys received on the sale of such property, contrary to such receipt or certificate, or to the previous contract or understanding, shall be guilty of a felony.