Michigan Attorney General Bill Schuette yesterday approved a deal to protect the collection of the Detroit Institute of Arts (DIA) from being tapped to help pay the bankrupt city's creditors, Reuters reported yesterday. Under the settlement, which is part of the so-called grand bargain in Detroit's debt adjustment plan, the DIA's assets will be transferred to a nonprofit corporation for the benefit of Detroit and state residents. Schuette said that the arrangement complies with an opinion he issued a year ago that concluded that the DIA's art collection is held in a charitable trust for the people of Michigan and no part of the collection can be "sold, conveyed, or transferred to satisfy city debts or obligations." The attorney general said that his approval was required under the settlement. The Detroit City Council has also approved the transfer of city assets at the DIA to the nonprofit corporation.
