Johnny5 and Gannon, I expect that what this teacher did would be considered unlawful conversion of property, perhaps even embezzlement. I haven't read the Michigan criminal code in a while. The pawn shop might have been also guilty of accepting stolen property if not reporting the attempt.
Whether she was desperate or stupid really isn't relevant to the facts of what she did. Whether she is sorry now about what she did, or that she got caught, isn't really relevant. The back story simply is not relevant. She was converting property that wasn't hers into property that would be hers.
Chris, I suspected that she would require a hearing and guess that your assessment of the likely result is correct.
I was raised by parents who believed that taking something that didn't belong to you was wrong, regardless of one's personal circumstance. I still think that's true.
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