Michigan Laws 338.1076 – Continuation of business upon death of licensee; notice; sale of business
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Upon the death of an individual licensed under this act, the business with which the decedent was connected may be carried on for a period of 90 days by the following: (a) In the case of an individual licensee, the surviving spouse, or if there be none, the executor or administrator of the estate of the decedent; (b) In the case of a partner, the surviving partners; (c) In the case of an officer of a firm, company, association, organization, or corporation, the officers thereof. Within 10 days following the death of a licensee, the department shall be notified in writing. The notification shall state the name of the person legally authorized to carry on the business of the deceased.
Upon the authorization of the department, the business may be carried on for a further period of time when necessary to complete any business commitments pending at the death of the decedent.
Terms Used In Michigan Laws 338.1076
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Decedent: A deceased person.
- Department: means the department of licensing and regulatory affairs, except that in reference to the regulation of private security police and private college security forces, department means the department of state police. See Michigan Laws 338.1052
- Executor: A male person named in a will to carry out the decedent
- in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
- Licensee: means a person licensed under this act. See Michigan Laws 338.1052
- Person: means an individual, limited liability company, corporation, or other legal entity. See Michigan Laws 338.1052
- Private security guard: means an individual or an employee of an employer who offers, for hire, to provide protection of property on the premises of another, and includes an employee of a private college security force. See Michigan Laws 338.1052
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
Nothing in this section shall be construed to restrict the sale of an alarm system business or a private security guard agency, if the vendee qualifies for a license under the provisions of this act.