Michigan Laws 397.209 – Donation of money, personal property, or real estate; governing board as trustee
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 397.209
- Bequest: Property gifted by will.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Personal property: All property that is not real property.
- Trustee: A person or institution holding and administering property in trust.
Any person desiring to donate money, personal property, or real estate for the benefit of a library has the right to vest the title to money or real estate donated in a governing board created under this act, to be held and controlled by that board when accepted according to the terms of the deed, gift, devise, or bequest of the property. The governing board shall be considered a special trustee of money, personal property, or real estate donated under this section.