Michigan Laws 434.21 – Definitions
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As used in this act:
(a) “Collectible currency” means a medium of exchange including coins, bank notes, government notes, and paper money that has a value greater than face value.
Terms Used In Michigan Laws 434.21
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Collectible currency: means a medium of exchange including coins, bank notes, government notes, and paper money that has a value greater than face value. See Michigan Laws 434.21
- Contraband: means any property that is prohibited by any law to be owned, carried, concealed, or possessed. See Michigan Laws 434.21
- 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.
- Currency: means a medium of exchange including coins, bank notes, government notes, and paper money that has a value not greater than face value. See Michigan Laws 434.21
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Evidence: means any property that furnishes or tends to furnish proof in a legal matter. See Michigan Laws 434.21
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Hazardous material: means explosives, pyrotechnics, flammable gas, flammable compressed gas, nonflammable compressed gas, flammable liquid, oxidizing material, poisonous gas, poisonous liquid, irritating material, etiologic material, radioactive material, corrosive material, or liquefied petroleum gas. See Michigan Laws 434.21
- Junk: means any property that does not have any fair market value or worth. See Michigan Laws 434.21
- Legal owner: means any individual, organization, partnership, company, corporation, or governmental agency who had care, custody, or control over the property and can establish ownership to the satisfaction of the law enforcement agency by description, title, sales receipt, bill of goods, or other means. See Michigan Laws 434.21
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Perishable property: means any property subject to quick deterioration or spoilage except when maintained under proper conditions. See Michigan Laws 434.21
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Property: means anything which is the subject of ownership and is corporeal, tangible, visible, or personal, or that has an exchange value. See Michigan Laws 434.21
- Property of major value: means any property that is not collectible currency, contraband, currency, evidence, hazardous material, junk, perishable property, or property of minor value. See Michigan Laws 434.21
- Property of minor value: means any property whose fair market value is less than the total cost of preparing a property report, plus the costs of storage and disposition, and which is not collectible currency, contraband, currency, evidence, hazardous material, junk, perishable property, or property of major value. See Michigan Laws 434.21
(b) “Contraband” means any property that is prohibited by any law to be owned, carried, concealed, or possessed.
(c) “Currency” means a medium of exchange including coins, bank notes, government notes, and paper money that has a value not greater than face value.
(d) “Evidence” means any property that furnishes or tends to furnish proof in a legal matter.
(e) “Hazardous material” means explosives, pyrotechnics, flammable gas, flammable compressed gas, nonflammable compressed gas, flammable liquid, oxidizing material, poisonous gas, poisonous liquid, irritating material, etiologic material, radioactive material, corrosive material, or liquefied petroleum gas.
(f) “Junk” means any property that does not have any fair market value or worth.
(g) “Legal owner” means any individual, organization, partnership, company, corporation, or governmental agency who had care, custody, or control over the property and can establish ownership to the satisfaction of the law enforcement agency by description, title, sales receipt, bill of goods, or other means. Any person who represents the legal owner or an organization, partnership, company, corporation, governmental agency by affidavit, power of attorney, bill of goods, or title may be considered the legal owner for purposes of recovering the property.
(h) “Perishable property” means any property subject to quick deterioration or spoilage except when maintained under proper conditions.
(i) “Property” means anything which is the subject of ownership and is corporeal, tangible, visible, or personal, or that has an exchange value.
(j) “Property of major value” means any property that is not collectible currency, contraband, currency, evidence, hazardous material, junk, perishable property, or property of minor value.
(k) “Property of minor value” means any property whose fair market value is less than the total cost of preparing a property report, plus the costs of storage and disposition, and which is not collectible currency, contraband, currency, evidence, hazardous material, junk, perishable property, or property of major value.