Michigan Laws 554.525 – Definitions; S to T
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(1) “State” includes a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.
(2) “Transfer” means a transaction that creates custodial property under section 13.
Terms Used In Michigan Laws 554.525
- 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.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- 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
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
(3) “Transferor” means a person who makes a transfer under this act.
(4) “Trust company” means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.