Michigan Laws 554.991 – Life interest or long-term lease agreement under former act
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Terms Used In Michigan Laws 554.991
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Life interest: means the right, upon payment of an entrance fee, to receive continuing care for life. See Michigan Laws 554.905
A life interest or long-term lease agreement entered into under the former 1976 PA 440 is not invalidated by the repeal of that act and the adoption of this act.