Terms Used In Michigan Laws > Chapter 123 > Act 200 of 1957 - Intermunicipality Committees

• Additions: means that term as defined in section 34d. See Michigan Laws 211.27a
• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• affiliated group: means 1 or more corporations connected by stock ownership to a common parent corporation. See Michigan Laws 211.27a
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• bargain purchase option: means the right to purchase the property at the termination of the lease for not more than 80% of the property's projected true cash value at the termination of the lease. See Michigan Laws 211.27a
• Beneficial use: means the right to possession, use, and enjoyment of property, limited only by encumbrances, easements, and restrictions of record. See Michigan Laws 211.27a
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bequest: Property gifted by will.
• Commercial purpose: means used in connection with any business or other undertaking intended for profit, but does not include the rental of residential real property for a period of less than 15 days in a calendar year. See Michigan Laws 211.27a
• conservation easement: means that term as defined in section 2140 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 211.27a
• 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.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Devise: To gift property by will.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• grantee: may be construed as including every person to whom any such interest or estate passes in like manner. See Michigan Laws 8.3e
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Inflation rate: means that term as defined in section 34d. See Michigan Laws 211.27a
• Intestate: Dying without leaving a will.
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• 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 estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• Losses: means that term as defined in section 34d. See Michigan Laws 211.27a
• month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• municipalities: means any city, village, township, chartered township or other incorporated political subdivision of this state. See Michigan Laws 123.631
• Oath: A promise to tell the truth.
• oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 8.3k
• Oversight: Committee review of the activities of a Federal agency or program.
• 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.
• Personal property: All property that is not real property.
• Qualified agricultural property: means that term as defined in section 7dd. See Michigan Laws 211.27a
• Qualified forest property: means that term as defined in section 7jj[1]. See Michigan Laws 211.27a
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Residential real property: means real property classified as residential real property under section 34c. See Michigan Laws 211.27a
• Statute: A law passed by a legislature.
• Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
• transfer of ownership: means the conveyance of title to or a present interest in property, including the beneficial use of the property, the value of which is substantially equal to the value of the fee interest. See Michigan Laws 211.27a
• true cash value: means the usual selling price at the place where the property to which the term is applied is at the time of assessment, being the price that could be obtained for the property at private sale, and not at auction sale except as otherwise provided in this section, or at forced sale. See Michigan Laws 211.27