Michigan Laws > Chapter 21 > Act 258 of 1941 – State Funds; Accounting


§ 21.110	State treasurer’s common cash fund; assets and liabilities

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Terms Used In Michigan Laws > Chapter 21 > Act 258 of 1941 - State Funds; Accounting

Agent: includes , but is not limited to, an attorney-in-fact under a durable or nondurable power of attorney and an individual authorized to make decisions as a patient advocate concerning another's health care. See Michigan Laws 700.1103
Amortization: Paying off a loan by regular installments.
Application: means a written request to the probate register for an order of informal probate or informal appointment under part 3 of article III. See Michigan Laws 700.1103
Attorney: means , if appointed to represent a child under the provisions referenced in section 5213, an attorney serving as the child's legal advocate in the manner defined and described in section 13a of chapter XIIA of the probate code of 1939, 1939 PA 288, MCL 712A. See Michigan Laws 700.1103
Board: means the local emergency financial assistance loan board created under section 2. See Michigan Laws 141.931
Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
Claim: includes , but is not limited to, in respect to a decedent's or protected individual's estate, a liability of the decedent or protected individual, whether arising in contract, tort, or otherwise, and a liability of the estate that arises at or after the decedent's death or after a conservator's appointment, including funeral and burial expenses and costs and expenses of administration. See Michigan Laws 700.1103
Conservator: means a person appointed by a court to manage a protected individual's estate. See Michigan Laws 700.1103
Continuance: Putting off of a hearing ot trial until a later time.
Court: means the probate court or, when applicable, the family division of circuit court. See Michigan Laws 700.1103
Court: means the probate court or the court with responsibility with regard to mental health services for the county of residence of an individual with developmental disability, or for the county in which the individual was found if a county of residence cannot be determined. See Michigan Laws 330.1600
Criminal abuse: means 1 or more of the following:

(i) An assault that is a violation or an attempt or conspiracy to commit a violation of section 81 to 90 of the Michigan penal code, Act No. See Michigan Laws 330.1700

Decedent: A deceased person.

Dependent: A person dependent for support upon another.

Descendant: means , in relation to an individual, all of his or her descendants of all generations, with the relationship of parent and child at each generation being determined by the definitions of child and parent contained in this act. See Michigan Laws 700.1103

Disability: means cause for a protective order as described in section 5401. See Michigan Laws 700.1103

Distributee: means a person that receives a decedent's property from the decedent's personal representative or trust property from the trustee other than as a creditor or purchaser. See Michigan Laws 700.1103

Environmental law: means a federal, state, or local law, rule, regulation, or ordinance that relates to the protection of the environment or human health. See Michigan Laws 700.1104

Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}

Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this act as the property is originally constituted and as it exists throughout administration. See Michigan Laws 700.1104

Fiduciary: includes , but is not limited to, a personal representative, funeral representative, guardian, conservator, trustee, plenary guardian, partial guardian, and successor fiduciary. See Michigan Laws 700.1104

Field: means an underground reservoir or reservoirs containing oil or gas, or both. See Michigan Laws 324.61501

Financial institution: means an organization authorized to do business under state or federal laws relating to a financial institution and includes, but is not limited to, a bank, trust company, savings bank, building and loan association, savings and loan company or association, credit union, insurance company, and entity that offers mutual fund, securities brokerage, money market, or retail investment accounts. See Michigan Laws 700.1104

Fiscal year: means , unless otherwise provided in this act, the fiscal year of the municipality applying for a loan under this act. See Michigan Laws 141.931

Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:

You are late making a payment or commit some other default, triggering an increase to a penalty rate
The bank changes the terms of your account and you do not reject the change.
The rate expires (if the rate was fixed for only a certain period of time).

Gas: means a mixture of hydrocarbons and varying quantities of nonhydrocarbons in a gaseous state which may or may not be associated with oil, and includes those liquids resulting from condensation. See Michigan Laws 324.61501

Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.

Guardian: means a person who has qualified as a guardian of a minor or a legally incapacitated individual under a parental or spousal nomination or a court appointment and includes a limited guardian as described in sections 5205, 5206, and 5306. See Michigan Laws 700.1104

Health care corporation: means a nonprofit health care corporation operating under the nonprofit health care corporation reform act, Act No. See Michigan Laws 330.1700

Income tax collections: means the total collection of a municipality under the city income tax act, 1964 PA 284, MCL 141. See Michigan Laws 141.931

Income tax revenue growth rate: means the quotient of the following:

(i) The numerator is the income tax collections of the municipality for the calendar year immediately preceding the municipality's application for a loan under this act. See Michigan Laws 141.931

Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}

Issue: means an individual's descendant. See Michigan Laws 700.1105

Lease: includes , but is not limited to, an oil, gas, or other mineral lease. See Michigan Laws 700.1105

Legal tender: coins, dollar bills, or other currency issued by a government as official money. ^{Source: U.S. Mint}

Letters: includes , but is not limited to, letters testamentary, letters of guardianship, letters of administration, and letters of conservatorship. See Michigan Laws 700.1105

Michigan prudent investor rule: means the fiduciary investment and management rule prescribed by part 5 of this article. See Michigan Laws 700.1106

Minor: means an individual who is less than 18 years of age. See Michigan Laws 700.1106

Money: means legal tender or a note, draft, certificate of deposit, stock, bond, check, or credit card. See Michigan Laws 700.1106

Mortgage: means a conveyance, agreement, or arrangement in which property is encumbered or used as security. See Michigan Laws 700.1106

Municipality: means a county, city, village, or township in this state. See Michigan Laws 141.931

Oil: means natural crude oil or petroleum and other hydrocarbons, regardless of gravity, that are produced at the well in liquid form by ordinary production methods and that are not the result of condensation of gas after it leaves the underground reservoir. See Michigan Laws 324.61501

Owner: means the person who has the right to drill a well into a pool, to produce from a pool, and to receive and distribute the value of the production from the pool for himself or herself either individually or in combination with others. See Michigan Laws 324.61501

Parent: includes , but is not limited to, an individual entitled to take, or who would be entitled to take, as a parent under this act by intestate succession from a child who dies without a will and whose relationship is in question. See Michigan Laws 700.1106

Person: means an individual or an organization. See Michigan Laws 700.1106

Person-centered planning: means a process for planning and supporting the individual receiving services that builds upon the individual's capacity to engage in activities that promote community life and that honors the individual's preferences, choices, and abilities. See Michigan Laws 330.1700

Personal property: All property that is not real property.

Personal representative: includes , but is not limited to, an executor, administrator, successor personal representative, and special personal representative, and any other person, other than a trustee of a trust subject to article VII, who performs substantially the same function under the law governing that person's status. See Michigan Laws 700.1106

Petition: means a written request to the court for an order after notice. See Michigan Laws 700.1106

Pool: means an underground reservoir containing a common accumulation of oil or gas, or both. See Michigan Laws 324.61501

Probate: Proving a will

Proceeding: includes an application and a petition, and may be an action at law or a suit in equity. See Michigan Laws 700.1106

Producer: means the operator, whether owner or not, of a well or wells capable of producing oil or gas or both in paying quantities. See Michigan Laws 324.61501

Property: means anything that may be the subject of ownership, and includes both real and personal property or an interest in real or personal property. See Michigan Laws 700.1106

Protected individual: means a minor or other individual for whom a conservator has been appointed or other protective order has been made as provided in part 4 of article V. See Michigan Laws 700.1106

Protective proceeding: means a proceeding under part 4 of article V. See Michigan Laws 700.1106

Restraint: means the use of a physical device to restrict an individual's movement. See Michigan Laws 330.1700

Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).

Security: includes , but is not limited to, a note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease, collateral trust certificate, transferable share, voting trust certificate, or interest in a regulated investment company or other entity generally referred to as a mutual fund or, in general, an interest or instrument commonly known as a security, or a certificate of interest or participation for, a temporary or interim certificate, receipt, or certificate of deposit for, or any warrant or right to subscribe to or purchase any of the items listed in this subdivision. See Michigan Laws 700.1107

State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 700.1107

State equalized valuation of real and personal property of the municipality: means the valuation determined under 1911 PA 44, MCL 209. See Michigan Laws 141.931

Statewide tax base growth rate: means the total state equalized valuation for real and personal property for the most recent year for which data is available divided by the total state equalized valuation for the fifth year preceding the most recent year for which data is available. See Michigan Laws 141.931

Support plan: means a written plan that specifies the personal support services or any other supports that are to be developed with and provided for a recipient. See Michigan Laws 330.1700

Testimony: Evidence presented orally by witnesses during trials or before grand juries.

Treatment plan: means a written plan that specifies the goal-oriented treatment or training services, including rehabilitation or habilitation services, that are to be developed with and provided for a recipient. See Michigan Laws 330.1700

Trust: includes , but is not limited to, an express trust, private or charitable, with additions to the trust, wherever and however created. See Michigan Laws 700.1107