Michigan Laws > Chapter 451 > Act 87 of 2009 – Uniform Prudent Management of Institutional Funds Act


§ 451.921	Short title
§ 451.922	Definitions
§ 451.923	Institutional fund; managing and investing; considerations; requirements; pooling 2 or more funds; rules for managing and investing
§ 451.924	Endowment fund assets; appropriation or accumulation; determination; limitation; designation
§ 451.925	Management and investment; delegation to external agent; duty to exercise reasonable care; liability; delegation to committees, officers, or employees
§ 451.926	Release or modification of restriction
§ 451.927	Compliance with act; existing facts and circumstances
§ 451.928	Applicability of act
§ 451.929	Electronic signatures
§ 451.930	Uniformity of law
§ 451.931	Applicability; scope

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Terms Used In Michigan Laws > Chapter 451 > Act 87 of 2009 - Uniform Prudent Management of Institutional Funds Act

Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
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}
Charitable purpose: means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the community. See Michigan Laws 451.922
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.
Donor: The person who makes a gift.
Endowment fund: means an institutional fund or part of an institutional fund that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. See Michigan Laws 451.922
felony: when used in this act, shall be construed to mean an offense for which the offender, on conviction may be punished by death, or by imprisonment in state prison. See Michigan Laws 750.7
firearm: except as otherwise specifically defined in statute, includes any weapon which will, is designed to, or may readily be converted to expel a projectile by action of an explosive. See Michigan Laws 8.3t
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Gift instrument: means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund. See Michigan Laws 451.922
Institution: means any of the following:

(i) A person, other than an individual, organized and operated exclusively for charitable purposes. See Michigan Laws 451.922

Institutional fund: means a fund held by an institution exclusively for charitable purposes. See Michigan Laws 451.922

Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.

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.

Person: means an individual, corporation, business trust, estate, trust, partnership, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Michigan Laws 451.922

person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l

Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.

Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Michigan Laws 451.922

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

Trustee: A person or institution holding and administering property in trust.

United States: shall be construed to include the district and territories. See Michigan Laws 8.3o