Michigan Laws > Chapter 554 > Act 418 of 1988 – Uniform Statutory Rule Against Perpetuities


§ 554.71	Short title
§ 554.72	Nonvested property interest; general power of appointment, nongeneral power of appointment, or general testamentary power of appointment; validity; language measuring time period from creation of
§ 554.73	Nonvested property interest or power of appointment; time of creation
§ 554.74	Reforming disposition; petition
§ 554.75	Applicability of MCL 554.72; “second power” defined
§ 554.76	Nonvested property interest or power of appointment to which act applicable; violation of rule against perpetuities; reforming disposition
§ 554.77	Application and construction of act
§ 554.78	Conditional effective date

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Terms Used In Michigan Laws > Chapter 554 > Act 418 of 1988 - Uniform Statutory Rule Against Perpetuities

Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
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}
Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
Contract: A legal written agreement that becomes binding when signed.
Fiduciary: A trustee, executor, or administrator.
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
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}
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
Personal property: All property that is not real property.
Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
Statute: A law passed by a legislature.
Trustee: A person or institution holding and administering property in trust.