§ 123.901 Short title
§ 123.903 Definitions
§ 123.905 Receipt of property by municipality, school board; intermediate school board, or public library; sale; disposal; use of proceeds
§ 123.907 Transfer of property from municipality, school board, intermediate school board, or public library to community foundation
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Terms Used In Michigan Laws > Chapter 123 > Act 38 of 2017 - Michigan Community Foundation Act

  • Bequest: Property gifted by will.
  • College level equivalent credit examination: means an examination that is administered by an independent testing service and that is used by colleges and universities generally to award postsecondary credit for achievement of a particular score and includes, but is not limited to, advanced placement, DSST, and college-level examination program (CLEP) examinations. See Michigan Laws 380.1471
  • Community foundation: means an organization that meets all of the following requirements:
    (i) Has been in existence for at least 10 years. See Michigan Laws 123.903
  • Component fund: means a component part of a community trust as described in 26 C. See Michigan Laws 123.903
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Devise: To gift property by will.
  • Donor: The person who makes a gift.
  • 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.
  • Intangible personal property: means incorporeal personal property including, but not limited to, cash, proceeds of the sale of real or personal property, deposits in banks or other financial institutions, negotiable instruments, mortgages, debts, receivables, shares of stock, bonds, notes, credits, evidences of an interest in property, evidences of debt, and choses in action generally. See Michigan Laws 123.903
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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
  • Municipality: means a city, village, township, county, or a subdivision or instrumentality of any of these entities. See Michigan Laws 123.903
  • 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.
  • Public library: means a board of education, library commission, or other public corporation empowered to maintain a public library. See Michigan Laws 123.903
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Statute: A law passed by a legislature.