§ 556.201 Short title
§ 556.202 Definitions
§ 556.202a Notice or knowledge of a fact involving a power of attorney
§ 556.203 Applicability of act
§ 556.204 Limited presumption of durability
§ 556.205 Execution of power of attorney; requirements
§ 556.206 Validity of power of attorney
§ 556.207 Meaning and effect of power of attorney
§ 556.208 Nomination of conservator or guardian; relation of agent to court-appointed fiduciary
§ 556.209 Effective date of power of attorney
§ 556.210 Termination of power of attorney or agents authority
§ 556.211 Designation of agents and successor agents
§ 556.212 Reimbursement and compensation of agent
§ 556.213 Agent’s acceptance; acknowledgement of duties
§ 556.214 Agent’s duties; liability; breach of fiduciary duty
§ 556.215 Exoneration of agent for breach of duty; exceptions
§ 556.216 Judicial relief; dismissal of petition
§ 556.217 Violation of act; agent’s liability
§ 556.218 Agent’s resignation; notice
§ 556.219 Acceptance of and reliance upon acknowledged power of attorney; good faith
§ 556.220 Acceptance of acknowledged power of attorney; exceptions; liability for refusal to accept acknowledged power of attorney
§ 556.221 Principles of common law and equity
§ 556.222 Laws applicable to financial institutions and certain other entities
§ 556.223 Remedies under other law
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Terms Used In Michigan Laws > Chapter 556 > Act 187 of 2023 > Article 1 - General Provisions

  • Actual knowledge: means knowledge in fact. See Michigan Laws 556.202
  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Agent: means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. See Michigan Laws 556.202
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • 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.
  • Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Court: includes that term as defined in section 1103 of the estates and protected individuals code, 1998 PA 386, MCL 700. See Michigan Laws 556.202
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Dependent: A person dependent for support upon another.
  • Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Michigan Laws 556.202
  • Entity: means a person other than an individual. See Michigan Laws 556.202
  • 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
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fraud: Intentional deception resulting in injury to another.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Good faith: means honesty in fact. See Michigan Laws 556.202
  • 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.
  • Incapacity: means inability of an individual to manage property or business affairs for either of the following reasons:
    (i) The individual has an impairment in the ability to receive and evaluate information or make or communicate decisions even with the use of technological assistance. See Michigan Laws 556.202
  • Intestate: Dying without leaving a will.
  • 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: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Person: means an individual or corporation, including a fiduciary of an estate or trust, a business trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Michigan Laws 556.202
  • power: means a power of attorney. See Michigan Laws 556.202
  • Power of attorney: means a written record that grants authority to an agent to act in 1 or more matters on behalf of the principal, whether or not the term power of attorney is used. See Michigan Laws 556.202
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Principal: means an individual who grants authority to an agent in a power of attorney. See Michigan Laws 556.202
  • Property: means anything that may be the subject of ownership, whether real or personal, or legal or equitable, or any interest or right in such a thing. See Michigan Laws 556.202
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Quorum: The number of legislators that must be present to do business.
  • 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 556.202
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Sign: means to do either of the following with the intent to authenticate or adopt a record:
    •     (i) Execute or adopt a tangible symbol. See Michigan Laws 556.202
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 556.202
  • 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
  • Statute: A law passed by a legislature.
  • Stocks and bonds: means stocks, bonds, mutual funds, and all other types of securities and financial instruments, whether held directly, indirectly, or in any other manner. See Michigan Laws 556.202
  • 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