Michigan Laws > Chapter 700 > Act 386 of 1998 > Article VI – Nonprobate Transfers On Death
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Terms Used In Michigan Laws > Chapter 700 > Act 386 of 1998 > Article VI - Nonprobate Transfers On Death
- 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.
- 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
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Authority: means the Michigan finance authority created by Executive Reorganization Order No. See Michigan Laws 141.1053
- 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
- Beneficiary: includes , but is not limited to, the following:
(i) In relation to a trust, a person that is a trust beneficiary as defined in section 7103. See Michigan Laws 700.1103Beneficiary form: means a registration of a security that indicates the present owner of the security and the owner's intention regarding the person who will become the security's owner upon the owner's death. See Michigan Laws 700.6301 Board: means the board of directors of the authority. See Michigan Laws 141.1053 Bonds: means bonds of the authority issued under this act with a maturity greater than 3 years. See Michigan Laws 141.1053 Commercial e-mail: means an electronic message, file, data, or other information promoting the sale, lease, or exchange of goods, services, real property, or any other thing of value that is transmitted between 2 or more computers, computer networks, or electronic terminals or within a computer network. See Michigan Laws 445.2502 Community water supply: means a community water supply as defined in part 54 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 141.1053 Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Computer network: means 2 or more computers that are, directly or indirectly, interconnected to exchange electronic messages, files, data, or other information. See Michigan Laws 445.2502 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. Decedent: A deceased person. Deed: The legal instrument used to transfer title in real property from one person to another. E-mail address: means a destination, commonly expressed as a string of characters, to which e-mail may be sent or delivered. See Michigan Laws 445.2502 E-mail service provider: means a person that is an intermediary in the transmission of e-mail or provides to end users of e-mail service the ability to send and receive e-mail. See Michigan Laws 445.2502 Emergency loan board loan: means a loan made by this state to a governmental unit pursuant to the emergency municipal loan act, 1980 PA 243, MCL 141. See Michigan Laws 141.1053 Escrow: Money given to a third party to be held for payment until certain conditions are met. 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 Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Executor: A male person named in a will to carry out the decedent Federal safe drinking water act: means 42 USC 300f to 300j-25. See Michigan Laws 141.1053 Federal water pollution control act: means 33 USC 1251 to 1389. See Michigan Laws 141.1053 Fiduciary: A trustee, executor, or administrator. 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: 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. Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC Fully marketable form: means a municipal obligation duly executed and accompanied by all of the following:
(i) An approving legal opinion of a bond counsel approved by the authority and of nationally recognized standing in the field of municipal law. See Michigan Laws 141.1053Germane: On the subject of the pending bill or other business; a strict standard of relevance. Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Governmental unit: means this state, a county, city, township, village, school district, intermediate school district, community college, public university, authority, district, any other body corporate and politic or other political subdivision, any agency or instrumentality of the foregoing, or any group self-insurance pool formed pursuant to 1951 PA 35, MCL 124. See Michigan Laws 141.1053 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. in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q Internet domain name: means a globally unique, hierarchical reference to an internet host or service, assigned through centralized internet authorities, comprising a series of character strings separated by periods, with the right-most string specifying the top of the hierarchy. See Michigan Laws 445.2502 Intestate: Dying without leaving a will. Issue: means an individual's descendant. See Michigan Laws 700.1105 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. 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 Letters: includes , but is not limited to, letters testamentary, letters of guardianship, letters of administration, and letters of conservatorship. See Michigan Laws 700.1105 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Lien: A claim against real or personal property in satisfaction of a debt. Majority leader: see Floor Leaders Money: means legal tender or a note, draft, certificate of deposit, stock, bond, check, or credit card. See Michigan Laws 700.1106 Money: means any legal tender, note, draft, certificate of deposit, stock, bond, check, or credit card. See Michigan Laws 330.1700 Municipal obligation: means a bond or note or evidence of debt issued by a governmental unit for a purpose authorized by law. See Michigan Laws 141.1053 Noncommunity water supply: means a noncommunity water supply as defined in part 54 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 141.1053 Notes: means an obligation of the authority issued as provided in this act, including commercial paper, with a maturity of 3 years or less. See Michigan Laws 141.1053 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Organization: means a corporation, business trust, estate, trust, partnership, limited liability company, association, or joint venture; governmental subdivision, agency, or instrumentality; public corporation; or another legal or commercial entity. See Michigan Laws 700.1106 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, corporation, partnership, association, governmental entity, or any other legal entity. See Michigan Laws 445.2502 Person: means an individual or an organization. See Michigan Laws 700.1106 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 Probable cause: A reasonable ground for belief that the offender violated a specific law. Project: means a sewage treatment works project or a nonpoint source project, or both, as defined in part 53 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 141.1053 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 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. Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Registering entity: means a person who originates or transfers a security title by registration, and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities. See Michigan Laws 700.6301 Reserve fund: means a bond reserve fund or note reserve fund created and established under section 16. See Michigan Laws 141.1053 Restraint: means the use of a physical device to restrict an individual's movement. See Michigan Laws 330.1700 Revenues: means all fees, charges, money, profits, payments of principal of or interest on municipal obligations and other investments, gifts, grants, contributions, and all other income derived or to be derived by the authority under this act. See Michigan Laws 141.1053 Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners. School loan act: means an act to implement section 16 of article IX of the state constitution of 1963, including, but not limited to, former 1961 PA 108, 1961 PA 112, MCL 388. See Michigan Laws 141.1053 seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nSeclusion: means the temporary placement of a recipient in a room, alone, where egress is prevented by any means. See Michigan Laws 330.1700 Security: means a share, participation, or other interest in property, in a business, or in an obligation of an enterprise or other issuer, and includes a certificated security, uncertificated security, and security account. See Michigan Laws 700.6301 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 Security account: includes all of the following:
(i) A reinvestment account associated with a security. See Michigan Laws 700.6301Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it. 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: 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. Subpoena: A command to a witness to appear and give testimony. Survive: means that an individual neither predeceases an event, including the death of another individual, nor is considered to predecease an event under section 2104 or 2702. See Michigan Laws 700.1107 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 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 Unsolicited: means without the recipient's express permission. See Michigan Laws 445.2502 Water supplier: means a water supplier as that term is defined in part 54 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 141.1053