Michigan Laws > Chapter 129 > Act 40 of 1932 – Depositories for Public Moneys
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Terms Used In Michigan Laws > Chapter 129 > Act 40 of 1932 - Depositories for Public Moneys
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attorney: means , if appointed to represent a child under the provisions referenced in section 5213, an attorney serving as the child's legal advocate in the manner defined and described in section 13a of chapter XIIA of the probate code of 1939, 1939 PA 288, MCL 712A. See Michigan Laws 700.1103
- 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
- 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 designation: means the naming in a governing instrument of a beneficiary of an insurance or annuity policy, of an account with POD designation, of a security registered in beneficiary form (TOD), of a pension, profit-sharing, retirement, or similar benefit plan, or of another nonprobate transfer at death. See Michigan Laws 700.1103 Certified health department: means a county, district, or city health department that meets the criteria for certification of health departments established by this act and that is authorized by the director to enforce this act for retail groceries, food processors, or fair concessions. See Michigan Laws 289.3103 Child: includes , but is not limited to, an individual entitled to take as a child under this act by intestate succession from the parent whose relationship is involved. See Michigan Laws 700.1103 Claim: includes , but is not limited to, in respect to a decedent's or protected individual's estate, a liability of the decedent or protected individual, whether arising in contract, tort, or otherwise, and a liability of the estate that arises at or after the decedent's death or after a conservator's appointment, including funeral and burial expenses and costs and expenses of administration. See Michigan Laws 700.1103 Conservator: means a person appointed by a court to manage a protected individual's estate. See Michigan Laws 700.1103 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: means the probate court or, when applicable, the family division of circuit court. See Michigan Laws 700.1103 Decedent: A deceased person. Deed: The legal instrument used to transfer title in real property from one person to another. Department: means the department of agriculture and rural development. See Michigan Laws 289.1107 Deposit: includes the purchase of or investment in shares of a credit union. See Michigan Laws 129.16 Descendant: means , in relation to an individual, all of his or her descendants of all generations, with the relationship of parent and child at each generation being determined by the definitions of child and parent contained in this act. See Michigan Laws 700.1103 Devise: To gift property by will. Devise: means , when used as a noun, a testamentary disposition of real or personal property and, when used as a verb, to dispose of real or personal property by will. See Michigan Laws 700.1103 Devisee: means a person designated in a will to receive a devise. See Michigan Laws 700.1103 Director: means the director of the department or his or her designee. See Michigan Laws 289.1107 Distributee: means a person that receives a decedent's property from the decedent's personal representative or trust property from the trustee other than as a creditor or purchaser. See Michigan Laws 700.1103 Donee: The recipient of a gift. 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 Evaluation: means a food safety audit, inspection, or food safety and sanitation assessment, whether announced or unannounced, that identifies violations or verifies compliance with this act and determines the degree of active control by food establishment operators over foodborne illness risk factors. See Michigan Laws 289.1107 Financial institution: means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government. See Michigan Laws 129.16 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. Food: means articles used for food or drink for humans or other animals, chewing gum, and articles used for components of any such article. See Michigan Laws 289.1107 Food establishment: means an operation where food is processed, packed, canned, preserved, frozen, fabricated, stored, prepared, served, vended, sold, or offered for sale. See Michigan Laws 289.1107 Food service program: means the systematic activity of the department and a local health department for effective administration and enforcement of the food code and this act, including all of the following:
(i) Periodic evaluations of food service establishments, temporary food service establishments, vending machines, and vending machine locations for compliance with law. See Michigan Laws 289.3103Foodborne illness outbreak: means an incident where any of the following occur:
(i) Two or more persons, not of the same household, have ingested a common food and have a similar disease or similar symptoms or excrete the same pathogens, and there is a time, place, or person association between these persons. See Michigan Laws 289.3103Freedom 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 Governing body: means a council, commission, board, or other official body that has legislative powers over a local public entity. See Michigan Laws 129.16 Governing instrument: means a deed; will; trust; funeral representative designation; insurance or annuity policy; account with POD designation; security registered in beneficiary form (TOD); pension, profit-sharing, retirement, or similar benefit plan; instrument creating or exercising a power of appointment or a power of attorney; or dispositive, appointive, or nominative instrument of any similar type. See Michigan Laws 700.1104 grantee: may be construed as including every person to whom any such interest or estate passes in like manner. See Michigan Laws 8.3e 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 Intestate: Dying without leaving a will. Local health department: means that term as defined in section 1105 of the public health code, MCL 333. See Michigan Laws 289.1109 Local public entity: means a county, city, village, township, school district, district, authority, municipal corporation, or any other political subdivision organized under the laws of this state. See Michigan Laws 129.16 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Parent: includes , but is not limited to, an individual entitled to take, or who would be entitled to take, as a parent under this act by intestate succession from a child who dies without a will and whose relationship is in question. See Michigan Laws 700.1106 Patient advocate: means an individual designated to exercise powers concerning another individual's care, custody, and medical or mental health treatment or authorized to make an anatomical gift on behalf of another individual, or both, as provided in section 5506. See Michigan Laws 700.1106 Person: means an individual, sole proprietorship, partnership, corporation, association, or other legal entity. See Michigan Laws 289.1109 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 Power of appointment: means that term as defined in section 2 of the powers of appointment act of 1967, 1967 PA 224, MCL 556. See Michigan Laws 700.1106 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 Probate: Proving a will 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 Protected individual: means a minor or other individual for whom a conservator has been appointed or other protective order has been made as provided in part 4 of article V. See Michigan Laws 700.1106 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 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 Successor: means a person, other than a creditor, who is entitled to property of a decedent under the decedent's will or this act. See Michigan Laws 700.1107 Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident. 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. Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by the court. See Michigan Laws 700.1107 trustee of a trust created by will: includes a trustee to whom property is transferred by will to the extent of the devised property. See Michigan Laws 700.1103 United States Consumer Price Index: means the annual average of the United States Consumer Price Index for all urban consumers as defined and reported by the United States Department of Labor, Bureau of Labor Statistics, or its successor agency, and as certified by the state treasurer. See Michigan Laws 700.1103