Michigan Laws 207.527 – Bankruptcy or insolvency proceeding; exemption from tax
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 207.527
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Property: includes land, tenements, real estate, and real property and all rights to and interests in land, tenements, real estate, or real property. See Michigan Laws 207.522
- Tax: means the state real estate transfer tax imposed under this act. See Michigan Laws 207.522
- Trustee: A person or institution holding and administering property in trust.
A tax is not imposed by this act upon a written instrument that conveys or transfers property or an interest in the property to a receiver, administrator, or trustee, whether special or general, in a bankruptcy or insolvency proceeding.