Michigan Laws 333.5861 – Receiving and holding title to property; property as trust fund; disposition of property; children with special needs fund; minimum balance
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 333.5861
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Personal property: All property that is not real property.
- 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
(1) The department may receive and hold title to real and personal property by gift, devise, bequest, and conveyance to be used for the purpose of carrying out this part. The property accepted must be held and used as a trust fund for the purposes for which received. The department promptly shall send the money, securities, or like personal property received to the department of treasury to be credited to the fund of this state designated by the donor or the department. The income from securities must be sent promptly to the department of treasury to be credited to the fund designated and must be likewise disbursed.
(2) The children with special needs fund that operates under this section shall maintain a minimum balance of $18,000,000.00. If the balance of the children with special needs fund is less than $18,000,000.00, no money shall be expended from that fund until the balance of the fund exceeds $18,000,000.00.