Michigan Laws 399.402 – Quitclaim deed by city of South Haven; memorandum of gift by maritime corporation; approval of legal documents by attorney general; right of first refusal
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(1) If the city of South Haven elects to make the gift specified in section 101, the city of South Haven shall deliver to the department a quitclaim deed for the real property described in section 101, subject to any and all encumbrances, easements, and restrictions of record at the time of transfer. The deed shall include a covenant that provides that the property shall be used exclusively as a maritime museum or public park, or both, and that upon termination of those uses or upon use for any other purpose, title to the property shall revert immediately to the city of South Haven. This covenant shall run with the land.
(2) If the maritime corporation elects to make the gift specified in section 101, the maritime corporation shall deliver to the department a memorandum of gift that describes each donated artifact or other property and includes maritime museum accession numbers.
Terms Used In Michigan Laws 399.402
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Department: means the department of state. See Michigan Laws 399.302
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Maritime corporation: means the Lake Michigan maritime museum, inc. See Michigan Laws 399.302
- Maritime museum: means the Michigan maritime museum situated in South Haven and operated under authority of this act. See Michigan Laws 399.302
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- South Haven: means the city of South Haven, a home rule city situated in Van Buren county. See Michigan Laws 399.302
(3) The quitclaim deed and memorandum of gift required by this section, and any other legal documents required to effect the transfers specified in section 101, shall be approved by the attorney general.
(4) If the department receives the real property described in section 101 and later elects to sell any of that property, the city of South Haven shall have the right of first refusal with respect to purchasing the property at its fair market value.