Michigan Laws 399.502 – Quitclaim deed by city of Durand; warranty deed by Ann Arbor railroad corporation; approval of legal documents by attorney general; right of first refusal
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(1) If the city of Durand elects to make the gifts specified in section 201, the city of Durand shall deliver to the department a quitclaim deed for the structure and land described in section 201(1)(a) and (b), 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 railroad history museum 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 Durand. This covenant shall run with the land.
(2) If the railroad corporation elects to make the gift specified in section 201(1)(f), the railroad corporation shall deliver to the department a warranty deed that describes the property donated.
Terms Used In Michigan Laws 399.502
- 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
- Durand: means the city of Durand, a home rule city situated in Shiawassee county. 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.
- Railroad corporation: means the grand trunk western railroad company, a Michigan corporation. See Michigan Laws 399.302
- Railroad history museum: means the Michigan railroad history museum situated in the Durand union station railroad depot and operated under authority of this act. See Michigan Laws 399.302
(3) The quitclaim and warranty deeds required by this section, and any other legal documents required to effect the transfers specified in section 201, shall be approved by the attorney general.
(4) If the department accepts the structure or land described in section 201(1)(a) and (b), or both, and later elects to sell that structure or land, the city of Durand shall have the right of first refusal with respect to purchasing the premises at its fair market value.