Michigan Laws 554.524 – Definitions; F to P
Current as of: 2023 | Check for updates
|
Other versions
(1) “Financial institution” means a bank, trust company, savings and loan association, or credit union chartered and supervised under state or federal law.
(2) “Legal representative” means an individual’s personal representative or conservator.
Terms Used In Michigan Laws 554.524
- 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.
- Decedent: A deceased person.
- Fiduciary: A trustee, executor, or administrator.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- 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
(3) “Member of the minor’s family” means the minor’s parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.
(4) “Minor” means an individual who is less than 18 years of age.
(5) “Person” means an individual, partnership, corporation, limited liability company, association, or other legal entity.
(6) “Personal representative” means a personal representative, independent personal representative, or special fiduciary of a decedent‘s estate or a person legally authorized to perform substantially the same functions.