Michigan Laws 554.64 – Exemptions to act
Current as of: 2023 | Check for updates
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This act does not apply:
(a) To a lease for a term of years.
Terms Used In Michigan Laws 554.64
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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
- Terminable interest: is a possessory or ownership interest in real property which is subject to termination by a provision in a conveyance or other instrument which either creates a right of reversion to a grantor or his heirs, successors or assigns or creates a right of entry on the occurrence of a specified contingency. See Michigan Laws 554.61
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
(b) If the specified contingency must occur, if at all, within the period of the rule against perpetuities.
(c) If the terminable interest is held for public, educational, religious or charitable purposes.
(d) If the terminable interest is created in a conveyance from the United States of America, the state or any agency or political subdivision of either of them.