Michigan Laws 567.237 – Property held in safe deposit box or repository
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 567.237
- Holder: means a person, wherever organized or domiciled, who is 1 or more of the following:
(i) In possession of property belonging to another. See Michigan Laws 567.222Lease: 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 Owner: means a depositor, in the case of a deposit; a beneficiary, in case of a trust other than a deposit in trust; a creditor, claimant, or payee, in the case of other intangible property; or a person having a legal or equitable interest in property subject to this act. See Michigan Laws 567.222 Property: means tangible or intangible personal property owned by a person. See Michigan Laws 567.222 State: means any state, district, commonwealth, territory, insular possession, or any other area subject to the legislative authority of the United States. See Michigan Laws 567.222
All property held in a safe deposit box or any other safekeeping repository in this state in the ordinary course of the holder‘s business and proceeds resulting from the sale of the property permitted by law, that remain unclaimed by the owner for more than 3 years after the lease or rental period on the box or other repository has expired, are presumed abandoned.