Michigan Laws 567.249 – Determination of insubstantial commercial value; destruction or disposition of property
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 567.249
- Administrator: means the state treasurer. See Michigan Laws 567.222
- 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 567.222Property: 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
If the administrator determines after investigation that any property delivered under this act has insubstantial commercial value, the administrator may destroy or otherwise dispose of the property at any time. An action or proceeding shall not be maintained against the state or any officer or against the holder for or on account of any action taken by the administrator under this section.