Michigan Laws 567.257a – Exemptions; “association” defined
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Terms Used In Michigan Laws 567.257a
- Business association: means a nonpublic corporation, joint stock company, investment company, business trust, partnership, or association for business purposes of 2 or more individuals, whether or not for profit, including a banking organization, financial organization, insurance company, or utility. See Michigan Laws 567.222
- 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.
- Property: means tangible or intangible personal property owned by a person. See Michigan Laws 567.222
(1) Except with respect to property described in section 7 and 17, this act does not apply to any credit balances, overpayments, deposits, refunds, discounts, rebates, credit memos, or unidentified remittances created on or after April 1, 2009 and issued, held, due, or owing in any transactions between 2 or more associations. This exemption does not apply to outstanding checks, drafts, or other similar instruments.
(2) As used in this section, “association” means a business association, a public corporation, or any other commercial entity, including a sole proprietorship.