Michigan Laws 700.2605 – Increase in securities; accessions
Current as of: 2023 | Check for updates
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(1) If a testator executes a will that devises securities and the testator then owns securities that meet the description in the will, the devise includes additional securities owned by the testator at death to the extent the additional securities are acquired by the testator after the will was executed as a result of the testator’s ownership of the described securities and are securities of any of the following types:
(a) Securities of the same organization acquired by reason of action initiated by the organization or any successor, related, or acquiring organization, excluding any acquired by exercise of purchase options.
Terms Used In Michigan Laws 700.2605
- Devise: includes , but is not limited to, an alternative devise, a devise in the form of a class gift, and an exercise of a power of appointment. See Michigan Laws 700.2601
- Devise: To gift property by will.
- Organization: means a corporation, business trust, estate, trust, partnership, limited liability company, association, or joint venture; governmental subdivision, agency, or instrumentality; public corporation; or another legal or commercial entity. See Michigan Laws 700.1106
- Security: includes , but is not limited to, a note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease, collateral trust certificate, transferable share, voting trust certificate, or interest in a regulated investment company or other entity generally referred to as a mutual fund or, in general, an interest or instrument commonly known as a security, or a certificate of interest or participation for, a temporary or interim certificate, receipt, or certificate of deposit for, or any warrant or right to subscribe to or purchase any of the items listed in this subdivision. See Michigan Laws 700.1107
- Successor: means a person, other than a creditor, who is entitled to property of a decedent under the decedent's will or this act. See Michigan Laws 700.1107
- Testator: includes the donee of a power of appointment if the power is exercised in the testator's will. See Michigan Laws 700.2601
- Testator: A male person who leaves a will at death.
(b) Securities of another organization acquired as a result of a merger, consolidation, reorganization, or other distribution by the organization or any successor, related, or acquiring organization.
(c) Securities of the same organization acquired as a result of a plan of reinvestment.
(2) Distributions in cash before death with respect to a described security are not part of the devise.