§ 123.901 Short title
§ 123.903 Definitions
§ 123.905 Receipt of property by municipality, school board; intermediate school board, or public library; sale; disposal; use of proceeds
§ 123.907 Transfer of property from municipality, school board, intermediate school board, or public library to community foundation

Terms Used In Michigan Laws > Chapter 123 > Act 38 of 2017 - Michigan Community Foundation Act

  • Bequest: Property gifted by will.
  • Community foundation: means an organization that meets all of the following requirements:
  (i) Has been in existence for at least 10 years. See Michigan Laws 123.903
  • Component fund: means a component part of a community trust as described in 26 C. See Michigan Laws 123.903
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Devise: To gift property by will.
  • Donor: The person who makes a gift.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Intangible personal property: means incorporeal personal property including, but not limited to, cash, proceeds of the sale of real or personal property, deposits in banks or other financial institutions, negotiable instruments, mortgages, debts, receivables, shares of stock, bonds, notes, credits, evidences of an interest in property, evidences of debt, and choses in action generally. See Michigan Laws 123.903
  • Municipality: means a city, village, township, county, or a subdivision or instrumentality of any of these entities. See Michigan Laws 123.903
  • Oath: A promise to tell the truth.
  • oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 8.3k
  • Public library: means a board of education, library commission, or other public corporation empowered to maintain a public library. See Michigan Laws 123.903
  • Statute: A law passed by a legislature.