Terms Used In Michigan Laws > Chapter 211 > Act 132 of 1999 - Certification of Abandoned Property for Accelerated Forfeiture Act

• Abandoned property: means tax delinquent property containing a structure that is vacant or dilapidated, is open to entrance or trespass, and has been determined to be abandoned under section 4. See Michigan Laws 211.962
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Certified abandoned property: means abandoned property certified by a local unit of government as abandoned under section 6. See Michigan Laws 211.962
• Contract: A legal written agreement that becomes binding when signed.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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}
• General property tax act: means the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 211.962
• grantee: may be construed as including every person to whom any such interest or estate passes in like manner. See Michigan Laws 8.3e
• Legal interest: means a person holding a title interest in the property or a mortgage holder as it appears on the records of the treasurer of the county in which the abandoned property is located or the records of the assessor of the local unit of government in which the abandoned property is located. See Michigan Laws 211.962
• Local unit of government: means a city, village, or township. See Michigan Laws 211.962
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
• Tax delinquent property: means property the taxes for which have been returned as delinquent under the general property tax act. See Michigan Laws 211.962
• United States: shall be construed to include the district and territories. See Michigan Laws 8.3o