Terms Used In Michigan Laws > Chapter 21 > Act 258 of 1941 - State Funds; Accounting

• Agent: includes , but is not limited to, an attorney-in-fact under a durable or nondurable power of attorney and an individual authorized to make decisions as a patient advocate concerning another's health care. See Michigan Laws 700.1103
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attorney: means , if appointed to represent a child under the provisions referenced in section 5213, an attorney serving as the child's legal advocate in the manner defined and described in section 13a of chapter XIIA of the probate code of 1939, 1939 PA 288, MCL 712A. See Michigan Laws 700.1103
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Court: means the probate court or, when applicable, the family division of circuit court. See Michigan Laws 700.1103
• Director: means the director of the department of management and budget. See Michigan Laws 141.951
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this act as the property is originally constituted and as it exists throughout administration. See Michigan Laws 700.1104
• Estimated equalized value: means 50% of the final estimated value of a state facility as determined by the director. See Michigan Laws 141.951
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: includes , but is not limited to, a personal representative, funeral representative, guardian, conservator, trustee, plenary guardian, partial guardian, and successor fiduciary. See Michigan Laws 700.1104
• Field: means an underground reservoir or reservoirs containing oil or gas, or both. See Michigan Laws 324.61501
• 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.
• Gas: means a mixture of hydrocarbons and varying quantities of nonhydrocarbons in a gaseous state which may or may not be associated with oil, and includes those liquids resulting from condensation. See Michigan Laws 324.61501
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Municipality: means a city, village, or township. See Michigan Laws 141.951
• Oil: means natural crude oil or petroleum and other hydrocarbons, regardless of gravity, that are produced at the well in liquid form by ordinary production methods and that are not the result of condensation of gas after it leaves the underground reservoir. See Michigan Laws 324.61501
• Owner: means the person who has the right to drill a well into a pool, to produce from a pool, and to receive and distribute the value of the production from the pool for himself or herself either individually or in combination with others. See Michigan Laws 324.61501
• 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: means an individual or an organization. See Michigan Laws 700.1106
• Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 324.301
• Person-centered planning: means a process for planning and supporting the individual receiving services that builds upon the individual's capacity to engage in activities that promote community life and that honors the individual's preferences, choices, and abilities. See Michigan Laws 330.1700
• Personal property: All property that is not real property.
• Petition: means a written request to the court for an order after notice. See Michigan Laws 700.1106
• Pool: means an underground reservoir containing a common accumulation of oil or gas, or both. See Michigan Laws 324.61501
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Probate: Proving a will
• Proceeding: includes an application and a petition, and may be an action at law or a suit in equity. See Michigan Laws 700.1106
• Producer: means the operator, whether owner or not, of a well or wells capable of producing oil or gas or both in paying quantities. See Michigan Laws 324.61501
• Property: means anything that may be the subject of ownership, and includes both real and personal property or an interest in real or personal property. See Michigan Laws 700.1106
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Rule: means a rule promulgated pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24. See Michigan Laws 324.301
• Settlor: means a person, including a testator or a trustee, who creates a trust. See Michigan Laws 700.7103
• 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
• State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 700.1107
• State facility: means state owned real property associated with buildings primarily used for office purposes, state prisons, or hospitals, institutions of higher education, and state owned real and inventory personal property associated with a state proprietary function, the inventory personal property of which shall be valued on the basis of the average monthly inventory for the preceding state fiscal year. See Michigan Laws 141.951
• Support plan: means a written plan that specifies the personal support services or any other supports that are to be developed with and provided for a recipient. See Michigan Laws 330.1700
• terms of the trust: means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding. See Michigan Laws 700.1107
• Treatment plan: means a written plan that specifies the goal-oriented treatment or training services, including rehabilitation or habilitation services, that are to be developed with and provided for a recipient. See Michigan Laws 330.1700
• Trust: includes , but is not limited to, an express trust, private or charitable, with additions to the trust, wherever and however created. See Michigan Laws 700.1107
• Trust instrument: means a governing instrument that contains the terms of the trust, including any amendment to a term of the trust. See Michigan Laws 700.7103
• Trustee: A person or institution holding and administering property in trust.
• Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by the court. See Michigan Laws 700.1107
• Unit: means a regularly organized body of the military that is not larger than a company or squadron. See Michigan Laws 32.1002