Terms Used In Michigan Laws > Chapter 434 > Act 273 of 1987 - Lost Property

• 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.
• Collectible currency: means a medium of exchange including coins, bank notes, government notes, and paper money that has a value greater than face value. See Michigan Laws 434.21
• Contraband: means any property that is prohibited by any law to be owned, carried, concealed, or possessed. See Michigan Laws 434.21
• 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.
• Currency: means a medium of exchange including coins, bank notes, government notes, and paper money that has a value not greater than face value. See Michigan Laws 434.21
• 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.
• Evidence: means any property that furnishes or tends to furnish proof in a legal matter. See Michigan Laws 434.21
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• 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.
• Hazardous material: means explosives, pyrotechnics, flammable gas, flammable compressed gas, nonflammable compressed gas, flammable liquid, oxidizing material, poisonous gas, poisonous liquid, irritating material, etiologic material, radioactive material, corrosive material, or liquefied petroleum gas. See Michigan Laws 434.21
• judgment: as used in this act , includes decree. See Michigan Laws 600.112
• Junk: means any property that does not have any fair market value or worth. See Michigan Laws 434.21
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Legal owner: means any individual, organization, partnership, company, corporation, or governmental agency who had care, custody, or control over the property and can establish ownership to the satisfaction of the law enforcement agency by description, title, sales receipt, bill of goods, or other means. See Michigan Laws 434.21
• 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.
• Perishable property: means any property subject to quick deterioration or spoilage except when maintained under proper conditions. See Michigan Laws 434.21
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• 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
• Property: means anything which is the subject of ownership and is corporeal, tangible, visible, or personal, or that has an exchange value. See Michigan Laws 434.21
• Property of major value: means any property that is not collectible currency, contraband, currency, evidence, hazardous material, junk, perishable property, or property of minor value. See Michigan Laws 434.21
• Property of minor value: means any property whose fair market value is less than the total cost of preparing a property report, plus the costs of storage and disposition, and which is not collectible currency, contraband, currency, evidence, hazardous material, junk, perishable property, or property of major value. See Michigan Laws 434.21
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• 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
• Trustee: A person or institution holding and administering property in trust.