§ 700.1501 Short title of part; definitions
§ 700.1502 Prudent investor rule
§ 700.1503 Portfolio strategy; risk and return objectives
§ 700.1504 Diversification
§ 700.1505 Duties at inception
§ 700.1506 Duties of fiduciary in interest of beneficiaries
§ 700.1507 Impartiality
§ 700.1508 Investment costs
§ 700.1509 Reviewing compliance
§ 700.1510 Delegation of investment and management functions
§ 700.1511 Language invoking standard of prudent investor rule
§ 700.1512 Application to existing fiduciary estates

Terms Used In Michigan Laws > Chapter 700 > Act 386 of 1998 > Article I > Part 5

  • 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
  • Allegation: something that someone says happened.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: includes , but is not limited to, the following:

    (i) In relation to a trust, a person that is a trust beneficiary as defined in section 7103. See Michigan Laws 700.1103

  • Bequest: Property gifted by will.
  • Certified health department: means a county, district, or city health department that meets the criteria for certification of health departments established by this act and that is authorized by the director to enforce this act for retail groceries, food processors, or fair concessions. See Michigan Laws 289.3103
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Consumer: means an individual who is a member of the public, takes possession of food, is not functioning in the capacity of an operator of a food establishment or food processor, and does not offer the food for resale. See Michigan Laws 289.1105
  • Court: means the probate court or, when applicable, the family division of circuit court. See Michigan Laws 700.1103
  • Department: means the department of agriculture and rural development. See Michigan Laws 289.1107
  • Devise: To gift property by will.
  • Director: means the director of the department or his or her designee. See Michigan Laws 289.1107
  • 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
  • Evaluation: means a food safety audit, inspection, or food safety and sanitation assessment, whether announced or unannounced, that identifies violations or verifies compliance with this act and determines the degree of active control by food establishment operators over foodborne illness risk factors. See Michigan Laws 289.1107
  • 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: 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
  • Food: means articles used for food or drink for humans or other animals, chewing gum, and articles used for components of any such article. See Michigan Laws 289.1107
  • Food code: means "Food Code, 2009 Recommendations of the United States Public Health Service Food and Drug Administration" which regulates the design, construction, management, and operation of certain food establishments. See Michigan Laws 289.1107
  • Food establishment: means an operation where food is processed, packed, canned, preserved, frozen, fabricated, stored, prepared, served, vended, sold, or offered for sale. See Michigan Laws 289.1107
  • Food service establishment: means a fixed or mobile restaurant, coffee shop, cafeteria, short order cafe, luncheonette, grill, tearoom, sandwich shop, soda fountain, tavern, bar, cocktail lounge, nightclub, drive-in, industrial feeding establishment, private organization serving the public, rental hall, catering kitchen, delicatessen, theater, commissary, food concession, or similar place in which food or drink is prepared for direct consumption through service on the premises or elsewhere, and any other eating or drinking establishment or operation where food is served or provided for the public. See Michigan Laws 289.1107
  • Foodborne illness outbreak: means an incident where any of the following occur:

    (i) Two or more persons, not of the same household, have ingested a common food and have a similar disease or similar symptoms or excrete the same pathogens, and there is a time, place, or person association between these persons. See Michigan Laws 289.3103

  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Governing instrument: includes , but is not limited to, a court order. See Michigan Laws 700.1501
  • Inspection: means the checking or testing of observable practices against standards established in or adopted by this act, accompanied by a report of findings. See Michigan Laws 289.1109
  • 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.
  • Local health department: means that term as defined in section 1105 of the public health code, MCL 333. See Michigan Laws 289.1109
  • Low-risk food: means any of the following:

    (i) Raw or prepackaged food that is not potentially hazardous food (time/temperature control for safety food). See Michigan Laws 289.1109

  • Michigan prudent investor rule: means the fiduciary investment and management rule prescribed by part 5 of this article. See Michigan Laws 700.1106
  • Person: means an individual, sole proprietorship, partnership, corporation, association, or other legal entity. See Michigan Laws 289.1109
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Personal property: All property that is not real property.
  • Portfolio: means all property of every kind and character held by a fiduciary on behalf of a fiduciary estate. See Michigan Laws 700.1501
  • Priority foundation item: means a provision in the food code whose application supports, facilitates, or enables 1 or more priority items. See Michigan Laws 289.1109
  • Priority item: means a provision in the food code whose application contributes directly to the elimination, prevention, or reduction to an acceptable level of hazards associated with foodborne illness or injury if there is no other provision that more directly controls the hazard. See Michigan Laws 289.1109
  • 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
  • Public health code: means 1978 PA 368, MCL 333. See Michigan Laws 289.1109
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Rules: means administrative rules promulgated under this act pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24. See Michigan Laws 289.1111
  • Special transitory food unit: means a temporary food establishment that is licensed to operate throughout the state without the 14-day limits or a mobile food establishment that is not required to return to a commissary. See Michigan Laws 289.1111
  • 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
  • Temporary food establishment: means a food establishment that operates at a fixed location for a temporary period not to exceed 14 consecutive days. See Michigan Laws 289.1111
  • 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
  • Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by the court. See Michigan Laws 700.1107