Michigan Laws > Chapter 700 > Act 386 of 1998 > Article III > Part 1 – General Provisions
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Terms Used In Michigan Laws > Chapter 700 > Act 386 of 1998 > Article III > Part 1 - General Provisions
- Appraisal: A determination of property value.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Claim: includes , but is not limited to, in respect to a decedent's or protected individual's estate, a liability of the decedent or protected individual, whether arising in contract, tort, or otherwise, and a liability of the estate that arises at or after the decedent's death or after a conservator's appointment, including funeral and burial expenses and costs and expenses of administration. See Michigan Laws 700.1103
- Company: means any sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company, or other entity or business association, including all wholly owned subsidiaries, majority-owned subsidiaries, parent companies, or affiliates of those entities or business associations, that exists for profit-making purposes. See Michigan Laws 129.292
- 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
- Decedent: A deceased person.
- 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
- 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.
- Exempt property: means property of a decedent's estate that is described in section 2404. See Michigan Laws 700.1104
- Family allowance: means the allowance prescribed in section 2403. See Michigan Laws 700.1104
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means any of the following:
(i) The Michigan legislative retirement system board of trustees for the Tier 1 retirement plan available under the Michigan legislative retirement system act, 1957 PA 261, MCL 38. See Michigan Laws 129.292Formal proceedings: means proceedings conducted before a judge with notice to interested persons. See Michigan Laws 700.1104 Homestead allowance: means the allowance prescribed in section 2402. See Michigan Laws 700.1104 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 Informal proceedings: means proceedings for probate of a will or appointment of a personal representative conducted by the probate register without notice to interested persons. See Michigan Laws 700.1105 Intestate: Dying without leaving a will. Investment: means 1 or more of the following:
(i) A commitment or contribution of funds or property. See Michigan Laws 129.312Iran: means any agency or instrumentality of Iran. See Michigan Laws 129.312 Iran linked business: means either of the following:
(i) A person engaging in investment activities in the energy sector of Iran, including a person that provides oil or liquefied natural gas tankers or products used to construct or maintain pipelines used to transport oil or liquefied natural gas for the energy sector of Iran. See Michigan Laws 129.312Jurisdiction: (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. Letters: includes , but is not limited to, letters testamentary, letters of guardianship, letters of administration, and letters of conservatorship. See Michigan Laws 700.1105 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. 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 any of the following:
(i) An individual, corporation, company, limited liability company, business association, partnership, society, trust, or any other nongovernmental entity, organization, or group. See Michigan Laws 129.312Person: means an individual or an organization. See Michigan Laws 700.1106 Personal representative: includes , but is not limited to, an executor, administrator, successor personal representative, and special personal representative, and any other person, other than a trustee of a trust subject to article VII, who performs substantially the same function under the law governing that person's status. See Michigan Laws 700.1106 Petition: means a written request to the court for an order after notice. See Michigan Laws 700.1106 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 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 entity: means this state or an agency or authority of this state, school district, community college district, intermediate school district, city, village, township, county, public authority, or public airport authority. See Michigan Laws 129.312 Security: includes , but is not limited to, a note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease, collateral trust certificate, transferable share, voting trust certificate, or interest in a regulated investment company or other entity generally referred to as a mutual fund or, in general, an interest or instrument commonly known as a security, or a certificate of interest or participation for, a temporary or interim certificate, receipt, or certificate of deposit for, or any warrant or right to subscribe to or purchase any of the items listed in this subdivision. See Michigan Laws 700.1107 Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c 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 sponsor of terror: means , subject to section 10 as to applicability, any country determined by the United States Secretary of State to have repeatedly provided support for acts of international terrorism. See Michigan Laws 129.292 Supervised administration: means the proceedings described in part 5 of article III. See Michigan Laws 700.1107 Testate: To die leaving a will. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o