Michigan Laws > Chapter 700 > Act 386 of 1998 > Article VII > Part 4 – Creation, Validity, Modification, and Termination of Trust
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Terms Used In Michigan Laws > Chapter 700 > Act 386 of 1998 > Article VII > Part 4 - Creation, Validity, Modification, and Termination of Trust
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- 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
- 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
- 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
- Authority: means the Michigan finance authority created by Executive Reorganization Order No. See Michigan Laws 141.1053
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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 700.1103Board: means the board of directors of the authority. See Michigan Laws 141.1053 Bonds: means bonds of the authority issued under this act with a maturity greater than 3 years. See Michigan Laws 141.1053 Capitalization grant: means the federal grant made to this state by the United States Environmental Protection Agency for either of the following purposes:
(i) For the purpose of establishing a state water pollution control revolving fund, as provided in title VI of the federal water pollution control act, 33 USC 1381 to 1389. See Michigan Laws 141.1053Charitable trust: means a trust, or portion of a trust, created for a charitable purpose described in section 7405(1). See Michigan Laws 700.7103 Community water supply: means a community water supply as defined in part 54 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 141.1053 Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law. Conservator: means a person appointed by a court to manage a protected individual's estate. See Michigan Laws 700.1103 Continuance: Putting off of a hearing ot trial until a later time. 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 Criminal abuse: means 1 or more of the following:
(i) An assault that is a violation or an attempt or conspiracy to commit a violation of section 81 to 90 of the Michigan penal code, Act No. See Michigan Laws 330.1700Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Emergency loan board loan: means a loan made by this state to a governmental unit pursuant to the emergency municipal loan act, 1980 PA 243, MCL 141. See Michigan Laws 141.1053 Escrow: Money given to a third party to be held for payment until certain conditions are met. 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. Federal safe drinking water act: means 42 USC 300f to 300j-25. See Michigan Laws 141.1053 Federal water pollution control act: means 33 USC 1251 to 1389. See Michigan Laws 141.1053 Fiduciary: A trustee, executor, or administrator. 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. Fraud: Intentional deception resulting in injury to another. 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 Fully marketable form: means a municipal obligation duly executed and accompanied by all of the following:
(i) An approving legal opinion of a bond counsel approved by the authority and of nationally recognized standing in the field of municipal law. See Michigan Laws 141.1053Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Governmental unit: means this state, a county, city, township, village, school district, intermediate school district, community college, public university, authority, district, any other body corporate and politic or other political subdivision, any agency or instrumentality of the foregoing, or any group self-insurance pool formed pursuant to 1951 PA 35, MCL 124. See Michigan Laws 141.1053 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. Guardian: means a person who has qualified as a guardian of a minor or a legally incapacitated individual under a parental or spousal nomination or a court appointment and includes a limited guardian as described in sections 5205, 5206, and 5306. 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 Incapacitated individual: means an individual who is impaired by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, or other cause, not including minority, to the extent of lacking sufficient understanding or capacity to make or communicate informed decisions. See Michigan Laws 700.1105 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor. 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. Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Lien: A claim against real or personal property in satisfaction of a debt. Majority leader: see Floor Leaders Money: means any legal tender, note, draft, certificate of deposit, stock, bond, check, or credit card. See Michigan Laws 330.1700 Municipal obligation: means a bond or note or evidence of debt issued by a governmental unit for a purpose authorized by law. See Michigan Laws 141.1053 Noncommunity water supply: means a noncommunity water supply as defined in part 54 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 141.1053 Notes: means an obligation of the authority issued as provided in this act, including commercial paper, with a maturity of 3 years or less. See Michigan Laws 141.1053 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Person: means an individual or an organization. See Michigan Laws 700.1106 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. 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 Privileged communication: means a communication made to a psychiatrist or psychologist in connection with the examination, diagnosis, or treatment of a patient, or to another person while the other person is participating in the examination, diagnosis, or treatment or a communication made privileged under other applicable state or federal law. See Michigan Laws 330.1700 Proceeding: includes an application and a petition, and may be an action at law or a suit in equity. See Michigan Laws 700.1106 Project: means a sewage treatment works project or a nonpoint source project, or both, as defined in part 53 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 141.1053 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 Quorum: The number of legislators that must be present to do business. Reserve fund: means a bond reserve fund or note reserve fund created and established under section 16. See Michigan Laws 141.1053 Restraint: means the use of a physical device to restrict an individual's movement. See Michigan Laws 330.1700 Revenues: means all fees, charges, money, profits, payments of principal of or interest on municipal obligations and other investments, gifts, grants, contributions, and all other income derived or to be derived by the authority under this act. See Michigan Laws 141.1053 School loan act: means an act to implement section 16 of article IX of the state constitution of 1963, including, but not limited to, former 1961 PA 108, 1961 PA 112, MCL 388. See Michigan Laws 141.1053 seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nSeclusion: means the temporary placement of a recipient in a room, alone, where egress is prevented by any means. See Michigan Laws 330.1700 Settlor: means a person, including a testator or a trustee, who creates a trust. See Michigan Laws 700.7103 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 Statute: A law passed by a legislature. Subpoena: A command to a witness to appear and give testimony. 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 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 beneficiary: means a person to whom 1 or both of the following apply:
(i) The person has a present or future beneficial interest in a trust, vested or contingent. See Michigan Laws 700.7103Trust director: means that term as defined in section 7703a. See Michigan Laws 700.7103 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 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate. Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House. Water supplier: means a water supplier as that term is defined in part 54 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 141.1053