reglab/housing_qa huggingface dataset:
MI Comp L § 554.63 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 13 of 1968 - Possibilities of Reverter and Rights of Entry (554.61 - 554.65)|Section 554.63 - Existing Termination Rights Limitation.

554.63 Existing termination rights limitation. Sec. 3.  A right of termination under a terminable interest which was created prior to the effective date of this act is unenforceable if the specified contingency does not occur within 30 years after the terminable interest was created or within 1 year after the effective date of this act, whichever is later. History: 1968, Act 13, Imd. Eff. Mar. 29, 1968
MI Comp L § 554.64 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 13 of 1968 - Possibilities of Reverter and Rights of Entry (554.61 - 554.65)|Section 554.64 - Exemptions to Act.

554.64 Exemptions to act. Sec. 4.  This act does not apply:  (a) To a lease for a term of years.  (b) If the specified contingency must occur, if at all, within the period of the rule against perpetuities.  (c) If the terminable interest is held for public, educational, religious or charitable purposes.  (d) If the terminable interest is created in a conveyance from the United States of America, the state or any agency or political subdivision of either of them. History: 1968, Act 13, Imd. Eff. Mar. 29, 1968
MI Comp L § 554.65 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 13 of 1968 - Possibilities of Reverter and Rights of Entry (554.61 - 554.65)|Section 554.65 - Right of Termination; Preservation; Notice, Recording.

554.65 Right of termination; preservation; notice, recording. Sec. 5.  A right of termination may be preserved by the recording, within a period of not less than 25 nor more than 30 years after creation of the terminable interest or within 1 year after the effective date of this act, whichever is later, of a written notice that the owner of such right of termination desires to preserve the same, such notice to be recorded in the register of deeds office of the county where the real property subject to such right of termination is located. Such notice shall be verified by oath, shall describe the land involved and the nature of such right of termination, including the specified contingency, and shall state the name and address of the owner of such right of termination. The recording of such notice shall operate to preserve such right of termination from the operation of this act for a period of 30 years from the date of recording of such notice. History: 1968, Act 13, Imd. Eff. Mar. 29, 1968
MI Comp L § 554.71 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 418 of 1988 - Uniform Statutory Rule Against Perpetuities (554.71 - 554.78)|Section 554.71 - Short Title.

554.71 Short title. Sec. 1.  This act shall be known and may be cited as the "uniform statutory rule against perpetuities". History: 1988, Act 418, Imd. Eff. Dec. 27, 1988
MI Comp L § 554.73 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 418 of 1988 - Uniform Statutory Rule Against Perpetuities (554.71 - 554.78)|Section 554.73 - Nonvested Property Interest or Power of Appointment; Time of Creation.

554.73 Nonvested property interest or power of appointment; time of creation. Sec. 3.  (1) Except as provided in subsections (2), (3), and section 6(1), the time of creation of a nonvested property interest or a power of appointment shall be determined by statutory or common law.  (2) For purposes of this act, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of a nonvested property interest or a property interest subject to a power of appointment described in section 2(2) or (3), the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates.  (3) For purposes of this act, a nonvested property interest or a power of appointment arising from a transfer of property to a previously funded trust or other existing property arrangement is created when the nonvested property interest or power of appointment in the original contribution was created. History: 1988, Act 418, Imd. Eff. Dec. 27, 1988
MI Comp L § 554.74 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 418 of 1988 - Uniform Statutory Rule Against Perpetuities (554.71 - 554.78)|Section 554.74 - Reforming Disposition; Petition.

554.74 Reforming disposition; petition. Sec. 4.  Upon the petition of an interested person, a court shall reform a disposition in the manner that most closely approximates the transferor's manifested plan of distribution that is within the 90 years allowed by section 2(1)(b), (2)(b), or (3)(b) and 1 or more of the following are applicable:  (a) A nonvested property interest or a power of appointment becomes invalid under section 2.  (b) A class gift is not but might become invalid under section 2 and the time has arrived when the share of any class member is to take effect in possession or enjoyment.  (c) A nonvested property interest that is not validated by section 2(1)(a) can vest but not within 90 years after its creation. History: 1988, Act 418, Imd. Eff. Dec. 27, 1988
MI Comp L § 554.75 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 418 of 1988 - Uniform Statutory Rule Against Perpetuities (554.71 - 554.78)|Section 554.75 - Applicability of MCL 554.72; "Second Power" Defined.

554.75 Applicability of MCL 554.72; "second power" defined.Sec. 5.  (1) Section 2 does not apply to any of the following:  (a) A nonvested property interest or a power of appointment arising out of a nondonative transfer, except a nonvested property interest or a power of appointment arising out of a premarital or postmarital agreement; a separation or divorce settlement; a spouse's election; a similar arrangement arising out of a prospective, existing, or previous marital relationship between the parties; a contract to make or not to revoke a will or trust; a contract to exercise or not to exercise a power of appointment; a transfer in satisfaction of a duty of support; or a reciprocal transfer.  (b) A fiduciary's power relating to the administration or management of assets, including the power of a fiduciary to sell, lease, or mortgage property, and the power of a fiduciary to determine principal and income.  (c) A power to appoint a fiduciary.  (d) A discretionary power of a trustee to distribute principal before termination of a trust to a beneficiary having an indefeasibly vested interest in the income and principal.  (e) A property interest, power of appointment, or any other arrangement that was not subject to the common-law rule against perpetuities or is excluded by another statute.  (f) Except as provided in subsection (2), an interest or power of appointment to which the personal property trust perpetuities act, 2008 PA 148, MCL 554.91 to 554.94, applies.  (2) Section 2 is applicable to an interest or power of appointment to which the personal property trust perpetuities act, 2008 PA 148, MCL 554.91 to 554.94, applies if the interest or power was created, or property was made subject to the interest or power, by the exercise of a second power. If section 2 is applicable to an interest or power under this subsection, it applies only to the extent of the exercise of the second power, and instead of using a period of 90 years to determine whether section 2(1)(b), (2)(b), or (3)(b) is satisfied, or whether to reform a disposition under section 4, a period of 360 years shall be used.  (3) As used in this section, "second power" means that term as defined in section 2 of the personal property trust perpetuities act, 2008 PA 148, MCL 554.92. History: 1988, Act 418, Imd. Eff. Dec. 27, 1988 ;-- Am. 2008, Act 149, Imd. Eff. May 28, 2008 ;-- Am. 2011, Act 11, Imd. Eff. Mar. 24, 2011
MI Comp L § 554.76 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 418 of 1988 - Uniform Statutory Rule Against Perpetuities (554.71 - 554.78)|Section 554.76 - Nonvested Property Interest or Power of Appointment to Which Act Applicable; Violation of Rule Against Perpetuities; Reforming Disposition.

554.76 Nonvested property interest or power of appointment to which act applicable; violation of rule against perpetuities; reforming disposition. Sec. 6.  (1) This act applies to a nonvested property interest or a power of appointment that is created on or after the effective date of this act. For purposes of this section, a nonvested property interest or power of appointment created by the exercise of a power of appointment is created when the power has been irrevocably exercised or when a revocable exercise becomes irrevocable.  (2) If a nonvested property interest or a power of appointment was created before the effective date of this act and is determined in a judicial proceeding, commenced on or after the effective date of this act, to violate the rule against perpetuities as it existed before the effective date of this act, a court, upon the petition of an interested person, may reform the disposition in the manner that most closely approximates the transferor's manifested plan of distribution and is within the limits of the rule against perpetuities applicable when the nonvested property interest or power of appointment was created. History: 1988, Act 418, Imd. Eff. Dec. 27, 1988
MI Comp L § 554.77 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 418 of 1988 - Uniform Statutory Rule Against Perpetuities (554.71 - 554.78)|Section 554.77 - Application and Construction of Act.

554.77 Application and construction of act. Sec. 7.  This act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act among states enacting it. History: 1988, Act 418, Imd. Eff. Dec. 27, 1988
MI Comp L § 554.78 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 418 of 1988 - Uniform Statutory Rule Against Perpetuities (554.71 - 554.78)|Section 554.78 - Conditional Effective Date.

554.78 Conditional effective date. Sec. 8.  This act shall not take effect unless House Bill No. 5626 of the 84th Legislature is enacted into law. History: 1988, Act 418, Imd. Eff. Dec. 27, 1988 Compiler's Notes: House Bill No. 5626, referred to in this section, was filed with the Secretary of State December 27, 1988, and became P.A. 1988, No. 417, Imd. Eff. Dec. 27, 1988.
MI Comp L § 554.91 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 148 of 2008 - Personal Property Trust Perpetuities Act (554.91 - 554.94)|Section 554.91 - Short Title.

554.91 Short title.Sec. 1.  This act shall be known and may be cited as the "personal property trust perpetuities act". History: 2008, Act 148, Imd. Eff. May 28, 2008
MI Comp L § 554.92 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 148 of 2008 - Personal Property Trust Perpetuities Act (554.91 - 554.94)|Section 554.92 - Definitions.

554.92 Definitions.Sec. 2.  As used in this act:  (a) "Fiduciary" means, with respect to a power of appointment, that the power is held by a trustee in a fiduciary capacity.  (b) "First power" means a nonfiduciary, nongeneral power of appointment over personal property held in trust that is exercised so as to subject the property to, or to create, another power of appointment.  (c) "Nonfiduciary" means, with respect to a power of appointment, that the power of appointment is not held by a trustee in a fiduciary capacity.  (d) "Second-order fiduciary power" means a fiduciary power of appointment that is created or has property subjected to it by the exercise of 1 of the following:  (i) A first power.  (ii) A fiduciary power of appointment that was created or had property subjected to it by the exercise of a first power.  (iii) A fiduciary power of appointment whose creation or control over property subject to the power is traceable through a succession of previous exercises of fiduciary powers to the exercise of a fiduciary power that was created or had property subjected to it by the exercise of a first power.  (e) "Second power" means a power of appointment over personal property held in trust, other than a presently exercisable general power, that is created or to which property is subjected by the exercise of either a first power or a second-order fiduciary power.  (f) "Uniform statutory rule against perpetuities" means the uniform statutory rule against perpetuities, 1988 PA 418, MCL 554.71 to 554.78. History: 2008, Act 148, Imd. Eff. May 28, 2008 ;-- Am. 2012, Act 484, Imd. Eff. Dec. 28, 2012
MI Comp L § 554.93 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 148 of 2008 - Personal Property Trust Perpetuities Act (554.91 - 554.94)|Section 554.93 - Personal Property Held in Trust; Interest in or Power of Appointment Over; Validity; Exercise of Second Power; Determination Under Uniform Statutory Rule Against Perpetuities.

554.93 Personal property held in trust; interest in or power of appointment over; validity; exercise of second power; determination under uniform statutory rule against perpetuities.Sec. 3.  (1) Except as provided in subsection (3), an interest in, or power of appointment over, personal property held in trust is not invalidated by a rule against any of the following:  (a) Perpetuities.  (b) Suspension of absolute ownership.  (c) Suspension of the power of alienation.  (d) Accumulations of income.  (2) Except as provided in subsection (3), all of the following may be indefinitely suspended, postponed, or allowed to go on with respect to personal property held in trust:  (a) The vesting of a future interest.  (b) The satisfaction of a condition precedent to the exercise of a general power of appointment.  (c) The exercise of a nongeneral or testamentary power of appointment.  (d) Absolute ownership.  (e) The power of alienation.  (f) Accumulations of income.  (3) The period during which the vesting of a future interest in property may be postponed by the exercise of a second power shall be determined under the uniform statutory rule against perpetuities by reference to the time of the creation of the power of appointment that subjected property to, or created, the second power. A nonvested interest, general power of appointment not presently exercisable because of a condition precedent, or nongeneral or testamentary power of appointment created, or to which property is subjected, by the exercise of the second power is invalid, to the extent of the exercise of the second power, unless the interest or power satisfies the uniform statutory rule against perpetuities measured from the time of the creation of the power of appointment that subjected property to, or created, the second power. History: 2008, Act 148, Imd. Eff. May 28, 2008 ;-- Am. 2012, Act 484, Imd. Eff. Dec. 28, 2012
MI Comp L § 554.94 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 148 of 2008 - Personal Property Trust Perpetuities Act (554.91 - 554.94)|Section 554.94 - Applicability of Act to Certain Personal Property; Scope of Trust.

554.94 Applicability of act to certain personal property; scope of trust.Sec. 4.  (1) This act applies only to a nonvested interest in, or power of appointment over, personal property held in a trust that is either revocable on, or created after, May 28, 2008, and only to the extent that the trust is not a special appointee trust.  (2) For purposes of this section, a trust is a special appointee trust to the extent it includes assets that were held in a trust that was irrevocable on September 25, 1985, if both of the following apply to the assets:  (a) The assets have continuously been held in trust since September 25, 1985.  (b) The assets have not become subject to a general power of appointment since September 25, 1985. History: 2008, Act 148, Imd. Eff. May 28, 2008 ;-- Am. 2011, Act 12, Imd. Eff. Mar. 24, 2011
MI Comp L § 554.101 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 211 of 1931 - Devolution of Expectant Estates (554.101 - 554.101)|Section 554.101 - Expectant Estate in Realty or Personalty; Death of Owner Prior to Possession, Effect.

554.101 Expectant estate in realty or personalty; death of owner prior to possession, effect. Sec. 1.  In all cases where the owner of an expectant estate, right or interest in real or personal property, shall die prior to the termination of the precedent or intermediate estate, if the contingency arises by which such owner would have been entitled to an estate in possession if living, his heirs at law if he died intestate, or his devisees or grantees and assigns if he shall have devised or conveyed such right or interest, shall be entitled to the same estate in possession. History: 1931, Act 211, Eff. Sept. 18, 1931 ;-- CL 1948, 554.101
MI Comp L § 554.111 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 219 of 1931 - Reversionary Interest in Lands (554.111 - 554.111)|Section 554.111 - Reversionary Interest in Lands Conveyed on Condition Subsequent; Transfer; Scope of Act.

554.111 Reversionary interest in lands conveyed on condition subsequent; transfer; scope of act. Sec. 1.  The reversionary interest in lands conveyed on a condition subsequent may be granted, conveyed, transferred or devised by the owner of such interest, and by the subsequent grantees or devisees thereof, either before or after the right of re-entry becomes effective: Provided, That this act shall not affect any such interest created before it takes effect. History: 1931, Act 219, Eff. Sept. 18, 1931 ;-- CL 1948, 554.111
MI Comp L § 554.201 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 42 of 1917 - Untenantable Buildings (554.201 - 554.201)|Section 554.201 - Untenantable Building; Surrender, Liability of Lessee for Rent.

554.201 Untenantable building; surrender, liability of lessee for rent. Sec. 1.  When any leased or rented building is destroyed, or is so injured by the elements, or in any other way, as to be untenantable or unfit for occupancy, and no express agreement to the contrary has been made in writing, the lessee or occupant may, if the destruction or injury occurred without his fault or neglect, quit and surrender possession of the building, and of the land so injured, destroyed, or rendered untenantable or unfit for occupancy; and such lessee or occupant shall not be liable to pay to the lessor or owner rent for the time subsequent to the surrender. History: 1917, Act 42, Eff. Aug. 10, 1917 ;-- CL 1929, 13497 ;-- CL 1948, 554.201
MI Comp L § 554.211 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 228 of 1925 - Rents and Profits Under Trust Mortgage (554.211 - 554.214)|Section 554.211 - Assignment of Rents and Profits Under Trust Mortgage or Deed; Lawfulness.

554.211 Assignment of rents and profits under trust mortgage or deed; lawfulness. Sec. 1.  Hereafter, in or in connection with any trust mortgage or deed of trust, to secure bonds or obligations issued or to be issued thereunder, it shall be lawful to assign the rents and profits of the property mortgaged to the trustee or trustees under the trust mortgage or deed of trust for the benefit of the bondholders and holders of the obligations issued or to be issued under the trust mortgage or deed of trust. History: 1925, Act 228, Eff. Aug. 27, 1925 ;-- CL 1929, 13498 ;-- CL 1948, 554.211
MI Comp L § 554.212 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 228 of 1925 - Rents and Profits Under Trust Mortgage (554.211 - 554.214)|Section 554.212 - Assignment; Validity Against Mortgagor and Occupiers of Premises.

554.212 Assignment; validity against mortgagor and occupiers of premises. Sec. 2.  The assignment of rents and profits, when so made, shall be a good and valid assignment of rents as against the mortgagor or mortgagors or those claiming under or through them from the date of the recording of the trust mortgage or deed of trust, and shall operate against and be binding upon the occupiers of the premises from the date of the filing by the trustee or trustees in the office of the register of deeds for the county in which the property is located of a notice of default in the terms and conditions of the trust mortgage or deed of trust, and service of a copy of such notice upon the occupiers of the mortgaged premises. History: 1925, Act 228, Eff. Aug. 27, 1925 ;-- CL 1929, 13499 ;-- CL 1948, 554.212
MI Comp L § 554.213 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 228 of 1925 - Rents and Profits Under Trust Mortgage (554.211 - 554.214)|Section 554.213 - Trust Mortgage; Definition.

554.213 Trust mortgage; definition. Sec. 3.  The term "trust mortgage" as used in this act, means and includes, among other forms of trust mortgages, any mortgage given to any person or corporation engaged in the business of financing or refinancing buildings or building enterprises, securing a note, notes, bonds or obligations, and which by its terms contemplates a sale thereof in part or parts and which is actually sold in part or parts in form of certificates of participation or by assignments of undivided interests therein. History: Add. 1933, Act 55, Imd. Eff. Apr. 14, 1933 ;-- CL 1948, 554.213
MI Comp L § 554.214 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 228 of 1925 - Rents and Profits Under Trust Mortgage (554.211 - 554.214)|Section 554.214 - Emergency Legislation; Immediate Necessity; Liberal Construction.

554.214 Emergency legislation; immediate necessity; liberal construction. Sec. 4.  That by reason of the acute financial and economic condition, which has arisen and now exists in the state of Michigan an emergency exists, which requires special legislation under the police power of the state, and that this act is enacted to meet such emergency and is hereby declared to be immediately necessary for the preservation of the public peace, health and safety and shall be liberally construed. History: Add. 1933, Act 55, Imd. Eff. Apr. 14, 1933 ;-- CL 1948, 554.214
MI Comp L § 554.231 (2021)
2021 Michigan Compiled Laws|Chapter 554 - Real and Personal Property|Act 210 of 1953 - Assignment of Rents to Accrue as Additional Mortgage Security (554.231 - 554.233)|Section 554.231 - Assignment of Rents to Accrue From Leases as Additional Mortgage Security.

554.231 Assignment of rents to accrue from leases as additional mortgage security. Sec. 1.  Hereafter, in or in connection with any mortgage on commercial or industrial property other than an apartment building with less than 6 apartments or any family residence to secure notes, bonds or other fixed obligations, it shall be lawful to assign the rents, or any portion thereof, under any oral or written leases upon the mortgaged property to the mortgagee, as security in addition to the property described in such mortgage. Such assignment of rents shall be binding upon such assignor only in the event of default in the terms and conditions of said mortgage, and shall operate against and be binding upon the occupiers of the premises from the date of filing by the mortgagee in the office of the register of deeds for the county in which the property is located of a notice of default in the terms and conditions of the mortgage and service of a copy of such notice upon the occupiers of the mortgaged premises. History: 1953, Act 210, Eff. Oct. 2, 1953 ;-- Am. 1966, Act 151, Imd. Eff. June 24, 1966