reglab/statecodes huggingface dataset:
2023 Michigan Compiled Laws › Chapter 447 - Foreign Trade › Act 157 of 1986 - Michigan Export Development Act (447.151 - 447.168) › Section 447.161 - Bonds or Security Agreement; Resolution; Trustee or Depository.

447.161 Bonds or security agreement; resolution; trustee or depository.
Sec. 11.
(1) The resolution under which the bonds are authorized to be issued or any security agreement, including an indenture or trust indenture to be entered into in connection with the bonds, may contain any agreements and provisions customarily contained in instruments securing bonds including, without limiting the generality of the foregoing, provisions respecting the fixing and collection of obligations, the creation and maintenance of special funds, and the rights and remedies available, in the event of default, to the bondholders or to the trustee under the security agreement, all as the authority considers advisable and as is not in conflict with this act. However, in making an agreement or provisions, the authority may not obligate itself, except with respect to eligible export loans and transactions, and may not incur a pecuniary liability or a charge upon the general credit of the authority or of the state, or against the taxing powers of the state.
(2) The resolution of the authority authorizing bonds under this act and security agreement securing the bonds may provide that, in the event of default in payment of the principal of or the interest on the bonds or in the performance of an agreement contained in the proceedings or security agreement, the payment and performance may be enforced by mandamus or by the appointment of a receiver in equity with power to charge and collect any obligations and to apply any revenues pledged in accordance with the proceedings or the provisions of the security agreement. A security agreement also may provide that, in the event of default in payment or the violation of an agreement contained in the security agreement, the agreement may be foreclosed by proceedings at law or in equity, and may provide that a trustee under the security agreement or the holder of any of the bonds secured by the security agreement may become the purchaser at any foreclosure sale, if he or she is the highest bidder. A breach of any such agreement shall not impose pecuniary liability upon this state or the authority or a charge upon the general credit of the authority or of the state or against the taxing power of the state.
(3) A trustee under a security agreement, or a depository specified by a security agreement, may be a person or corporation the authority designates, notwithstanding that the person or corporation may be a nonresident of the state or incorporated under the laws of the United States or any state of the United States.
History:
1986, Act 157, Imd. Eff. July 7, 1986
2023 Michigan Compiled Laws › Chapter 447 - Foreign Trade › Act 157 of 1986 - Michigan Export Development Act (447.151 - 447.168) › Section 447.162 - Bonds; Refunding.

447.162 Bonds; refunding.
Sec. 12.
(1) Bonds issued under this act and at any time outstanding, at any time and from time to time, may be refunded by the authority by the issuance of its refunding bonds in an amount as the authority considers necessary, but not exceeding an amount sufficient to refund the principal of the bonds to be refunded, together with any unpaid interest on the bonds and any premiums, expenses, and commissions necessary to be paid in connection with the bonds. Refunding may be effected whether the bonds to be refunded have matured or will mature in the future, either by sale of the refunding bonds to be refunded or by exchange of the refunding bonds for the bonds to be refunded by the refunding bonds.
(2) The holders of any bonds to be refunded shall not be compelled without their consent to surrender their bonds for payment or exchange before the date on which the bonds are payable, or, if the bonds are called for redemption, before the date on which the bonds are by their terms subject to redemption. All refunding bonds issued under the authority of this section shall be payable in the same manner and under the same terms and conditions as are provided in this act for the issuance of bonds.
History:
1986, Act 157, Imd. Eff. July 7, 1986
2023 Michigan Compiled Laws › Chapter 447 - Foreign Trade › Act 157 of 1986 - Michigan Export Development Act (447.151 - 447.168) › Section 447.163 - Proceeds From Sale of Bonds; Application; Export Development Bond Fund as Separate Fund; Investments and Earnings.

447.163 Proceeds from sale of bonds; application; export development bond fund as separate fund; investments and earnings.
Sec. 13.
(1) The proceeds from the sale of any bonds issued under this act shall be applied only for the purpose for which the bonds were issued. However, any premium or secured interest received in a sale shall be applied to the payment of the principal of or the interest on the bonds sold. If for any reason a portion of the proceeds shall not be needed for the purpose for which the bonds were issued, the unneeded portion of the proceeds shall be applied to the payment of the principal of or the interest on the bonds.
(2) The proceeds of bonds issued under this act shall be kept in a separate fund to be known as the export development bond fund, which separate fund is created in the state treasury. All other money received by the authority also shall be deposited in this fund. With the approval of the board, the state treasurer may invest and reinvest all money in the fund from time to time in such obligations of the United States or of such other governmental or corporate issuers as the state treasurer, with the approval of the board, considers appropriate. All earnings upon the investments shall be added to the fund.
History:
1986, Act 157, Imd. Eff. July 7, 1986
2023 Michigan Compiled Laws › Chapter 447 - Foreign Trade › Act 157 of 1986 - Michigan Export Development Act (447.151 - 447.168) › Section 447.164 - Tax Exemptions Generally.

447.164 Tax exemptions generally.
Sec. 14.
The bonds, interest on the bonds, and the transfer of the bonds authorized under this act shall be exempt from all taxation by this state or any of its political subdivisions, except for inheritance, estate, or gift taxes.
History:
1986, Act 157, Imd. Eff. July 7, 1986 ;-- Am. 1990, Act 304, Imd. Eff. Dec. 14, 1990
2023 Michigan Compiled Laws › Chapter 447 - Foreign Trade › Act 157 of 1986 - Michigan Export Development Act (447.151 - 447.168) › Section 447.165 - Additional Tax Exemptions.

447.165 Additional tax exemptions.
Sec. 15.
The property of the authority and its income and operation are exempt from all taxation by this state or its political subdivisions. This section shall not be construed to provide an exemption from any taxes for a person receiving assistance from the authority under this act.
History:
1986, Act 157, Imd. Eff. July 7, 1986 ;-- Am. 1990, Act 304, Imd. Eff. Dec. 14, 1990
2023 Michigan Compiled Laws › Chapter 447 - Foreign Trade › Act 157 of 1986 - Michigan Export Development Act (447.151 - 447.168) › Section 447.166 - Insurance Fund; Insurance Pledged as Security.

447.166 Insurance fund; insurance pledged as security.
Sec. 16.
(1) The authority may create an insurance fund consisting solely of funds from the export development bond fund. The insurance fund shall be held in the custody of 1 or more financial institutions having a principal place of business in this state. The insurance fund shall be held as security for the holders of bonds issued under this act.
(2) An insurance fund authorized by this section shall be governed by a trust agreement entered into by the authority with the trustees. The trust agreement may contain such provisions and limitations as to the investment and disbursement of money in the insurance fund; the payment of expenses of the insurance fund; the appointment, resignation, and discharge of trustees; the delegation of enforcement and collection powers under the insurance agreements to the trustee; the duties of the trustees; amendments of the trust agreement; and such other lawful provisions and limitations as the authority considers appropriate. The trust agreement may pledge premiums and other money that may be deposited in the insurance fund. The pledge shall be valid and binding from the time when the pledge is made. The premiums and other money so pledged and thereafter received by the insurance fund or by the trustees in its behalf immediately shall be subject to the lien of the pledge and shall be valid and binding as against all parties having claims of any kind against the insurance fund, irrespective of whether the parties have notice of the lien.
(3) The authority also may use export development bond funds to purchase insurance that shall be pledged for the security of the holders of any bonds issued under this act. In any case in which insurance is pledged as security, whether obtained through the insurance funds authorized to be created under this section or purchased with export development bond funds, any description of the insurance shall expressly indicate the limitation of the liability of the authority and that neither the credit nor taxing power of this state or of any political subdivision of this state shall be available to satisfy any obligations with respect to the insurance.
History:
1986, Act 157, Imd. Eff. July 7, 1986
2023 Michigan Compiled Laws › Chapter 447 - Foreign Trade › Act 157 of 1986 - Michigan Export Development Act (447.151 - 447.168) › Section 447.167 - Bonds, Debentures, Notes, or Other Evidence of Indebtedness as Securities; Investment; Deposit.

447.167 Bonds, debentures, notes, or other evidence of indebtedness as securities; investment; deposit.
Sec. 17.
(1) The bonds, debentures, notes, or other evidence of indebtedness of the authority are made securities in which all public officers and bodies of this state and all municipal subdivisions of this state; all insurance companies and associations and other persons carrying on an insurance business; all banks, bankers, trust companies, savings banks, savings associations, including savings and loan associations and building and loan associations, investment companies and other persons carrying on a banking business; all administrators, guardians, executors, trustees, and other fiduciaries; and all other persons whatsoever who are now or who later may be authorized to invest in bonds or other obligations of this state may ly and legally invest funds, including capital, in their control or belonging to them.
(2) The bonds, debentures, notes, or other evidence of indebtedness of the authority also are made securities which may be deposited with and may be received by all public officers and bodies of this state and all municipal subdivisions of this state for any purpose for which the deposit of bonds or other obligations of this state are now or later may be authorized.
History:
1986, Act 157, Imd. Eff. July 7, 1986
2023 Michigan Compiled Laws › Chapter 447 - Foreign Trade › Act 157 of 1986 - Michigan Export Development Act (447.151 - 447.168) › Section 447.168 - Annual Report; Contents; Examination; Audit.

447.168 Annual report; contents; examination; audit.
Sec. 18.
(1) On January 1 of each year the authority shall report on its operations for the preceding fiscal year to the governor and the legislature. The report shall include a summary of the activities of the authority and a complete operating and financial statement. The report shall include, but not be limited to, information on the number, value, type of product, and destination of export transactions assisted, the type of assistance rendered for each by the authority, grants made pursuant to section 8a and the results of those activities, trade shows attended, trade missions led, and any other information considered necessary for a competent evaluation or the authority's effectiveness.
(2) The authority shall be subject to examination by the state treasurer. The accounts of the authority shall be audited by the state auditor general or a certified public accountant appointed by the auditor general.
History:
1986, Act 157, Imd. Eff. July 7, 1986 ;-- Am. 1990, Act 304, Imd. Eff. Dec. 14, 1990
Compiler's Notes:
In the last sentence of subsection (1), the phrase “evaluation or the authority's effectiveness” evidently should read “evaluation of the authority's effectiveness.”
2023 Michigan Compiled Laws › Chapter 447 - Foreign Trade › Act 359 of 1990 - Michigan Farm Export Act (447.201 - 447.207) › Section 447.201 - Short Title.

447.201 Short title.
Sec. 1.
This act shall be known and may be cited as the “Michigan farm export act”.
History:
1990, Act 359, Imd. Eff. Dec. 27, 1990
2023 Michigan Compiled Laws › Chapter 447 - Foreign Trade › Act 359 of 1990 - Michigan Farm Export Act (447.201 - 447.207) › Section 447.202 - Definitions.

447.202 Definitions.
Sec. 2.
As used in this act:
(a) “Department” means the department of agriculture.
(b) “Director” means the director of the department of agriculture.
(c) “Person” means an individual, corporation, association, partnership, governmental agency, or any other legal entity.
(d) “Qualifying financial institution” means a state or national chartered bank, a state or federal chartered credit union, a state or federal chartered savings and loan association, or savings bank, or an institution under the farm credit act of 1971, Public Law 92-181, 85 Stat. 583.
History:
1990, Act 359, Imd. Eff. Dec. 27, 1990
2023 Michigan Compiled Laws › Chapter 447 - Foreign Trade › Act 359 of 1990 - Michigan Farm Export Act (447.201 - 447.207) › Section 447.203 - Michigan Farm Export Loan Program; Creation; Administration; Purpose.

447.203 Michigan farm export loan program; creation; administration; purpose.
Sec. 3.
The Michigan farm export loan program is created and shall be administered by the department for the purpose of enhancing and promoting the export sale of agricultural commodities and products of the state by making it possible for buyers to purchase on credit terms.
History:
1990, Act 359, Imd. Eff. Dec. 27, 1990
2023 Michigan Compiled Laws › Chapter 447 - Foreign Trade › Act 359 of 1990 - Michigan Farm Export Act (447.201 - 447.207) › Section 447.204 - Duties of Director.

447.204 Duties of director.
Sec. 4.
(1) The director shall promote, identify, and facilitate, either directly or through any of the persons listed in section 6, export sale opportunities of agricultural commodities and products of the state.
(2) If the director finds that a proposed export sale meets the requirements of this act and the buyer is eligible for a loan from a qualifying financial institution, the director shall notify the state treasurer of the proposed export sale and the state treasurer may invest surplus funds of the state in the lending financial institution to participate in such a loan.
History:
1990, Act 359, Imd. Eff. Dec. 27, 1990
2023 Michigan Compiled Laws › Chapter 447 - Foreign Trade › Act 359 of 1990 - Michigan Farm Export Act (447.201 - 447.207) › Section 447.205 - Loan Requirements.

447.205 Loan requirements.
Sec. 5.
A loan which the director may recommend to the state treasurer to invest shall meet the following requirements:
(a) The agricultural commodities or other products purchased through the loan were produced or processed, in whole or in part, within the state.
(b) The terms of the loan would assist in making the sale competitive with the sale of agricultural commodities or other products of other states or foreign countries.
History:
1990, Act 359, Imd. Eff. Dec. 27, 1990
2023 Michigan Compiled Laws › Chapter 447 - Foreign Trade › Act 359 of 1990 - Michigan Farm Export Act (447.201 - 447.207) › Section 447.206 - Export Sale.

447.206 Export sale.
Sec. 6.
An export sale under this act may be identified, proposed, developed, originated, or administered by or through an exporter, importer, agricultural trade association, the United States department of agriculture, a world trade center, the department, a qualifying financial institution, a statutorily created agricultural commodity commission, the Michigan export development authority created by section 3 of the Michigan export development authority act, Act No. 157 of the Public Acts of 1986, being section 447.153 of the Michigan Compiled Laws, or any other person.
History:
1990, Act 359, Imd. Eff. Dec. 27, 1990
2023 Michigan Compiled Laws › Chapter 447 - Foreign Trade › Act 359 of 1990 - Michigan Farm Export Act (447.201 - 447.207) › Section 447.207 - Conditional Effective Date.

447.207 Conditional effective date.
Sec. 7.
This act shall not take effect unless Senate Bill No. 926 of the 85th Legislature is enacted into law.
History:
1990, Act 359, Imd. Eff. Dec. 27, 1990
Compiler's Notes:
Senate Bill No. 926, referred to in this section, was filed ith the Secretary of State December 27, 1990, and became P.A. 1990, No. 360, Imd. Eff. Dec. 27, 1990.
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-I - Part I Preliminary Provisions. (449.1...449.5) › Section 449.1 - Uniform Partnership Act; Short Title.

449.1 Uniform partnership act; short title.
Sec. 1.
(Name of act). This act may be cited as uniform partnership act.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9841 ;-- CL 1948, 449.1
Compiler's Notes:
The catchlines in parentheses following the act section numbers of this act were incorporated as part of the act when enacted.
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-I - Part I Preliminary Provisions. (449.1...449.5) › Section 449.2 - Uniform Partnership Act; Definitions.

449.2 Uniform partnership act; definitions.
Sec. 2.
(Definition of terms). In this act, “court” includes every court and judge having jurisdiction in the case; “business” includes every trade, occupation, or profession; “person” includes individuals, partnerships, corporations, and other associations; “bankrupt” includes bankrupt under the federal bankruptcy act or insolvent under any state insolvent act; “conveyance” includes every assignment, lease, mortgage, or incumbrance; “real property” includes land and any interest or estate in land.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9842 ;-- CL 1948, 449.2
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-I - Part I Preliminary Provisions. (449.1...449.5) › Section 449.3 - Uniform Partnership Act; Interpretation of Knowledge and Notice.

449.3 Uniform partnership act; interpretation of knowledge and notice.
Sec. 3.
(Interpretation of knowledge and notice).
(1) A person has knowledge of a fact within the meaning of this act not only when he has actual knowledge thereof, but also when he has knowledge of such other facts as in the circumstances shows bad faith;
(2) A person has notice of a fact within the meaning of this act when the person who claims the benefit of the notice:
(a) States the fact to such person, or
(b) Delivers through the mail, or by other means of communication, a written statement of the fact to such person or to a proper person at his place of business or residence.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9843 ;-- CL 1948, 449.3
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-I - Part I Preliminary Provisions. (449.1...449.5) › Section 449.4 - Rules of Construction.

449.4 Rules of construction.
Sec. 4.
(Rules of construction).
(1) The rule that statutes in derogation of the common law are to be strictly construed shall have no application to this act;
(2) The law of estoppel shall apply under this act;
(3) The law of agency shall apply under this act;
(4) This act shall be so interpreted and construed as to effect its general purpose to make uniform the law of those states which enact it;
(5) This act shall not be construed so as to impair the obligations of any contract existing when the act goes into effect, nor to affect any action or proceedings begun or right accrued before this act takes effect.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9844 ;-- CL 1948, 449.4
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-I - Part I Preliminary Provisions. (449.1...449.5) › Section 449.5 - Rules for Cases Not Provided for in Act.

449.5 Rules for cases not provided for in act.
Sec. 5.
(Rules for cases not provided for in this act). In any case not provided for in this act the rules of law and equity, including the law merchant, shall govern.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9845 ;-- CL 1948, 449.5
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-II - Part II Nature of a Partnership. (449.6...449.8) › Section 449.6 - Partnership; Definition; Effect of Act as to Prior and Limited Partnerships.

449.6 Partnership; definition; effect of act as to prior and limited partnerships.
Sec. 6.
(Partnership defined).
(1) A partnership is an association of 2 or more persons, which may consist of husband and wife, to carry on as co-owners a business for profit; any partnership heretofore established consisting of husband and wife only, formed since January 10, 1942 shall constitute a valid partnership.
(2) But any association formed under any other statute of this state, or any statute adopted by authority, other than the authority of this state, is not a partnership under this act, unless such association would have been a partnership in this state prior to the adoption of this act; but this act shall apply to limited partnerships except in so far as the statutes relating to such partnerships are inconsistent herewith.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9846 ;-- Am. 1941, Act 272, Eff. Jan. 10, 1942 ;-- CL 1948, 449.6 ;-- Am. 1957, Act 59, Eff. Sept. 27, 1957
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-II - Part II Nature of a Partnership. (449.6...449.8) › Section 449.7 - Rules for Determining Existence of Partnership.

449.7 Rules for determining existence of partnership.
Sec. 7.
(Rules for determining the existence of a partnership). In determining whether a partnership exists, these rules shall apply:
(1) Except as provided by section 16 persons who are not partners as to each other are not partners as to third persons;
(2) Joint tenancy, tenancy in common, tenancy by the entireties, joint property, common property, or part ownership does not of itself establish a partnership, whether such co-owners do or do not share any profits made by the use of the property;
(3) The sharing of gross returns does not of itself establish a partnership, whether or not the persons sharing them have a joint or common right or interest in any property from which the returns are derived;
(4) The receipt by a person of a share of the profits of a business is prima facie evidence that he is a partner in the business, but no such inference shall be drawn if such profits were received in payment:
(a) As a debt by installments or otherwise,
(b) As wages of an employe or rent to a landlord,
(c) As an annuity to a widow or representative of a deceased partner,
(d) As interest on a loan, though the amount of payment vary with the profits of the business,
(e) As the consideration for the sale of the good-will of a business or other property by installments or otherwise.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9847 ;-- CL 1948, 449.7
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-II - Part II Nature of a Partnership. (449.6...449.8) › Section 449.8 - Partnership Property; Definition.

449.8 Partnership property; definition.
Sec. 8.
(Partnership property).
(1) All property originally brought into the partnership stock or subsequently acquired, by purchase or otherwise, on account of the partnership is partnership property;
(2) Unless the contrary intention appears, property acquired with partnership funds is partnership property;
(3) Any estate in real property may be acquired in the partnership name. Title so acquired can be conveyed only in the partnership name;
(4) A conveyance to a partnership in the partnership name, though without words of inheritance, passes the entire estate of the grantor unless a contrary intent appears.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9848 ;-- CL 1948, 449.8
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-III - Part III Relations of Partners to Persons Dealing With the Partnership. (449.9...449.17) › Section 449.9 - Partner as Agent of Partnership Relative to Partnership Business.

449.9 Partner as agent of partnership relative to partnership business.
Sec. 9.
(Partner agent of partnership as to partnership business).
(1) Every partner is an agent of the partnership for the purpose of its business, and the act of every partner, including the execution in the partnership name of any instrument, for apparently carrying on in the usual way the business of the partnership of which he is a member binds the partnership, unless the partner so acting has in fact no authority to act for the partnership in the particular matter, and the person with whom he is dealing has knowledge of the fact that he has no such authority;
(2) An act of a partner which is not apparently for the carrying on of the business of the partnership in the usual way does not bind the partnership unless authorized by the other partners;
(3) Unless authorized by the other partners or unless they have abandoned the business, 1 or more but less than all the partners have no authority to:
(a) Assign the partnership property in trust for creditors or on the assignee's promise to pay the debts of the partnership,
(b) Dispose of the good-will of the business,
(c) Do any other act which would make it impossible to carry on the ordinary business of the partnership,
(d) Confess a judgment,
(e) Submit a partnership claim or liability to arbitration or reference;
(4) No act of a partner in contravention of a restriction on his authority shall bind the partnership to persons having knowledge of the restriction.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9849 ;-- CL 1948, 449.9
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-III - Part III Relations of Partners to Persons Dealing With the Partnership. (449.9...449.17) › Section 449.10 - Real Property of Partnership; Conveyance of Title.

449.10 Real property of partnership; conveyance of title.
Sec. 10.
(Conveyance of real property of the partnership).
(1) Where title to real property is in the partnership name, any partner may convey a title to such property by a conveyance executed in the partnership name; but the partnership may recover such property unless the partner's act binds the partnership under the provisions of paragraph 1 of section 9, or unless such property has been conveyed by the grantee or a person claiming through such grantee to a holder for value without knowledge that the partner, in making the conveyance, has exceeded his authority;
(2) Where title to real property is in the name of the partnership, a conveyance executed by a partner, in his own name, passes the equitable interest of the partnership, provided the act is one within the authority of the partner under the provisions of paragraph 1 of section 9;
(3) Where title to real property is in the name of 1 or more but not all the partners, and the record does not disclose the right of the partnership, the partners in whose name the title stands may convey title to such property, but the partnership may recover such property if the partners' act does not bind the partnership under the provisions of paragraph 1 of section 9, unless the purchaser or his assignee, is a holder for value, without knowledge;
(4) Where the title to real property is in the name of 1 or more or all the partners, or in a third person in trust for the partnership, a conveyance executed by a partner in the partnership name, or in his own name, passes the equitable interest of the partnership, provided the act is one within the authority of the partner under the provisions of paragraph 1 of section 9;
(5) Where the title to real property is in the names of all the partners a conveyance executed by all the partners passes all their rights in such property.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9850 ;-- CL 1948, 449.10
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-III - Part III Relations of Partners to Persons Dealing With the Partnership. (449.9...449.17) › Section 449.11 - Partnership; Effect of Admission of Partner.

449.11 Partnership; effect of admission of partner.
Sec. 11.
(Partnership bound by admission of partner). An admission or representation made by any partner concerning partnership affairs within the scope of his authority as conferred by this act is evidence against the partnership.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9851 ;-- CL 1948, 449.11
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-III - Part III Relations of Partners to Persons Dealing With the Partnership. (449.9...449.17) › Section 449.12 - Partnership; Effect of Knowledge of or Notice to Partner.

449.12 Partnership; effect of knowledge of or notice to partner.
Sec. 12.
(Partnership charged with knowledge of or notice to partner). Notice to any partner of any matter relating to partnership affairs, and the knowledge of the partner acting in the particular matter, acquired while a partner or then present to his mind, and the knowledge of any other partner who reasonably could and should have communicated it to the acting partner, operate as notice to or knowledge of the partnership, except in the case of a fraud on the partnership committed by or with the consent of that partner.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9852 ;-- CL 1948, 449.12
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-III - Part III Relations of Partners to Persons Dealing With the Partnership. (449.9...449.17) › Section 449.13 - Partnership; Liability for Wrongful Acts of Partner.

449.13 Partnership; liability for wrongful acts of partner.
Sec. 13.
(Partnership bound by partner's wrongful act). Where, by any wrongful act or omission of any partner acting in the ordinary course of the business or the partnership, or with the authority of his copartners, loss or injury is caused to any person, not being a partner in the partnership, or any penalty is incurred, the partnership is liable therefor to the same extent as the partner so acting or omitting to act.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9853 ;-- CL 1948, 449.13
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-III - Part III Relations of Partners to Persons Dealing With the Partnership. (449.9...449.17) › Section 449.14 - Partnership; Effect of Partner's Breach of Trust.

449.14 Partnership; effect of partner's breach of trust.
Sec. 14.
(Partnership bound by partner's breach of trust). The partnership is bound to make good the loss:
(a) Where 1 partner acting within the scope of his apparent authority receives money or property of a third person and misapplies it; and
(b) Where the partnership in the course of its business receives money or property of a third person and the money or property so received is misapplied by any partner while it is in the custody of the partnership.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9854 ;-- CL 1948, 449.14
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-III - Part III Relations of Partners to Persons Dealing With the Partnership. (449.9...449.17) › Section 449.15 - Partners; Joint and Severable Liability.

449.15 Partners; joint and severable liability.
Sec. 15.
(Nature of partner's liability). Except as otherwise provided by section 46, all partners are liable for both of the following:
(a) Jointly and severally for everything chargeable to the partnership under sections 13 and 14.
(b) Jointly for all other debts and obligations of the partnership. However, a partner may enter into a separate obligation to perform a partnership contract.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9855 ;-- CL 1948, 449.15 ;-- Am. 1994, Act 323, Imd. Eff. Oct. 12, 1994
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-III - Part III Relations of Partners to Persons Dealing With the Partnership. (449.9...449.17) › Section 449.16 - Partnership by Estoppel; Liability.

449.16 Partnership by estoppel; liability.
Sec. 16.
(Partner by estoppel).
(1) When a person, by words spoken or written or by conduct, represents himself, or consents to another representing him to any one, as a partner in an existing partnership or with 1 or more persons not actual partners, he is liable to any such person to whom such representation has been made, who has on the faith of such representation, given credit to the actual or apparent partnership, and if he has made such representation or consented to its being made in a public manner he is liable to such person, whether the representation has or has not been made or communicated to such person, so giving credit by or with the knowledge of the apparent partner making the representation or consenting to its being made;
(a) When a partnership liability results, he is liable as though he were an actual member of the partnership,
(b) When no partnership liability results, he is liable jointly with the other persons, if any, so consenting to the contract or representation as to incur liability, otherwise separately;
(2) When a person has been thus represented to be a partner in an existing partnership, or with 1 or more persons not actual partners, he is an agent of the persons consenting to such representation to bind them to the same extent and in the same manner as though he were a partner in fact, with respect to persons who rely upon the representation. Where all the members of the existing partnership consent to the representation, a partnership act or obligation results; but in all other cases it is the joint act or obligation of the person acting and the persons consenting to the representation.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9856 ;-- CL 1948, 449.16
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-III - Part III Relations of Partners to Persons Dealing With the Partnership. (449.9...449.17) › Section 449.17 - Incoming Partner; Liability.

449.17 Incoming partner; liability.
Sec. 17.
(Liability of incoming partner). A person admitted as a partner into an existing partnership is liable for all the obligations of the partnership arising before his admission as though he had been a partner when such obligations were incurred, except that this liability shall be satisfied only out of partnership property.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9857 ;-- CL 1948, 449.17
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-IV - Part IV Relations of Partners to One Another. (449.18...449.23) › Section 449.18 - Rules for Determining Rights and Duties of Partners.

449.18 Rules for determining rights and duties of partners.
Sec. 18.
(Rules determining rights and duties of partners). The rights and duties of the partners in relation to the partnership shall be determined, subject to any agreement between them, by all of the following rules:
(a) Each partner shall be repaid his or her contributions, whether by way of capital or advances to the partnership property and share equally in the profits and surplus remaining after all liabilities, including those to partners, are satisfied. Except as provided in section 46, each partner shall contribute towards the losses, whether of capital or otherwise, sustained by the partnership according to his or her share in the profits.
(b) The partnership shall indemnify every partner in respect of payments made and personal liabilities reasonably incurred by him or her in the ordinary and proper conduct of its business, or for the preservation of its business or property.
(c) A partner, who in aid of the partnership makes any payment or advance beyond the amount of capital which he or she agreed to contribute, shall be paid interest from the date of the payment or advance.
(d) A partner shall receive interest on the capital contributed by him or her from the date when repayment should be made.
(e) All partners have equal rights in the management and conduct of the partnership business.
(f) A partner is not entitled to remuneration for acting in the partnership business, except that a surviving partner is entitled to reasonable compensation for his or her services in winding up the partnership affairs.
(g) A person cannot become a member of a partnership without the consent of all partners.
(h) Any difference arising as to ordinary matters connected with the partnership business may be decided by a majority of the partners. However, an act in contravention of any agreement between the partners may not be done rightfully without the consent of all the partners.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9858 ;-- CL 1948, 449.18 ;-- Am. 1994, Act 323, Imd. Eff. Oct. 12, 1994
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-IV - Part IV Relations of Partners to One Another. (449.18...449.23) › Section 449.19 - Partnership Books; Location, Accessibility.

449.19 Partnership books; location, accessibility.
Sec. 19.
(Partnership books). The partnership books shall be kept, subject to any agreement between the partners, at the principal place of business of the partnership, and every partner shall at all times have access to and may inspect and copy any of them.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9859 ;-- CL 1948, 449.19
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-IV - Part IV Relations of Partners to One Another. (449.18...449.23) › Section 449.20 - Partner; Duty to Render Information.

449.20 Partner; duty to render information.
Sec. 20.
(Duty of partners to render information). Partners shall render on demand true and full information of all things affecting the partnership to any partner or the legal representative of any deceased partner or partner under legal disability.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9860 ;-- CL 1948, 449.20
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-IV - Part IV Relations of Partners to One Another. (449.18...449.23) › Section 449.21 - Partner; Accountability as Fiduciary.

449.21 Partner; accountability as fiduciary.
Sec. 21.
(Partner accountable as a fiduciary).
(1) Every partner must account to the partnership for any benefit, and hold as trustee for it any profits derived by him without the consent of the other partners from any transaction connected with the formation, conduct, or liquidation of the partnership or from any use by him of its property;
(2) This section applies also to the representatives of a deceased partner engaged in the liquidation of the affairs of the partnership as the personal representatives of the last surviving partner.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9861 ;-- CL 1948, 449.21
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-IV - Part IV Relations of Partners to One Another. (449.18...449.23) › Section 449.22 - Partner; Right to Formal Account.

449.22 Partner; right to formal account.
Sec. 22.
(Right to an account). Any partner shall have the right to a formal account as to partnership affairs:
(a) If he is wrongfully excluded from the partnership business or possession of its property by his copartners,
(b) If the right exists under the terms of any agreement,
(c) As provided by section 21,
(d) Whenever other circumstances render it just and reasonable.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9862 ;-- CL 1948, 449.22
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-IV - Part IV Relations of Partners to One Another. (449.18...449.23) › Section 449.23 - Partnership; Continuation Beyond Fixed Term.

449.23 Partnership; continuation beyond fixed term.
Sec. 23.
(Continuation of partnership beyond fixed term).
(1) When a partnership for a fixed term or particular undertaking is continued after the termination of such term or particular undertaking without any express agreement, the rights and duties of the partners remain the same as they were at such termination, so far as is consistent with a partnership at will.
(2) A continuation of the business by the partners or such of them as habitually acted therein during the term, without any settlement or liquidation of the partnership affairs, is prima facie evidence of a continuation of the partnership.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9863 ;-- CL 1948, 449.23
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-V - Part V Property Rights of a Partner. (449.24...449.28) › Section 449.24 - Partner; Extent of Property Rights.

449.24 Partner; extent of property rights.
Sec. 24.
(Extent of property rights of a partner). The property rights of a partner are (1) his rights in specific partnership property, (2) his interest in the partnership, and (3) his right to participate in the management.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9864 ;-- CL 1948, 449.24
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-V - Part V Property Rights of a Partner. (449.24...449.28) › Section 449.25 - Partner; Rights in Specific Partnership Property.

449.25 Partner; rights in specific partnership property.
Sec. 25.
(Nature of a partner's right in specific partnership property).
(1) A partner is a co-owner with his partners of specific partnership property holding as a tenant in partnership;
(2) The incidents of this tenancy are such that:
(a) A partner, subject to the provisions of this act and to any agreement between the partners, has an equal right with his partners to possess specific partnership property for partnership purposes; but he has no right to possess such property for any other purpose without the consent of his partners,
(b) A partner's right in specific partnership property is not assignable except in connection with the assignment of the rights of all the partners in the same property,
(c) A partner's right in specific partnership property is not subject to attachment or execution, except on a claim against the partnership. When partnership property is attached for a partnership debt, the partners, or any of them, or the representatives of a deceased partner, cannot claim any right under the homestead or exemption laws,
(d) On the death of a partner his right in specific partnership property vests in the surviving partner or partners, except where the deceased was the last surviving partner, when his right in such property vests in his legal representative. Such surviving partner or partners, or the legal representative of the last surviving partner, has no right to possess the partnership property for any but a partnership purpose,
(e) A partner's right in specific partnership property is not subject to dower, curtesy, or allowances to widows, heirs, or next of kin.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9865 ;-- CL 1948, 449.25
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-V - Part V Property Rights of a Partner. (449.24...449.28) › Section 449.26 - Partner; Interest in Partnership as Personal Property.

449.26 Partner; interest in partnership as personal property.
Sec. 26.
(Nature of partner's interest in the partnership).
A partner's interest in the partnership is his share of the profits and surplus, and the same is personal property.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9866 ;-- CL 1948, 449.26
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-V - Part V Property Rights of a Partner. (449.24...449.28) › Section 449.27 - Partner's Interest; Assignment, Effect.

449.27 Partner's interest; assignment, effect.
Sec. 27.
(Assignment of partner's interest).
(1) A conveyance by a partner of his interest in the partnership does not of itself dissolve the partnership, nor, as against the other partners in the absence of agreement, entitle the assignee, during the continuance of the partnership, to interfere in the management or administration of the partnership business or affairs, or to require any information or account of partnership transactions, or to inspect the partnership books; but it merely entitles the assignee to receive in accordance with his contract the profits to which the assigning partner would otherwise be entitled;
(2) In case of a dissolution of the partnership, the assignee is entitled to receive his assignor's interest and may require an account from the date only of the last account agreed to by all the partners.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9867 ;-- CL 1948, 449.27
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-V - Part V Property Rights of a Partner. (449.24...449.28) › Section 449.28 - Partner's Interest; Subject to Charging Order.

449.28 Partner's interest; subject to charging order.
Sec. 28.
(Partner's interest subject to charging order).
(1) On due application to a competent court by any judgment creditor of a partner, the court which entered the judgment, order, or decree, or any other court, may charge the interest of the debtor partner with payment of the unsatisfied amount of such judgment debt with interest thereon; and may then or later appoint a receiver of his share of the profits, and of any other money due or to fall due to him in respect of the partnership, and make all other orders, directions, accounts and inquiries which the debtor partner might have made, or which the circumstances of the case may require;
(2) The interest charged may be redeemed at any time before foreclosure or in case of a sale being directed by the court may be purchased without thereby causing a dissolution:
(a) With separate property, by any 1 or more of the partners, or
(b) With partnership property, by any 1 or more of the partners with the consent of all the partners whose interests are not so charged or sold;
(3) Nothing in this act shall be held to deprive a partner of his right, if any, under the exemption laws, as regards his interest in the partnership.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9868 ;-- CL 1948, 449.28
2023 Michigan Compiled Laws › Chapter 449 - Partnerships › Act 72 of 1917 - Uniform Partnership Act (449.1 - 449.48) › 72-1917-VI - Part VI Dissolution and Winding Up. (449.29...449.48) › Section 449.29 - Dissolution of Partnership; Definition.

449.29 Dissolution of partnership; definition.
Sec. 29.
(Dissolution defined). The dissolution of a partnership is the change in the relation of the partners caused by any partner ceasing to be associated in the carrying on as distinguished from the winding up of the business.
History:
1917, Act 72, Eff. Aug. 10, 1917 ;-- CL 1929, 9869 ;-- CL 1948, 449.29