Sec. 1.
As used in this act:
(a) "Terminable interest" is a possessory or ownership interest in real property which is subject to termination by a provision in a conveyance or other instrument which either creates a right of reversion to a grantor or his heirs, successors or assigns or creates a right of entry on the occurrence of a specified contingency.
(b) "Specified contingency" is the event described in a conveyance or other instrument creating a terminable interest, the occurrence of which requires or permits the divesting of the terminable interest.
History: 1968, Act 13, Imd. Eff. Mar. 29, 1968
Structure 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 554.61 - Terminable Interest, Specified Contingency; Definitions.
Section 554.62 - Specified Contingency; Termination Right; Limitation Period.
Section 554.63 - Existing Termination Rights Limitation.
Section 554.64 - Exemptions to Act.
Section 554.65 - Right of Termination; Preservation; Notice, Recording.