Michigan Laws > Chapter 18 > E.R.O. No. 1991-17 – Executive Reorganization Order
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| § 18.31 | Office of drug agencies director abolished; establishment of office of drug control policy as autonomous agency within department of management and budget; functions |
Terms Used In Michigan Laws > Chapter 18 > E.R.O. No. 1991-17 - Executive Reorganization Order
- Active service: means service, including active state service and special duty required by law, regulation, or pursuant to order of the governor. See Michigan Laws 32.505
- Authorized account: means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. See Michigan Laws 440.4605
- Bank: means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. See Michigan Laws 440.4605
- Bank: means an organization that is engaged in the business of banking. See Michigan Laws 440.9102
- 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: means the person to be paid by the beneficiary's bank. See Michigan Laws 440.4603
- Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
- Commander-in-chief: means the governor of this state. See Michigan Laws 32.505
- Debtor: means 1 of the following:
(i) A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor. See Michigan Laws 440.9102Deposit account: means a demand, time, savings, passbook, or similar account maintained with a bank. See Michigan Laws 440.9102 Funds transfer: means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. See Michigan Laws 440.4604 Funds-transfer system: means a wire transfer network, automated clearinghouse, or other communication system of a clearinghouse or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed. See Michigan Laws 440.4605 Michigan national guard: means the army national guard and the air national guard. See Michigan Laws 32.505 Military: means a reference to all components of the state military establishment. See Michigan Laws 32.505 month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j Originator: means the sender of the first payment order in a funds transfer. See Michigan Laws 440.4604 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. Payment order: means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if the following apply:
(i) The instruction does not state a condition to payment to the beneficiary other than time of payment. See Michigan Laws 440.4603Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. See Michigan Laws 440.1201 Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way. Receiving bank: means the bank to which the sender's instruction is addressed. See Michigan Laws 440.4603 Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Right: includes remedy. See Michigan Laws 440.1201 Secured party: means 1 or more of the following:
(i) A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding. See Michigan Laws 440.9102Security interest: means an interest in personal property or fixtures which secures payment or performance of an obligation. See Michigan Laws 440.1201 Sender: means the person giving the instruction to the receiving bank. See Michigan Laws 440.4603 writing: includes printing, typewriting, or any other intentional reduction to tangible form. See Michigan Laws 440.1201