Michigan Laws > Chapter 450 > Act 284 of 1972 > Chapter 2 – Formation; Purposes and Powers
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Terms Used In Michigan Laws > Chapter 450 > Act 284 of 1972 > Chapter 2 - Formation; Purposes and Powers
- Acknowledgment form: means a scale weight ticket, a load slip, or any other evidence of deposit issued by a grain dealer or his or her authorized representative to a depositor that identifies the farm produce being transferred from the possession of the depositor to the possession of the grain dealer. See Michigan Laws 285.62
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Bequest: Property gifted by will.
- Cash sale: means a sale in which the title to farm produce is transferred only after a price is decided upon before or at the time of delivery and payment for the farm produce meets 1 of the following:
(i) Payment of the price is made to the depositor in cash or by check, money order, wire transfer, or draft within 10 days of delivery. See Michigan Laws 285.62Conviction: A judgement of guilt against a criminal defendant. 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. Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Department: means the department of agriculture. See Michigan Laws 285.62 Depositor: means either of the following:
(i) A person who delivers farm produce to a licensed grain dealer for storage, processing, shipment, or sale and has title to the farm produce at the time of delivery. See Michigan Laws 285.62Devise: To gift property by will. Director: means the director of the department or his or her designee. See Michigan Laws 285.62 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. Facility: means an edifice, silo, tank, bin, crib, interstice, or protected enclosed structure, or more than 1 edifice, silo, tank, bin, crib, interstice, or protected enclosed structure located contiguous to each other, used to receive, deposit, or store farm produce in bulk. See Michigan Laws 285.62 Farm produce: means 1 or more of dry edible beans, soybeans, small grains, cereal grains, or corn. See Michigan Laws 285.62 Farm produce handled: means the number of bushels or hundredweight of farm produce that a licensee receives or is otherwise obligated for in a fiscal period. See Michigan Laws 285.62 Farm produce trucker: means a person engaged in the business of hauling farm produce that issues price later agreements or acknowledgment forms, transfers warehouse receipts, or is responsible for payment to a depositor, but that does not own a facility. See Michigan Laws 285.62 Financial institution: means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and that maintains a principal office or branch office located in this state, or a national bank for cooperatives subject to the farm credit act of 1971, Public Law 92-181, 85 Stat. See Michigan Laws 285.62 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. Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Grain dealer: means a person engaged in the business of receiving, buying, exchanging, selling, or storing farm produce in this state. See Michigan Laws 285.62 Grain merchandiser: means a person engaged in the business of receiving, buying, exchanging, selling, or taking title to farm produce and who is responsible for payment to a depositor but does not operate a truck or a facility. See Michigan Laws 285.62 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 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. 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. License: means a license issued by the department to a grain dealer in the manner provided under this act. See Michigan Laws 285.62 Licensee: means a grain dealer licensed under this act. See Michigan Laws 285.62 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 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC 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. 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. Person: means an individual, corporation, limited liability company, partnership, association, cooperative organization, or other legal entity. See Michigan Laws 285.62 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. 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. Price later agreement: means a written or electronically transmitted agreement between a depositor and a grain dealer where the grain dealer receives title to farm produce and the depositor retains the option to price the farm produce after delivery based on conditions in the agreement. See Michigan Laws 285.62 Probable cause: A reasonable ground for belief that the offender violated a specific law. Processing: means drying, cleaning, packaging, or otherwise changing the physical characteristics of farm produce. See Michigan Laws 285.62 Processor: means a person engaged in processing farm produce and storing the farm produce for a period of 24 hours or more. See Michigan Laws 285.62 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Quorum: The number of legislators that must be present to do business. Receiving point: means a facility where farm produce is received, weighed, and stored and an acknowledgment form is issued. See Michigan Laws 285.62 seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nService of process: The service of writs or summonses to the appropriate party. 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 Statute: A law passed by a legislature. Storage: means the deposit of farm produce in trust with a grain dealer by a depositor. See Michigan Laws 285.62 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Usury: Charging an illegally high interest rate on a loan. Source: OCC Warehouse receipt: means a written or electronically transmitted receipt issued by a grain dealer to a depositor at the time the grain dealer accepts farm produce for storage. See Michigan Laws 285.62