Terms Used In Michigan Laws 38.1214b

• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Bankruptcy trust: means a trust created by a court order, including a plan for adjustment. See Michigan Laws 38.1212
• board: means the governing board of a bankruptcy trust. See Michigan Laws 38.1212
• Plan for adjustment: means a plan for the adjustment of debts entered and approved by a federal bankruptcy court for a public corporation. See Michigan Laws 38.1212
• Trust: means a trust created under the authority of a state or federal law for the purpose of funding retiree health care benefits. See Michigan Laws 38.1212