Michigan Laws 440.7102 – Uniform commercial code; documents of title; definitions
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Terms Used In Michigan Laws 440.7102
- Bailee: means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. See Michigan Laws 440.7102
- Bill of lading: means a document of title evidencing the receipt of goods for shipment issued by a person engaged in the business of directly or indirectly transporting or forwarding goods. See Michigan Laws 440.1201
- Carrier: means a person that issues a bill of lading. See Michigan Laws 440.7102
- Contract: A legal written agreement that becomes binding when signed.
- Delivery: means either of the following:
(i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201Delivery order: means a record that contains an order to deliver goods directed to a warehouseman, carrier, or other person that in the ordinary course of business issues warehouse receipts or bills of lading. See Michigan Laws 440.7102 Document of title: means a record that in the regular course of business or financing is treated as adequately evidencing that the person in possession or control of the record is entitled to receive, control, hold, and dispose of the record and the goods the record covers and that purports to be issued by or addressed to a bailee and to cover goods in the bailee's possession which are either identified or are fungible portions of an identified mass. See Michigan Laws 440.1201 Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Michigan Laws 440.7102 Holder: means any of the following:
(i) A person in possession of a negotiable instrument that is payable either to bearer or to an identified person that is the person in possession. See Michigan Laws 440.1201Issuer: means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Michigan Laws 440.7102 Person: 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 Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Michigan Laws 440.7102 Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201 Warehouse: means a person engaged in the business of storing goods for hire. See Michigan Laws 440.7102
(1) As used in this article, unless the context otherwise requires:
(a) “Bailee” means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them.
(b) “Carrier” means a person that issues a bill of lading.
(c) “Consignee” means a person named in a bill of lading to which or to whose order the bill promises delivery.
(d) “Consignor” means a person named in a bill of lading as the person from which the goods have been received for shipment.
(e) “Delivery order” means a record that contains an order to deliver goods directed to a warehouseman, carrier, or other person that in the ordinary course of business issues warehouse receipts or bills of lading.
(f) “Good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing.
(g) “Goods” means all things that are treated as movable for the purposes of a contract for storage or transportation.
(h) “Issuer” means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. The term includes any person for which an agent or employee purports to act in issuing a document if the agent or employee has real or apparent authority to issue documents, even if the issuer did not receive any goods, the goods were misdescribed, or in any other respect the agent or employee violated the issuer’s instructions.
(i) “Person entitled under the document” means the holder, in the case of a negotiable document of title, or the person to which delivery of the goods is to be made by the terms of, or pursuant to instructions in a record under, a nonnegotiable document of title.
(j) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(k) “Sign” means any of the following, with present intent to authenticate or adopt a record:
(i) To execute or adopt a tangible symbol.
(ii) To attach to or logically associate with the record an electronic sound, symbol, or process.
(l) “Shipper” means a person that enters into a contract of transportation with a carrier.
(m) “Warehouse” means a person engaged in the business of storing goods for hire.
(2) All of the following definitions from other articles apply to this article:
(a) “Contract for sale” as defined in section 2106.
(b) “Lessee in the ordinary course of business” as defined in section 2A103.
(c) “Receipt of goods” as defined in section 2103.
(3) Article 1 contains general definitions and principles of construction and interpretation applicable throughout this article.