Michigan Laws > Chapter 125 > Act 222 of 1943 – Certification of City and Village Plats
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Terms Used In Michigan Laws > Chapter 125 > Act 222 of 1943 - Certification of City and Village Plats
- 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.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- 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 440.1201
- Bearer: means a person in control of a negotiable electronic document of title or a person in possession of an instrument, a negotiable tangible document of title, or a certificated security payable to bearer or indorsed in blank. See Michigan Laws 440.1201
- Consumer: means an individual who enters into a transaction primarily for personal, family, or household purposes. See Michigan Laws 440.1201
- Consumer account: means an account established by an individual primarily for personal, family, or household purposes. See Michigan Laws 440.3103
- Drawee: means a person ordered in a draft to make payment. See Michigan Laws 440.3103
- Drawer: means a person who signs or is identified in a draft as a person ordering payment. See Michigan Laws 440.3103
- 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.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures under section 2A309, but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See Michigan Laws 440.2803
- 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 440.1201Lessee: means a person who acquires the right to possession and use of goods under a lease. See Michigan Laws 440.2803 Lessor: means a person who transfers the right to possession and use of goods under a lease. See Michigan Laws 440.2803 Money: means a medium of exchange authorized or adopted by a domestic or foreign government. See Michigan Laws 440.1201 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. Order: means a written instruction to pay money signed by the person giving the instruction. See Michigan Laws 440.3103 Party: means a party to an instrument. See Michigan Laws 440.3103 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 Promise: means a written undertaking to pay money signed by the person undertaking to pay. See Michigan Laws 440.3103 Purchaser: means a person that takes by purchase. See Michigan Laws 440.1201 Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC Signed: includes any symbol executed or adopted by a party with present intention to adopt or accept a writing. See Michigan Laws 440.1201 State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 440.1201 Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201