Terms Used In Michigan Laws > Chapter 125 > E.R.O. No. 1973-7 - Executive Reorganization Order

• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Maker: means a person who signs or is identified in a note as a person undertaking to pay. See Michigan Laws 440.3103
• 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.
• 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
• Security interest: means an interest in personal property or fixtures which secures payment or performance of an obligation. See Michigan Laws 440.1201
• 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