Michigan Laws > Chapter 257 > Act 178 of 1981 – City Motor Vehicle Racing Act of 1981
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws > Chapter 257 > Act 178 of 1981 - City Motor Vehicle Racing Act of 1981
- Acceptor: means a drawee who has accepted a draft. See Michigan Laws 440.3103
- Accession: means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. See Michigan Laws 440.9102
- Accessory: means any accessory, equipment, additional part or replacement part for a vehicle for which a certificate of title is required to be issued under this act. See Michigan Laws 257.1a
- Account: means any depositor credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit. See Michigan Laws 440.4104
- Account debtor: means a person obligated on an account, chattel paper, or general intangible. See Michigan Laws 440.9102
- accounting for: means a record that meets all of the following requirements:
(i) Authenticated by a secured party. See Michigan Laws 440.9102Active service: means service, including active state service and special duty required by law, regulation, or pursuant to order of the governor. See Michigan Laws 32.505 Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote. advisor: means an individual who has entered into a volunteer agreement with the department to serve as a nondeployable advisor in the Michigan cyber civilian corps. See Michigan Laws 18.222 Advisory board: means the Michigan cyber civilian corps advisory board created under section 9. See Michigan Laws 18.222 Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths. Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court. Afternoon: means the period of a day between noon and midnight. See Michigan Laws 440.4104 Agricultural lien: means an interest, other than a security interest, in farm products that meets all of the following requirements:
(i) The interest secures payment or performance of an obligation for 1 or more of the following:
(A) Goods or services furnished in connection with a debtor's farming operation. See Michigan Laws 440.9102Amendment: 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. Amortization: Paying off a loan by regular installments. Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense. 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. Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal. Appraisal: A determination of property value. Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization Armory: means a building, facility, or the lots and grounds used by an army, navy, or air unit of the national guard or organized militia as a home station or for military training. See Michigan Laws 32.505 Arrest: Taking physical custody of a person by lawful authority. Art: means an original, visual creation of quality executed in any size or shape, in any media, using any kind or combination of materials. See Michigan Laws 18.71 As-extracted collateral: means 1 or more of the following:
(i) Oil, gas, or other minerals that are subject to a security interest that is created by a debtor having an interest in the minerals before extraction and attaches to the minerals as extracted. See Michigan Laws 440.9102Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Attachment: A procedure by which a person's property is seized to pay judgments levied by the court. Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings. Authorized account: means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. See Michigan Laws 440.4605 Bank: means a person engaged in the business of banking, including a saving bank, saving and loan association, credit union, or trust company. See Michigan Laws 440.4105 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 440.4605 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 Bank: means an organization that is engaged in the business of banking. See Michigan Laws 440.9102 Banking day: means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions. See Michigan Laws 440.4104 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 Beneficiary: means the person to be paid by the beneficiary's bank. See Michigan Laws 440.4603 Bequest: Property gifted by will. Borrower: means either of the following:
(i) The city, village, township, or county operating under this act. See Michigan Laws 125.651Branch: includes a separately incorporated foreign branch of a bank. See Michigan Laws 440.1201 Business activity: means that term as defined in section 3(2) of the former single business tax act, 1975 PA 228, or in section 105 of the Michigan business tax act, 2007 PA 36, MCL 208. See Michigan Laws 125.651 Buyer in ordinary course of business: means a person that buys goods in good faith, without knowledge that the sale violates the rights of another person in the goods, and in the ordinary course from a person, other than a pawnbroker, in the business of selling goods of that kind. See Michigan Laws 440.1201 Cash proceeds: means proceeds that are money, checks, deposit accounts, or the like. See Michigan Laws 440.9102 Certificate of title: means a certificate of title with respect to which a statute provides for the security interest in question to be indicated on the certificate as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. See Michigan Laws 440.9102 Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes. Chattel paper: means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. See Michigan Laws 440.9102 Chief information officer: means the individual within the department designated by the governor as the chief information officer for this state. See Michigan Laws 18.222 citation: means a complaint or notice upon which a police officer shall record an occurrence involving 1 or more vehicle law violations by the person cited. See Michigan Laws 257.727c Clearing-house: means an association of banks or other payors regularly clearing items. See Michigan Laws 440.4104 Client: means a municipal, educational, nonprofit, or critical infrastructure organization that has requested and is using the rapid response assistance of the Michigan cyber civilian corps under the direction of the department. See Michigan Laws 18.222 Collateral: means the property subject to a security interest or agricultural lien. See Michigan Laws 440.9102 Collecting bank: means a bank handling the item for collection except the payor bank. See Michigan Laws 440.4105 Commander-in-chief: means the governor of this state. See Michigan Laws 32.505 Commission: means the housing commission created under this act. See Michigan Laws 125.651 Commission: means the commission of natural resources. See Michigan Laws 324.301 Committee: means the committee on art in public places. See Michigan Laws 18.71 Commodity account: means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. See Michigan Laws 440.9102 Commodity contract: means a commodity futures contract, an option on a commodity futures contract, a commodity option, or another contract if the contract or option is 1 of the following:
(i) Traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws. See Michigan Laws 440.9102Commodity intermediary: means 1 of the following:
(i) A person that is registered as a futures commission merchant under federal commodities law. See Michigan Laws 440.9102Communicate: means 1 or more of the following:
(i) To send a written or other tangible record. See Michigan Laws 440.9102Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law. Consignee: means a merchant to which goods are delivered in a consignment. See Michigan Laws 440.9102 Consignment: means a transaction, regardless of its form, in which a person delivers goods to a merchant for the purpose of sale and that meets all of the following:
(i) The merchant deals in goods of that kind under a name other than the name of the person making delivery, is not an auctioneer, and is not generally known by its creditors to be substantially engaged in selling the goods of others. See Michigan Laws 440.9102Consignor: means a person that delivers goods to a consignee in a consignment. See Michigan Laws 440.9102 Consumer: means an individual who enters into a transaction primarily for personal, family, or household purposes. See Michigan Laws 440.1201 Consumer-goods transaction: means a consumer transaction in which an individual incurs an obligation primarily for personal, family, or household purposes and a security interest in consumer goods secures the obligation. See Michigan Laws 440.9102 Continuance: Putting off of a hearing ot trial until a later time. Continuation statement: means an amendment of a financing statement which identifies, by its file number, the initial financing statement to which it relates and indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement. See Michigan Laws 440.9102 Contract: A legal written agreement that becomes binding when signed. Controlled substance: means that term as defined in section 7104 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 32.505 Convicted: means 1 of the following:
(i) Having a judgment of conviction or a probation order entered in any court having jurisdiction over criminal offenses, including, but not limited to, a tribal court or a military court. See Michigan Laws 28.722Conviction: 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. Creditor: includes a general creditor, a secured creditor, a lien creditor, and any representative of creditors, including an assignee for the benefit of creditors, a trustee in bankruptcy, a receiver in equity, and an executor or administrator of an insolvent debtor's or assignor's estate. See Michigan Laws 440.1201 Critical infrastructure: means systems and assets, whether physical or virtual, so vital to the United States or this state that the incapacity or destruction of that system or asset would have a debilitating impact on security, economic security, public health or safety, or any combination of these as determined by the department. See Michigan Laws 18.222 Custodial authority: means 1 or more of the following apply:
(i) The actor was a member of the same household as the victim. See Michigan Laws 28.722Customer: means any person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank. See Michigan Laws 440.4104 Customer: means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders. See Michigan Laws 440.4605 Cybersecurity incident: means an event occurring on or conducted through a computer network that actually or imminently jeopardizes the integrity, confidentiality, or availability of computers, information or communications systems or networks, physical or virtual infrastructure controlled by computers or information systems, or information resident on any of these. See Michigan Laws 18.222 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Debtor: means 1 of the following:
(i) A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor. See Michigan Laws 440.9102Decedent: A deceased person. Deed: The legal instrument used to transfer title in real property from one person to another. Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Delivery: means either of the following:
(i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201Department: means the department of management and budget. See Michigan Laws 18.71 Department: means the department of technology, management, and budget. See Michigan Laws 18.222 Department: means the department of state police. See Michigan Laws 28.722 Department: means the director of the department of natural resources or his or her designee to whom the director delegates a power or duty by written instrument. See Michigan Laws 324.301 Deposit account: means a demand, time, savings, passbook, or similar account maintained with a bank. See Michigan Laws 440.9102 Depositary bank: means the first bank to take an item even though it is also the payor bank, unless the item is presented for immediate payment over the counter. See Michigan Laws 440.4105 Director: means the director of the department of management and budget or the designated representative of the director. See Michigan Laws 18.71 Director: means the director of the department of natural resources. See Michigan Laws 324.301 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Dismissal: The dropping of a case by the judge without further consideration or hearing. Source: 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 Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities as defined in section 8102 or instructions for uncertificated securities as defined in section 8102, or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft. See Michigan Laws 440.4104 Donor: The person who makes a gift. Draft: means a draft as defined in section 3104 or an item, other than an instrument, that is an order. See Michigan Laws 440.4104 Drawee: means a person ordered in a draft to make payment. See Michigan Laws 440.3103 Drawee: means a person ordered in a draft to make payment. See Michigan Laws 440.4104 Drawer: means a person who signs or is identified in a draft as a person ordering payment. See Michigan Laws 440.3103 Electronic chattel paper: means chattel paper evidenced by a record or records consisting of information stored in an electronic medium. See Michigan Laws 440.9102 Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC Encumbrance: means a right, other than an ownership interest, in real property. See Michigan Laws 440.9102 Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs. Equipment: means goods other than inventory, farm products, or consumer goods. See Michigan Laws 440.9102 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Escrow: Money given to a third party to be held for payment until certain conditions are met. 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. Ex officio: Literally, by virtue of one's office. Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Farm products: means goods, other than standing timber, with respect to which the debtor is engaged in a farming operation and which are 1 of the following:
(i) Crops grown, growing, or to be grown, including crops produced on trees, vines, and bushes, and aquatic goods produced in aquacultural operations. See Michigan Laws 440.9102Fault: means a default, breach, or wrongful act or omission. See Michigan Laws 440.1201 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 Felony: means that term as defined in section 1 of chapter I of the code of criminal procedure, 1927 PA 174, MCL 761. See Michigan Laws 28.722 File number: means the number assigned to an initial financing statement pursuant to section 9519(1). See Michigan Laws 440.9102 Filing office: means an office designated in section 9501 as the place to file a financing statement. See Michigan Laws 440.9102 Filing-office rule: means a rule adopted pursuant to section 9526. See Michigan Laws 440.9102 Financing statement: means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement. See Michigan Laws 440.9102 firearm: except as otherwise specifically defined in statute, includes any weapon which will, is designed to, or may readily be converted to expel a projectile by action of an explosive. See Michigan Laws 8.3t 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. Fixture filing: means the filing of a financing statement covering goods that are or are to become fixtures and satisfying section 9502(1) and (2). See Michigan Laws 440.9102 Fixtures: means goods that have become so related to particular real property that an interest in them arises under real property law. See Michigan Laws 440.9102 Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC Fraud: Intentional deception resulting in injury to another. Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC Fund: means the state art in public places fund. See Michigan Laws 18.71 Funds transfer: means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. See Michigan Laws 440.4604 Funds-transfer system: means a wire transfer network, automated clearinghouse, or other communication system of a clearinghouse or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed. See Michigan Laws 440.4605 Game: has the meaning given that term in part 401. See Michigan Laws 324.43504 Game and fish protection account: means the game and fish protection account of the Michigan conservation and recreation legacy fund provided for in section 2010. See Michigan Laws 324.43504 General intangible: means any personal property, including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter-of-credit rights, letters of credit, money, and oil, gas, or other minerals before extraction. See Michigan Laws 440.9102 Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Good faith: except as otherwise provided in article 5, means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Michigan Laws 440.1201 Goods: means all things that are movable when a security interest attaches. See Michigan Laws 440.9102 Governing body: means in the case of a city, the council or commission of the city; in the case of a village, the council, commission, or board of trustees of the village; in the case of a township, the township board; and in the case of a county, the board of supervisors or county commissioners. See Michigan Laws 125.651 Governmental unit: means a subdivision, agency, department, county, parish, municipality, or other unit of the government of the United States, a state, or a foreign country. See Michigan Laws 440.9102 Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs. Highway or street: means a highway or street as defined in section 20 of Act No. See Michigan Laws 257.1702 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 440.1201in 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 Incorporating unit: means the city, village, township, or county that creates a commission. See Michigan Laws 125.651 Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Insolvency proceedings: includes an assignment for the benefit of creditors or other proceeding intended to liquidate or rehabilitate the estate of the person involved. See Michigan Laws 440.1201 Insolvent: means any of the following:
(i) Having generally ceased to pay debts in the ordinary course of business other than as a result of a bona fide dispute. See Michigan Laws 440.1201Instrument: means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in ordinary course of business is transferred by delivery with any necessary indorsement or assignment. See Michigan Laws 440.9102 Intermediary bank: means a receiving bank other than the originator's bank or the beneficiary's bank. See Michigan Laws 440.4604 Inventory: means goods, other than farm products, that meet 1 of the following:
(i) Are leased by a person as lessor. See Michigan Laws 440.9102Investment property: means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract, or commodity account. See Michigan Laws 440.9102 Item: means an instrument or a promise or order to pay money handled by a bank for collection or pay. See Michigan Laws 440.4104 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 Legacy: A gift of property made by will. Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint Letter-of-credit right: means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. See Michigan Laws 440.9102 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Lien: A claim against real or personal property in satisfaction of a debt. Lien creditor: means 1 or more of the following:
(i) A creditor that has acquired a lien on the property involved by attachment, levy, or the like. See Michigan Laws 440.9102Line of duty: as used in this act means an act performed by a member of the state military establishment in obedience to or in conformity with a law, rule, regulation, order, command or custom of the military service or an act performed which is not in violation of a law, rule, regulation, order, command or custom of the military service, or that will not bring discredit to the military service. See Michigan Laws 32.521 Listed offense: means a tier I, tier II, or tier III offense. See Michigan Laws 28.722 Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Local law enforcement agency: means the police department of a municipality. See Michigan Laws 28.722 Maker: means a person who signs or is identified in a note as a person undertaking to pay. See Michigan Laws 440.3103 Manufactured home: means a structure, transportable in 1 or more sections, which, in the traveling mode, is 8 body feet or more in width or 40 body feet or more in length, or when erected on site, is 320 or more square feet, and which is built on a permanent chassis and designed to be used as a dwelling with or without a permanent foundation when connected to the required utilities, and includes the plumbing, heating, air-conditioning, and electrical systems contained therein. See Michigan Laws 440.9102 Manufactured-home transaction: means a secured transaction that creates a purchase-money security interest in a manufactured home, other than a manufactured home held as inventory, or in which a manufactured home, other than a manufactured home held as inventory, is the primary collateral. See Michigan Laws 440.9102 martial rule: means the exercise of partial or complete military control over domestic territory in time of emergency because of public necessity. See Michigan Laws 32.505 Michigan cyber civilian corps: means the program established by this act under which civilian volunteers who have expertise in addressing cybersecurity incidents may volunteer at the invitation of the department to provide rapid response assistance to a municipal, educational, nonprofit, or critical infrastructure organization in need of expert assistance during a cybersecurity incident. See Michigan Laws 18.222 Michigan cyber civilian corps volunteer: means an individual who has entered into a volunteer agreement with the department to serve as a deployable volunteer in the Michigan cyber civilian corps. See Michigan Laws 18.222 Michigan national guard: means the army national guard and the air national guard. See Michigan Laws 32.505 Military: means a reference to all components of the state military establishment. See Michigan Laws 32.505 Military establishment: means the organized militia of this state, including the employees and equipment assigned or necessary to carry out the provisions of this act. See Michigan Laws 32.505 Mobile home: means a factory assembled portable structure designed or used for year-round residence purposes, designed and built to be towed on its own chassis, connected to utilities, and installed on a homesite with or without a permanent foundation. See Michigan Laws 125.771 Money: means a medium of exchange authorized or adopted by a domestic or foreign government. See Michigan Laws 440.1201 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. Mortgage: means a consensual interest in real property, including fixtures, which secures payment or performance of an obligation. See Michigan Laws 440.9102 Mortgagee: The person to whom property is mortgaged and who has loaned the money. Motor home: means an automotive vehicle built on a truck or bus chassis and equipped as a self-contained traveling home. See Michigan Laws 125.771 Motor vehicle: means a motor vehicle as defined in section 33 of Act No. See Michigan Laws 257.1702 New debtor: means a person that becomes bound as debtor under section 9203(4) by a security agreement previously entered into by another person. See Michigan Laws 440.9102 New value: means money, money's worth in property, services, or new credit, or release by a transferee of an interest in property previously transferred to the transferee. See Michigan Laws 440.9102 Noncash proceeds: means proceeds other than cash proceeds. See Michigan Laws 440.9102 Oath: A promise to tell the truth. oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 8.3k 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. Obligor: means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral, owes payment or other performance of the obligation, has provided property other than the collateral to secure payment or other performance of the obligation, or is otherwise accountable in whole or in part for payment or other performance of the obligation. See Michigan Laws 440.9102 Officer: means a commissioned officer and a warrant officer, unless a distinction between commissioned officer and warrant officer is clearly evident. See Michigan Laws 32.505 Ordinance: means either of the following:
(i) An ordinance of a city, village, township, or county. See Michigan Laws 125.651Organization: means a person other than an individual. See Michigan Laws 440.1201 Original debtor: means , except as used in section 9310(3), a person that, as debtor, entered into a security agreement to which a new debtor has become bound under section 9203(4). See Michigan Laws 440.9102 Originator: means the sender of the first payment order in a funds transfer. See Michigan Laws 440.4604 Oversight: Committee review of the activities of a Federal agency or program. 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. Party: means a party to an instrument. See Michigan Laws 440.3103 Payment intangible: means a general intangible under which the account debtor's principal obligation is a monetary obligation. See Michigan Laws 440.9102 Payment order: means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if the following apply:
(i) The instruction does not state a condition to payment to the beneficiary other than time of payment. See Michigan Laws 440.4603Payor bank: means a bank that is the drawee of a draft. See Michigan Laws 440.4105 Person: means an individual, sole proprietorship, partnership, corporation, or other legal entity. See Michigan Laws 257.1702 Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 324.301 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 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. Plaintiff: The person who files the complaint in a civil lawsuit. Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC 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. Presenting bank: means a bank presenting an item except a payor bank. See Michigan Laws 440.4105 private enterprise: means a business which provides goods or services and which is not a governmental entity. See Michigan Laws 17.51 Probable cause: A reasonable ground for belief that the offender violated a specific law. Probate: Proving a will Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. Proceeds: means , except as used in section 9609(2), 1 or more of the following property:
(i) Whatever is acquired upon the sale, lease, license, exchange, or other disposition of collateral. See Michigan Laws 440.9102Promissory note: means an instrument that evidences a promise to pay a monetary obligation, does not evidence an order to pay, and does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds. See Michigan Laws 440.9102 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Public organic record: means a record that is available to the public for inspection and is any of the following:
(i) A record consisting of the record initially filed with or issued by a state or the United States to form or organize an organization and any record filed with or issued by the state or the United States which amends or restates the initial record. See Michigan Laws 440.9102Purchase: means taking by sale, lease, discount, negotiation, mortgage, pledge, lien, security interest, issue or reissue, gift, or any other voluntary transaction creating an interest in property. See Michigan Laws 440.1201 Purchaser: means a person that takes by purchase. See Michigan Laws 440.1201 Quorum: The number of legislators that must be present to do business. Racing event: means a motor vehicle race which is sanctioned by a nationally or internationally recognized racing organization, and includes preparations, practices, and qualifications for the race. See Michigan Laws 257.1702 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Receiving bank: means the bank to which the sender's instruction is addressed. See Michigan Laws 440.4603 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 440.1201 record owner: means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form. See Michigan Laws 440.9102 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 Recreational vehicle: means a transportable structure which is used for camping or casual travel. See Michigan Laws 125.771 Registered organization: means an organization organized solely under the law of a single state or the United States by the filing of a public organic record with, the issuance of a public organic record by, or the enactment of legislation by the state or the United States. See Michigan Laws 440.9102 Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Remotely created consumer item: means an item drawn on a consumer account, which is not created by the payor bank and does not bear a handwritten signature purporting to be the signature of the drawer. See Michigan Laws 440.3103 Representative: means a person empowered to act for another, including an agent, an officer of a corporation or association, and a trustee, executor, or administrator of an estate. See Michigan Laws 440.1201 Residence: as used in this act , for registration and voting purposes means that place at which a person habitually sleeps, keeps his or her personal effects, and has a regular place of lodging. See Michigan Laws 28.722 Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Right: includes remedy. See Michigan Laws 440.1201 Rule: means a rule promulgated pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24. See Michigan Laws 324.301 seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nSecondary obligor: means an obligor to the extent that the obligor's obligation is secondary or the obligor has a right of recourse with respect to an obligation secured by collateral against the debtor, another obligor, or property of either. See Michigan Laws 440.9102 Secured party: means 1 or more of the following:
(i) A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding. See Michigan Laws 440.9102Security agreement: means an agreement that creates or provides for a security interest. See Michigan Laws 440.9102 Security interest: means an interest in personal property or fixtures which secures payment or performance of an obligation. See Michigan Laws 440.1201 Sender: means the person giving the instruction to the receiving bank. See Michigan Laws 440.4603 Service of process: The service of writs or summonses to the appropriate party. Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. 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 Signed: includes any symbol executed or adopted by a party with present intention to adopt or accept a writing. See Michigan Laws 440.1201 Software: means a computer program and any supporting information provided in connection with a transaction relating to the program. See Michigan Laws 440.9102 Special duty: means military service in support of the full-time operation of the state military establishment for a period of not less than 1 day if ordered by competent authority. See Michigan Laws 32.505 Specialty court interlock program: means a program as that term is defined in section 1084 of the revised judicature act of 1961, 1961 PA 236, MCL 600. See Michigan Laws 257.83 specialty court program: means any of the following:
(i) A drug treatment court, as that term is defined in section 1060 of the revised judicature act of 1961, 1961 PA 236, MCL 600. See Michigan Laws 257.83State: 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 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 440.9102 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. Supporting obligation: means a letter-of-credit right or secondary obligation that supports the payment or performance of an account, chattel paper, a document, a general intangible, an instrument, or investment property. See Michigan Laws 440.9102 Surety: includes a guarantor or other secondary obligor. See Michigan Laws 440.1201 Tangible chattel paper: means chattel paper evidenced by a record or records consisting of information that is inscribed on a tangible medium. See Michigan Laws 440.9102 Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201 termination statement: as used in this act mean those terms as defined in the uniform commercial code, 1962 PA 174, MCL 440. See Michigan Laws 257.58b Termination statement: means an amendment of a financing statement that identifies, by its file number, the initial financing statement to which it relates and indicates either that it is a termination statement or that the identified financing statement is no longer effective. See Michigan Laws 440.9102 Testator: A male person who leaves a will at death. Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident. Township: means a township having a population over 100. See Michigan Laws 125.651 Transmitting utility: means a person primarily engaged in the business of 1 of the following:
(i) Operating a railroad, subway, street railway, or trolley bus. See Michigan Laws 440.9102Trustee: A person or institution holding and administering property in trust. Unauthorized signature: means a signature made without actual, implied, or apparent authority. See Michigan Laws 440.1201 Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Venue: The geographical location in which a case is tried. Vital resource: means a public or private building, facility, property, or location that the governor considers necessary to protect the public health, safety, and welfare of the citizens of this state. See Michigan Laws 32.505 Volunteer agreement: means the contract entered into between the department and a Michigan cyber civilian corps volunteer or advisor under section 4. See Michigan Laws 18.222 writing: includes printing, typewriting, or any other intentional reduction to tangible form. See Michigan Laws 440.1201