Terms Used In Michigan Laws > Chapter 285 > Act 198 of 2003 - Farm Produce Insurance Act

• Acknowledgment form: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
• Administrative expenses: means the costs described in section 9(2). See Michigan Laws 285.313
• Administrative premium: means the amount of money charged to and collected from a producer under section 10. See Michigan Laws 285.313
• 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.
• annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 8.3d
• Authority: means the farm produce insurance authority created in section 5. See Michigan Laws 285.313
• Board: means the board of directors of the authority described in section 7. See Michigan Laws 285.313
• Claimant: means a producer who makes a claim for reimbursement from the fund under section 15. See Michigan Laws 285.313
• Cooperative association: means that term as defined in 12 USC 1141j. See Michigan Laws 285.313
• Department: means the department of agriculture and rural development. See Michigan Laws 285.313
• Depositor: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
• Director: means the director of the department or his or her designee. See Michigan Laws 285.313
• Facility: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
• Farm produce: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
• Financial institution: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
• Financial loss: means the loss to a producer who is not paid in full for farm produce that the producer sold to a grain dealer and delivered under the terms of the sales contract, after deducting any outstanding charges against the farm produce. See Michigan Laws 285.313
• Fraud: Intentional deception resulting in injury to another.
• Fund: means the farm produce insurance fund created in section 9. See Michigan Laws 285.313
• Grain dealer: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
• Grain dealers act: means the grain dealers act, 1939 PA 141, MCL 285. See Michigan Laws 285.313
• in 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
• Licensee: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
• Lien: A claim against real or personal property in satisfaction of a debt.
• Net proceeds: means the sale price of farm produce, less usual and customary charges and costs of sale of the farm produce. See Michigan Laws 285.313
• 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.
• Person: means an individual, corporation, limited liability company, partnership, association, cooperative association or other cooperative organization, or other legal entity. See Michigan Laws 285.313
• Price later agreement: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
• Producer: means a person that owns, rents, leases, or operates a farm on land and who has an interest in and receives all or any part of the proceeds from the sale and delivery in Michigan of farm produce produced from the land to a grain dealer licensed under the grain dealers act. See Michigan Laws 285.313
• Producer premium: means the amount of money charged to and collected from a producer under section 11. See Michigan Laws 285.313
• Producer security activities: means any action by the director under section 22 of the grain dealers act, MCL 285. See Michigan Laws 285.313
• program: means the program for reimbursement of claims described in this act. See Michigan Laws 285.313
• 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.
• Sale: means transfer of title. See Michigan Laws 285.313
• 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.
• Storage loss: means a loss to a depositor resulting from the failure of a licensee that has not fully satisfied its storage obligation to the depositor, net of any outstanding charges against the farm produce. See Michigan Laws 285.313
• Valid claim: means a claim arising from a failure of a licensee that occurs after the effective date of this act, is found valid by the department, and is approved by the board, less all credits and offsets associated with farm produce delivered and sold in this state by a producer to the licensee or to a location in this state designated in advance of the delivery. See Michigan Laws 285.313
• Warehouse receipt: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313