Terms Used In Michigan Laws > Chapter 285 > Act 220 of 1982 - Michigan Family Farm Development Act

• Agricultural improvements: means any improvements, buildings, structures, or fixtures suitable for use in farming which are located on agricultural land. See Michigan Laws 285.252
• Agricultural land: means land suitable for use in farming. See Michigan Laws 285.252
• Amortization: Paying off a loan by regular installments.
• Authority: means the Michigan family farm development authority established in section 3. See Michigan Laws 285.252
• Beginning farmer: means an individual with a low or moderate net worth who engages in farming or wishes to engage in farming. See Michigan Laws 285.252
• Bonds: means bonds issued by the authority pursuant to this act. See Michigan Laws 285.252
• Depreciable agricultural property: means personal property suitable for use in farming for which an income tax deduction for depreciation is allowable in computing federal income tax under the internal revenue code. See Michigan Laws 285.252
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Farming: means the cultivation of land for the production of agricultural crops and includes the production of poultry and poultry products, the production of livestock including breeding and grazing, the production of grains and feeds, the production of forages and sod, the production of dairy products, the production of fruits and vegetables, the production of timber and timber products, the production of seeds and grasses, and the production of equine. See Michigan Laws 285.252
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Low or moderate net worth: means an aggregate net worth of an individual and the individual's spouse and children, if any, of less than $250,000. See Michigan Laws 285.252
• Mortgage: means a mortgage, mortgage deed, deed of trust, or other instrument creating a first lien, subject only to title exceptions and encumbrances acceptable to the authority, including any other mortgage liens of equal standing with or subordinate to the mortgage loan retained by a seller or conveyed to a mortgage lender, on a fee interest in agricultural land and agricultural improvements. See Michigan Laws 285.252
• Mortgage lender: means a state or national bank, trust company, mortgage company, national banking association, savings and loan association, life insurance company, any state or federal governmental agency or instrumentality, including the federal land bank or any of its local associations, or any other financial institution or entity authorized to make mortgage loans in this state. See Michigan Laws 285.252
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan: means a financial obligation secured by a mortgage. See Michigan Laws 285.252
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Net worth: means total assets minus total liabilities as determined in accordance with generally accepted accounting principles with appropriate exceptions and exemptions reasonably related to an equitable determination of the family's net worth. See Michigan Laws 285.252
• Note: means a note issued by the authority pursuant to this act. See Michigan Laws 285.252
• 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}
• Presentence report: A report prepared by a court's probation officer, after a person has been convicted of an offense, summarizing for the court the background information needed to determine the appropriate sentence. ^{Source: U.S. Courts}
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). ^{Source: OCC}
• Secured loan: means a financial obligation secured by a lien on an interest in depreciable agricultural property. See Michigan Laws 285.252
• 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.
• Trustee: A person or institution holding and administering property in trust.