Michigan Laws > Chapter 37 > Act 453 of 1976 > Article 5
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Terms Used In Michigan Laws > Chapter 37 > Act 453 of 1976 > Article 5
- 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
- Account debtor: means a person obligated on an account, chattel paper, or general intangible. See Michigan Laws 440.9102
- account for: means a right to payment of a monetary obligation, whether or not earned by performance, for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, for services rendered or to be rendered, for a policy of insurance issued or to be issued, for a secondary obligation incurred or to be incurred, for energy provided or to be provided, for the use or hire of a vessel under a charter or other contract, arising out of the use of a credit or charge card or information contained on or for use with the card, or as winnings in a lottery or other game of chance operated or sponsored by a state, governmental unit of a state, or person licensed or authorized to operate the game by a state or governmental unit of a state. See Michigan Laws 440.9102
- Administrative adjustment request: means an administrative adjustment request filed by a partnership under section 6227 of the internal revenue code. See Michigan Laws 206.721
- Administratively complete: refers to an application for a mining permit under this part that includes the fee and all of the documents and other information required under this part and any rules promulgated under this part. See Michigan Laws 324.63401
- 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.
- Age: means chronological age except as otherwise provided by law. See Michigan Laws 37.2103
- Agricultural conservation easement: means a conveyance, by a written instrument, in which, subject to permitted uses, the owner relinquishes to the public in perpetuity his or her development rights and makes a covenant running with the land not to undertake development. See Michigan Laws 324.36201
- 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 440.9102Agricultural use: means substantially undeveloped land devoted to the production of plants and animals useful to humans, including forages and sod crops; grains, feed crops, and field crops; dairy and dairy products; poultry and poultry products; livestock, including breeding and grazing of cattle, swine, captive cervidae, and similar animals; berries; herbs; flowers; seeds; grasses; nursery stock; fruits; vegetables; Christmas trees; and other similar uses and activities. See Michigan Laws 324.36201 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. Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year. 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. 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 Assets: (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. Audited partnership: means a partnership subject to a partnership level audit resulting in a federal adjustment. See Michigan Laws 206.721 Bank: means an organization that is engaged in the business of banking. See Michigan Laws 440.9102 Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings. Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels. 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 Board: means the state historical records advisory board. See Michigan Laws 24.401 Board: means the agricultural preservation fund board created in section 36204. See Michigan Laws 324.36201 Cash proceeds: means proceeds that are money, checks, deposit accounts, or the like. See Michigan Laws 440.9102 Casino: means that term as defined in section 110. See Michigan Laws 206.701 Casino licensee: means a person licensed to operate a casino under the Michigan Gaming Control and Revenue Act, 1996 IL 1, MCL 432. See Michigan Laws 206.701 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 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 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 Collateral: means the property subject to a security interest or agricultural lien. See Michigan Laws 440.9102 Commercial tort claim: means a claim arising in tort with respect to which of the following applies:
(i) The claimant is an organization. See Michigan Laws 440.9102Commission: means the civil rights commission established by section 29 of article V of the state constitution of 1963. See Michigan Laws 37.2103 Commission: means the commission of agriculture and rural development. See Michigan Laws 324.36201 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 customer: means a person for which a commodity intermediary carries a commodity contract on its books. See Michigan Laws 440.9102 Commodity 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. Conformance bond: means a surety bond that has been executed by a surety company authorized to do business in this state, cash, a certificate of deposit, a letter of credit, or other security filed by a person and accepted by the department to ensure compliance with this part or rules promulgated under this part. See Michigan Laws 324.63401 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: means goods that are used or bought for use primarily for personal, family, or household purposes. See Michigan Laws 440.9102 Consumer transaction: means a transaction in which an individual incurs an obligation primarily for personal, family, or household purposes, a security interest secures the obligation, and the collateral is held or acquired primarily for personal, family, or household purposes. See Michigan Laws 440.9102 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 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. Corporate partner: means a partner, other than a unitary business group, that is subject to tax under chapter 11, including a partner that has unrelated business activity. See Michigan Laws 206.721 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. corporation: means that term as defined in section 605. See Michigan Laws 206.721 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 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Data transfer: means the copying or transmission of electronic information that does not alter the content, context, or structure of a record from 1 medium to another medium. See Michigan Laws 24.401 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 440.9102Deed: The legal instrument used to transfer title in real property from one person to another. 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 history, arts, and libraries. See Michigan Laws 24.401 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 Department: means the department of agriculture and rural development. See Michigan Laws 324.36201 Department: means the department of environmental quality. See Michigan Laws 324.63401 Department of natural resources: means the principal state department created in section 501. 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 Development: means an activity that materially alters or affects the existing conditions or use of any land in a manner that is inconsistent with an agricultural use. See Michigan Laws 324.36201 Development rights: means an interest in land that includes the right to construct a building or structure, to improve land for development, or to divide a parcel for development purposes. See Michigan Laws 324.36201 Digital imaging: means the techniques for capturing, recording, processing, storing, transferring, and using images of records electronically. See Michigan Laws 24.401 Digital migration: means the conversion of digital information from an existing format to another format that maintains the content, context, and structure of a record. See Michigan Laws 24.401 Digitization: means the conversion of information into digitally coded electronic images suitable for electronic storage. See Michigan Laws 24.401 Direct partner: means a partner that holds an interest directly in a partnership or other flow-through entity. See Michigan Laws 206.721 Director: means the director of the department of natural resources. See Michigan Laws 324.301 Document: means a document of title or a receipt of the type described in section 7201(2). See Michigan Laws 440.9102 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 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 Eligible production company: means that term as defined under section 455 of the Michigan business tax act, 2007 PA 36, MCL 208. See Michigan Laws 206.701 Endangered species: means any species of fish, plant life, or wildlife that is in danger of extinction throughout all or a significant part of its range, other than a species of insecta determined by the department or the secretary of the United States department of the interior to constitute a pest whose protection under this part would present an overwhelming and overriding risk to humans. See Michigan Laws 324.36501 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. 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 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. Familial status: means 1 or more individuals under the age of 18 residing with a parent or other person having custody or in the process of securing legal custody of the individual or individuals or residing with the designee of the parent or other person having or securing custody, with the written permission of the parent or other person. See Michigan Laws 37.2103 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 440.9102Farming operation: means raising, cultivating, propagating, fattening, grazing, or any other farming, livestock, or aquacultural operation. See Michigan Laws 440.9102 Farmland: means 1 or more of the following:
(i) A farm of 40 or more acres in 1 ownership, with 51% or more of the land area devoted to an agricultural use. See Michigan Laws 324.36201Federal adjustment: means a change to an item or amount determined under the internal revenue code that is used by a taxpayer to compute tax liability under this act whether that change results from action by the IRS, including a partnership level audit, or the filing of an amended federal return, federal refund claim, or an administrative adjustment request by the taxpayer. See Michigan Laws 206.721 Federal adjustments report: includes methods or forms required by the department for use by a taxpayer to report final federal adjustments, including an amended tax return or information return. See Michigan Laws 206.721 Federal partnership representative: means the person the partnership designates for the reviewed year as the partnership's representative, or the person the IRS has appointed to act as the federal partnership representative, pursuant to section 6223 of the internal revenue code. See Michigan Laws 206.721 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 Final determination date: means that term as defined in section 325. See Michigan Laws 206.721 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 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. Fish or wildlife: means any member of the animal kingdom, including any mammal, fish, amphibian, mollusk, crustacean, arthropod, or other invertebrate, and includes any part, product, egg, or offspring, or the dead body or parts thereof. See Michigan Laws 324.36501 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 Flow-through entity: means an entity that for the applicable tax year is treated as an S corporation under section 1362(a) of the internal revenue code, a general partnership, a limited partnership, a limited liability partnership, or a limited liability company, that for the applicable tax year is not taxed as a corporation for federal income tax purposes. See Michigan Laws 206.701 Flow-through entity: means an entity that for the applicable tax year is treated as an S corporation under section 1362(a) of the internal revenue code, a general partnership, a limited partnership, a limited liability partnership, or a limited liability company, that for the applicable tax year is not taxed as a corporation for federal income tax purposes. See Michigan Laws 206.721 Fund: means the agricultural preservation fund created in section 36202. See Michigan Laws 324.36201 Fund: means the small native copper mine surveillance fund created in section 63415. See Michigan Laws 324.63401 Gender identity or expression: means having or being perceived as having a gender-related self-identity or expression whether or not associated with an individual's assigned sex at birth. See Michigan Laws 37.2103 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. Goods: means all things that are movable when a security interest attaches. See Michigan Laws 440.9102 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 Grant: means a grant for the purchase of an agriculture conservation easement under this part. See Michigan Laws 324.36201 Health-care-insurance receivable: means an interest in or claim under a policy of insurance which is a right to payment of a monetary obligation for health-care goods or services provided. See Michigan Laws 440.9102 Housing accommodation: includes improved or unimproved real property, or a part of improved or unimproved real property, that is used or occupied, or is intended, arranged, or designed to be used or occupied, as the home or residence of 1 or more individuals. See Michigan Laws 37.2501 Import: means to bring into, introduce into, or attempt to bring into or introduce into any place subject to the jurisdiction of this state. See Michigan Laws 324.36501 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 Indirect partner: means a partner in a partnership or other flow-through entity that itself holds an interest directly, or through another indirect partner, in a partnership or other flow-through entity. See Michigan Laws 206.721 Instrument: 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 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 IRS: means the Internal Revenue Service of the United States Department of the Treasury. See Michigan Laws 206.721 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 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. License: includes the whole or part of an agency permit, certificate, approval, registration, charter, or similar form of permission required by law. See Michigan Laws 24.205 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 440.9102Life of the mine: means the period from initiation of mining activities through the completion of reclamation. See Michigan Laws 324.63401 Lineal descendant: Direct descendant of the same ancestors. local unit: means a municipality or county. See Michigan Laws 324.301 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 Member: means a shareholder of an S corporation, a partner in a general partnership, a limited partnership, or a limited liability partnership, a member of a limited liability company, or a beneficiary of a trust, that is a flow-through entity. See Michigan Laws 206.701 mining: means an operation to excavate or remove earth material that generates not less than 10,000 tons and not more than 75,000 tons of waste rock in a calendar year or disturbs not less than 1 acre and not more than 10 acres of land in a calendar year in the regular operation of a business for the primary purpose of extracting native copper by 1 or both of the following:
(i) Removing the overburden lying above natural deposits of native copper and excavating directly from the natural deposits thus exposed or by excavating directly from deposits lying exposed in their natural state. See Michigan Laws 324.63401Mining area: means all of the following:
(i) Land from which material is removed by surface or open pit mining methods. See Michigan Laws 324.63401monetary obligation: means a monetary obligation secured by the goods or owed under a lease of the goods and includes a monetary obligation with respect to software used in the goods. See Michigan Laws 440.9102 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. Mortgagee: The person to whom property is mortgaged and who has loaned the money. Municipality: means a city, village, or township. See Michigan Laws 324.301 National origin: includes the national origin of an ancestor. See Michigan Laws 37.2103 Native copper: means copper in its elemental form. See Michigan Laws 324.63401 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 Nonresident: means an individual who is not a resident of or domiciled in this state, a business entity that does not have its commercial domicile in this state, or a trust not organized in this state. See Michigan Laws 206.701 Nonresident partner: means an individual, estate, or trust partner that is not a resident partner. See Michigan Laws 206.721 Notice: means a written or electronic record that informs a person of past or future action of the person generating the record. See Michigan Laws 24.205 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 Office: means , unless expressly stated otherwise, the office of performance and transformation. See Michigan Laws 24.205 Operator: means a person that is engaged in or preparing to engage in mining activities, whether individually or jointly, or through agents, employees, or contractors, and that has overall responsibility for the mining activities. See Michigan Laws 324.63401 Organization: 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 Owner: means a person having a freehold estate in land coupled with possession and enjoyment. See Michigan Laws 324.36201 parent: includes an individual who is pregnant. See Michigan Laws 37.2103 Partner: means a person that holds an interest directly or indirectly in a partnership or other flow-through entity. See Michigan Laws 206.721 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. Partnership: means a taxpayer that is required to or has elected to file as a partnership for federal income tax purposes. See Michigan Laws 206.701 Partnership: means an entity subject to taxation under subchapter K of the internal revenue code. See Michigan Laws 206.721 Partnership level audit: means an examination by the IRS at the partnership level pursuant to section 6221 to 6241 of the internal revenue code, which results in federal adjustments. See Michigan Laws 206.721 Party: means a person or agency named, admitted, or properly seeking and entitled of right to be admitted, as a party in a contested case. See Michigan Laws 24.205 Payment intangible: means a general intangible under which the account debtor's principal obligation is a monetary obligation. See Michigan Laws 440.9102 permit: means a permit issued under section 63405 for conducting mining activities. See Michigan Laws 324.63401 Permitted use: means any use expressly authorized within an agriculture conservation easement consistent with the farming operation or that does not adversely affect the productivity of the farmland. See Michigan Laws 324.36201 Permittee: means a person that holds a mining permit. See Michigan Laws 324.63401 Person: means an individual, partnership, association, corporation, limited liability company, limited liability partnership, governmental subdivision, or public or private organization of any kind other than the agency engaged in the particular processing of a rule, declaratory ruling, or contested case. See Michigan Laws 24.205 Person: means an individual, agent, association, corporation, joint apprenticeship committee, joint stock company, labor organization, legal representative, mutual company, partnership, receiver, trust, trustee in bankruptcy, unincorporated organization, this state or a political subdivision of this state or an agency of this state, or any other legal or commercial entity. See Michigan Laws 37.2103 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: means any natural person, corporation, association, partnership, receiver, trustee, judiciary or common law trust, guardian, executor, administrator, or fiduciary of any kind. See Michigan Laws 324.63301 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. Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents. Probate: Proving a will 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 440.9102Processing of a rule: means the action required or authorized by this act regarding a rule that is to be promulgated, including the rule's adoption, and ending with the rule's promulgation. See Michigan Laws 24.205 Promissory 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 Proposal: means a record authenticated by a secured party which includes the terms on which the secured party is willing to accept collateral in full or partial satisfaction of the obligation it secures pursuant to sections 9620, 9621, and 9622. See Michigan Laws 440.9102 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 440.9102Publicly traded partnership: means that term as defined under section 7704 of the internal revenue code. See Michigan Laws 206.701 Purchase: 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 Quorum: The number of legislators that must be present to do business. Real estate broker or salesperson: means a person, whether licensed or not, who, for or with the expectation of receiving a consideration, lists, sells, purchases, exchanges, rents, or leases real property; who negotiates or attempts to negotiate any of those activities; who holds oneself out as engaged in those activities; who negotiates or attempts to negotiate a loan secured or to be secured by a mortgage or other encumbrance upon real property; who is engaged in the business of listing real property in a publication; or a person employed by or acting on behalf of a real estate broker or salesperson. See Michigan Laws 37.2501 Real estate transaction: means the sale, exchange, rental, or lease of real property, or an interest in real property. See Michigan Laws 37.2501 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Real property: includes a building, structure, mobile home, real estate, land, mobile home park, trailer park, tenement, leasehold, or an interest in a real estate cooperative or condominium. See Michigan Laws 37.2501 Record: means information that is inscribed on a paper or electronic medium. See Michigan Laws 24.205 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 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. Remand: When an appellate court sends a case back to a lower court for further proceedings. 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 Resident: means that term as defined in section 18. See Michigan Laws 206.721 Resident partner: means an individual, estate, or trust that is a resident for the relevant tax year. See Michigan Laws 206.721 Reviewed year: means the tax year of a partnership that is subject to a partnership level audit from which a federal adjustment arises. See Michigan Laws 206.721 Right: includes remedy. See Michigan Laws 440.1201 Royalty interest: means that share of the product or profit that the owner of the land or mineral rights in the land reserves or is entitled to, whether under a lease or under this part, in consideration of permitting the development of the mineral rights. See Michigan Laws 324.63301 Rule: means a rule promulgated pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24. See Michigan Laws 324.301 S corporation: means a corporation electing taxation under subchapter S of chapter 1 of subtitle A of the internal revenue code, section 1361 to 1379 of the internal revenue code. See Michigan Laws 206.701 Secondary 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 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. Sexual orientation: means having an orientation for heterosexuality, homosexuality, or bisexuality or having a history of such an orientation or being identified with such an orientation. See Michigan Laws 37.2103 Software: means a computer program and any supporting information provided in connection with a transaction relating to the program. See Michigan Laws 440.9102 Species: includes any subspecies of fish, plant life, or wildlife and any other group of fish, plants, or wildlife of the same species or smaller taxa in common spatial arrangement that interbreed or cross-pollinate when mature. See Michigan Laws 324.36501 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 State land use agency: means the department of agriculture and rural development. See Michigan Laws 324.36101 Statute: A law passed by a legislature. Statute of limitations: A law that sets the time within which parties must take action to enforce their rights. 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 Take: means , in reference to fish and wildlife, to harass, harm, pursue, hunt, shoot, wound, kill, trap, capture, collect, or attempt to engage in any such conduct. See Michigan Laws 324.36501 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 Taxpayer: means all of the following:
(i) Any person subject to the taxes imposed by part 1. See Michigan Laws 206.721Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201 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 Threatened species: means any species which is likely to become an endangered species within the foreseeable future throughout all or a significant portion of its range. See Michigan Laws 324.36501 Tiered partner: means any partner that is a partnership or other flow-through entity. See Michigan Laws 206.721 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. 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. 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 Unitary business group: means that term as defined in section 611. See Michigan Laws 206.721 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Unrelated business activity: means that term as defined in section 611. See Michigan Laws 206.721 Venue: The geographical location in which a case is tried. Waste rock: means earth material that is excavated during mining, from which the economically recoverable native copper has been separated, and that is stored on the surface for 1 year or more. See Michigan Laws 324.63401 writing: includes printing, typewriting, or any other intentional reduction to tangible form. See Michigan Laws 440.1201