Terms Used In Michigan Laws > Chapter 38 > Act 78 of 1958 - Wayne State University Employee Retirement System

• Addition: shall mean added space which results in additional cubic contents to existing building. See Michigan Laws 388.851a
• 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.
• 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.
• Area median income: means the median income for the area as determined under section 8 of the United States housing act of 1937, 42 USC 1437f, adjusted for family size. See Michigan Laws 125.1459
• Arrest: Taking physical custody of a person by lawful authority.
• Asbestos: means a group of naturally occurring minerals that separate into fibers, including chrysotile, amosite, crocidolite, asbestiform anthophyllite, asbestiform tremolite, and asbestiform actinolite. See Michigan Laws 388.861
• Asbestos-containing material: means any material or product containing more than 1% asbestos. See Michigan Laws 388.861
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means the Michigan state housing development authority created in this act. See Michigan Laws 125.1411
• Board of education: means the board of education of the city of Detroit. See Michigan Laws 38.371
• Board of governors: means the board of governors of Wayne state university. See Michigan Laws 38.371
• Civil forfeiture: The loss of ownership of property used to conduct illegal activity.
• Commissioner: means the director. See Michigan Laws 500.102
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: 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.
• Cost: means the discounted present value of all anticipated future expenditures associated with a course of action in an area where asbestos removal is being considered. See Michigan Laws 388.861
• County: means a county within this state. See Michigan Laws 125.1411
• Data collection agency: means an agency established for the purpose of effectuating the worker's compensation data requirements of this chapter. See Michigan Laws 500.2402
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
• Educational facility: means a building owned, leased, or under the control of a public or nonpublic school or school system containing any of grades K-12. See Michigan Laws 388.861
• 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.
• 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.
• 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.
• Housing project: means any of the following: