Michigan Laws > Chapter 440 > Act 174 of 1962 > Article 1 – General Provisions
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| Part 1 | Short Title, Construction, Application and Subject Matter of the Act |
| Part 2 | General Definitions and Principles of Interpretation |
| Part 3 | Territorial Applicability and General Rules |
Terms Used In Michigan Laws > Chapter 440 > Act 174 of 1962 > Article 1 - General Provisions
- Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
- 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.
- Aggrieved party: means a party entitled to resort to a remedy. See Michigan Laws 440.1201
- 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.
- 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.
- 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
- 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.
- Bearer: means a person in control of a negotiable electronic document of title or a person in possession of an instrument, a negotiable tangible document of title, or a certificated security payable to bearer or indorsed in blank. See Michigan Laws 440.1201
- Bill of lading: means a document of title evidencing the receipt of goods for shipment issued by a person engaged in the business of directly or indirectly transporting or forwarding goods. See Michigan Laws 440.1201
- Branch: includes a separately incorporated foreign branch of a bank. See Michigan Laws 440.1201
- 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
- constituent municipalities: includes all of the municipalities that signed or became signatories of articles of incorporation of any authority incorporated under this act. See Michigan Laws 124.281
- Consumer: means 1 or more of the following:
(i) A person who purchases or leases a new motor vehicle for personal, family, or household use and not for the purpose of selling or leasing the new motor vehicle to another person. See Michigan Laws 257.1401Contract: A legal written agreement that becomes binding when signed. 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. Counterclaim: A claim that a defendant makes against a plaintiff. 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. Deed: 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 440.1201Document 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 document of title: means a document of title evidenced by a record consisting of information stored in an electronic medium. See Michigan Laws 440.1201 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. Executor: A male person named in a will to carry out the decedent 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. 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. 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 Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC Indian tribe: means an Indian tribe, band, nation, or other organized group or community of Indians that is recognized as eligible for services by the United States secretary of the interior because of their status as Indians. See Michigan Laws 124.281 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. 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 440.1201Interest 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 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 Lease price: means the actual vehicle sales price paid by the lessor including any cash payment by the consumer and the sum equal to any allowance for any trade-in but excludes debt from any other transaction as well as any manufacturer to consumer discount, rebate, or incentive appearing in the agreement or contract that the consumer received or that was applied to reduce the purchase or lease cost. See Michigan Laws 257.1401 Lessee: means a person who, under a lease, acquires the right to possession and use of a new motor vehicle. See Michigan Laws 257.1401 Lessor: means a person who, under a lease, transfers the right to possession and use of a new motor vehicle. See Michigan Laws 257.1401 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. Manufacturer: means a person who manufactures, assembles, or is a distributor of new motor vehicles and includes an agent of a manufacturer but does not include a new motor vehicle dealer. See Michigan Laws 257.1401 Money: means a medium of exchange authorized or adopted by a domestic or foreign government. See Michigan Laws 440.1201 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Motor vehicle: means a motor vehicle as defined in section 33 of the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 257.1401 Municipality: means a county, township, city, or village. See Michigan Laws 124.281 New motor vehicle: means a motor vehicle that is purchased or leased in this state or purchased or leased by a resident of this state and is covered by a manufacturer's express warranty at the time of purchase or lease. See Michigan Laws 257.1401 New motor vehicle dealer: means a person or that person's agent who holds a dealer agreement for the sale of new motor vehicles, who is engaged in the business of purchasing, leasing, selling, exchanging, or dealing in new motor vehicles, and who has an established place of business in this state. See Michigan Laws 257.1401 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. Organization: means a person other than an individual. See Michigan Laws 440.1201 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. Person: means a natural person, a sole proprietorship, partnership, corporation, association, unit or agency of government, trust, estate, or other legal entity. See Michigan Laws 257.1401 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l 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 Personal property: All property that is not real property. Present value: means the amount as of a date certain of 1 or more sums payable in the future, discounted to the date certain by use of either an interest rate specified by the parties if that rate is not manifestly unreasonable at the time the transaction is entered into or, if an interest rate is not so specified, a commercially reasonable rate that takes into account the facts and circumstances at the time the transaction is entered into. See Michigan Laws 440.1201 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 Purchase price: means the actual vehicle sales price listed on the buyer's order including any cash payment by the consumer and the sum equal to any allowance for any trade-in but excludes debt from any other transaction as well as any manufacturer to consumer discount, rebate, or incentive appearing in the agreement or contract that the consumer received or that was applied to reduce the purchase cost. See Michigan Laws 257.1401 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 Remedy: means any remedial right to which an aggrieved party is entitled with or without resort to a tribunal. See Michigan Laws 440.1201 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 of this state: means as follows:
(i) For an individual, an individual who is a legal resident of this state. See Michigan Laws 257.1401Right: includes remedy. See Michigan Laws 440.1201 seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nSecurity interest: means an interest in personal property or fixtures which secures payment or performance of an obligation. See Michigan Laws 440.1201 Sewage disposal system: includes all interceptor sewers, storm sewers, sanitary sewers, combined sanitary and storm sewers, sewage treatment plants, and all other plants, works, instrumentalities, and properties used or useful in connection with the collection, treatment, or disposal of sewage or industrial wastes. See Michigan Laws 124.281 Solid waste management system: includes all plants, works, instrumentalities, and properties used or useful in connection with the collection, transportation, processing, or disposal of discarded or waste materials of any sort, including access roads and facilities for resource recovery. See Michigan Laws 124.281 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: 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 Statute: A law passed by a legislature. Tangible document of title: means a document of title evidenced by a record consisting of information that is inscribed on a tangible medium. See Michigan Laws 440.1201 Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201 third party: means a person that has engaged in a transaction or made an agreement subject to this act. See Michigan Laws 440.1201 Trustee: 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 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Warehouse receipt: means a document of title issued by a person engaged in the business of storing goods for hire. See Michigan Laws 440.1201 Water supply system: includes all plants, works, instrumentalities, and properties used or useful in connection with obtaining a water supply, the treatment of water, or the distribution of water. See Michigan Laws 124.281 writing: includes printing, typewriting, or any other intentional reduction to tangible form. See Michigan Laws 440.1201