Terms Used In Michigan Laws > Chapter 445 > Act 95 of 1981 - The Precious Metal and Gem Dealer Act

• Agent or employee: means a person who, for compensation or valuable consideration, is employed either directly or indirectly by a dealer. See Michigan Laws 445.482
• Appraisal: A determination of property value.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Dealer: means any person, corporation, partnership, or association, which, in whole or in part, engages in the ordinary course of repeated and recurrent transactions of buying or receiving precious items from the public within this state. See Michigan Laws 445.482
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• District: means the judicial districts provided for in chapter 81. See Michigan Laws 600.5701
• 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}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• Gold: means elemental gold having an atomic weight of 196. See Michigan Laws 445.482
• 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
• Internet drop-off store: means a person, corporation, or firm that contracts with other persons, corporations, or firms to offer its precious items for sale, purchase, consignment, or trade through means of an internet website and meets the conditions described in section 3(3). See Michigan Laws 445.482
• Jewelry: means an ornamental item made of a material that includes a precious gem. See Michigan Laws 445.482
• judgment: as used in this act , includes decree. See Michigan Laws 600.112
• 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: includes a written or verbal lease or license agreement for use or possession of premises. See Michigan Laws 600.5701
• Local governmental unit: means a city, village, township, or county. See Michigan Laws 445.482
• Local police agency: means the police agency of the city, village, or township, or if none, the county sheriff of the county, in which the dealer or internet drop-off store conducts business. See Michigan Laws 445.482
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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: 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.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Platinum: means elemental platinum having an atomic weight of 195. See Michigan Laws 445.482
• Precious gem: means a diamond, alexandrite, ruby, sapphire, opal, amethyst, emerald, aquamarine, morganite, garnet, jadeite, topaz, tourmaline, turquoise, or pearl. See Michigan Laws 445.482
• Precious item: means jewelry, a precious gem, or an item containing gold, silver, or platinum. See Michigan Laws 445.482
• Premises: includes lands, tenements, condominium property, cooperative apartments, air rights and all manner of real property. See Michigan Laws 600.5701
• Prison: means a facility that incarcerates or detains juveniles or adults accused of, convicted of, sentenced for, or adjudicated delinquent for, violations of state or local law. See Michigan Laws 600.5531
• Probate: Proving a will
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Relief: means all relief in any form that may be granted or approved by the court, and includes consent decrees but does not include private settlement agreements. See Michigan Laws 600.5531
• 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.
• Silver: means elemental silver having an atomic weight of 107. See Michigan Laws 445.482
• 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
• Summary proceedings: means a civil action to recover possession of premises and to obtain certain ancillary relief as provided by this chapter and by court rules adopted in connection therewith. See Michigan Laws 600.5701
• United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
• Venue: The geographical location in which a case is tried.