Terms Used In Michigan Laws > Chapter 565 > Act 237 of 1879 - Land Contracts

• Assignee: means assignee of the vendor named in a land contract, a succeeding assignee, or a land contract mortgagee who became the absolute holder of the land contract as a result of security enforcement procedures. See Michigan Laws 565.356
• Contract: A legal written agreement that becomes binding when signed.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Grantee: means grantee of the vendor named in a land contract, a succeeding grantee, or a grantee pursuant to a mortgage foreclosure of a mortgage upon the land but subordinate to the land contract. See Michigan Laws 565.356
• Land contract mortgage: means a mortgage granted by a vendor or a vendee. See Michigan Laws 565.356
• Land contract mortgagee: means the holder of a land contract mortgage granted by a vendor or vendee, or his or her heirs, successors, or assigns. See Michigan Laws 565.356
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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.
• Nonmortgaging vendee: means a vendee who has not entered into a land contract mortgage granted by his or her vendor. See Michigan Laws 565.356
• Nonmortgaging vendor: means a vendor who has not entered into a land contract mortgage granted by his or her vendee. See Michigan Laws 565.356
• 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.
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• Real estate mortgage: means a mortgage granted upon an interest in real property, other than a mortgage upon a vendor's or vendee's interest in a land contract unless the vendor and the vendee join in or subject their respective interests to a single mortgage. See Michigan Laws 565.356
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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
• 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}
• Vendee: means the vendee named in the land contract and the vendee's heirs, successors, or assigns. See Michigan Laws 565.356
• Vendor: means the vendor named in the land contract and the vendor's heirs, successors, or assigns. See Michigan Laws 565.356