Michigan Laws > Chapter 600 > Act 236 of 1961 > Chapter 31 – Foreclosure of Mortgages and Land Contracts
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Terms Used In Michigan Laws > Chapter 600 > Act 236 of 1961 > Chapter 31 - Foreclosure of Mortgages and Land Contracts
- 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.
- Allegation: something that someone says happened.
- Appraisal: A determination of property value.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Business entity: means a corporation, trust, estate, partnership, cooperative, or association or a natural person who furnishes to the extender of the credit a sworn statement in writing specifying the type of business and business purpose for which the proceeds of the loan or other extension of credit will be used. See Michigan Laws 438.61
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- 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. Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC Deed: The legal instrument used to transfer title in real property from one person to another. Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Electric patrol vehicle: means an electrically powered motor vehicle designed to carry not more than 4 persons at a speed of not more than 25 miles per hour and having an unloaded weight of not more than 1,300 pounds. See Michigan Laws 257.1572 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. Forbearance: A means of handling a delinquent loan. A 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: may be construed as including every person to whom any such interest or estate passes in like manner. See Michigan Laws 8.3e 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 Interest 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 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 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 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 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Mortgagee: The person to whom property is mortgaged and who has loaned the money. Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money. 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 National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC 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. 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 Plaintiff: The person who files the complaint in a civil lawsuit. Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court. Political subdivision: means a village, city, township, county, or a university of this state. See Michigan Laws 257.1572 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. 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 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Related entity: means a business entity other than a natural person whose members, owners, partners, or limited partners include a state or national chartered bank, a state or federal chartered savings bank, a state or federal chartered savings and loan association, a state or federal chartered credit union, an insurance carrier, or finance subsidiary of a manufacturing corporation. See Michigan Laws 438.61 Resident of this state: means as follows:
(i) For an individual, an individual who is a legal resident of this state. See Michigan Laws 257.1401seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nSettlement: 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. shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c Sidewalk: means a paved public sidewalk intended for pedestrian use situated outside of and adjacent to the improved portion of a street or highway designed for vehicular travel. See Michigan Laws 257.1572 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 Statute: A law passed by a legislature. Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Trustee: A person or institution holding and administering property in trust. Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC 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 Usury: Charging an illegally high interest rate on a loan. Source: OCC