Terms Used In Michigan Laws > Chapter 600 > Act 236 of 1961 > Chapter 32 - Foreclosure of Mortgages by Advertisement

• 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.
• Assignment: means any written stock power, bond power, bill of sale, deed, declaration of trust or other instrument of transfer. See Michigan Laws 441.101
• 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.
• 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}
• Claim of beneficial interest: means a claim of any interest by a decedent's legatee, distributee, heir or creditor, a beneficiary under a trust, a ward, a beneficial owner of a security registered in the name of a nominee, or a minor owner of a security registered in the name of a custodian, or a claim of any similar interest, whether the claim is asserted by the claimant or by a fiduciary or by any other authorized person on his behalf, and includes a claim that the transfer would be in breach of fiduciary duties. See Michigan Laws 441.101
• Contract: 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.
• Corporation: means a private or public corporation, association or trust issuing a security. See Michigan Laws 441.101
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• 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
• 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
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian or nominee. See Michigan Laws 441.101
• 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}
• Going out of business sale: means any sale, whether described by such name or by any other name such as, but not limited to, "closing out sales" "liquidation sales" "lost our lease sale" "forced to vacate sale" held in such a manner as to indicate a belief that upon disposal of the stock of goods on hand, the business will cease and discontinue at the premises where the sale is conducted. See Michigan Laws 442.211
• Goods: means all goods, wares, merchandise and other personal property, excepting, choses in action and money. See Michigan Laws 442.211
• grantee: may be construed as including every person to whom any such interest or estate passes in like manner. See Michigan Laws 8.3e
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Highway or street: means a highway or street as defined in section 20 of Act No. See Michigan Laws 257.1702
• 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}
• Legatee: A beneficiary of a decedent
• Lien: A claim against real or personal property in satisfaction of a debt.
• month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
• 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.
• 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 Act No. See Michigan Laws 257.1702
• 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 an individual, sole proprietorship, partnership, corporation, or other legal entity. See Michigan Laws 257.1702
• Person: includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, 2 or more persons having a joint or common interest, or any other legal or commercial entity. See Michigan Laws 441.101
• Person: includes a person, firm, corporation, partnership, association or 2 or more persons having a joint or common interest. See Michigan Laws 442.211
• 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.
• Political subdivision: means a village, city, township, county, or a university of this state. See Michigan Laws 257.1572
• Racing event: means a motor vehicle race which is sanctioned by a nationally or internationally recognized racing organization, and includes preparations, practices, and qualifications for the race. See Michigan Laws 257.1702
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Removal sale: means any sale held in such a manner as to induce a belief that upon disposal of the stock of goods on hand, the business will cease and discontinue at the premises where the sale is conducted, and thereafter will be moved to and occupy another location. See Michigan Laws 442.211
• Security: includes any share of stock, bond, debenture, note or other security issued by a corporation which is registered as to ownership on the books of the corporation. See Michigan Laws 441.101
• 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.
• Taxicab: means a motor vehicle with a seating capacity of 8 passengers or fewer, including the driver, that is equipped with a roof light and that carries passengers for a fee usually determined by the distance traveled. See Michigan Laws 257.2102
• Transfer: means a change on the books of a corporation in the registered ownership of a security. See Michigan Laws 441.101
• Transfer agent: means a person employed or authorized by a corporation to transfer securities issued by the corporation. See Michigan Laws 441.101
• Transportation network company: means a person operating in this state that uses a digital network to connect transportation network company riders to transportation network company drivers who provide transportation network company prearranged rides. See Michigan Laws 257.2102
• Trustee: A person or institution holding and administering property in trust.
• Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
• 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