Michigan Laws > Chapter 600 > Act 236 of 1961 > Chapter 62 – Installment Judgments
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Terms Used In Michigan Laws > Chapter 600 > Act 236 of 1961 > Chapter 62 - Installment Judgments
- 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.
- business opportunity: means the sale or lease of any products, equipment, supplies, or services for the purpose of enabling the purchaser to start a business, and in which the seller represents 1 or more of the following:
(i) That the seller will provide locations or assist the purchaser in finding locations for the use or operation of vending machines, racks, display cases, or other similar devices, or currency operated amusement machines or devices, on premises neither owned nor leased by the purchaser or seller. See Michigan Laws 445.902Contract: 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. Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Dependent: A person dependent for support upon another. 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. Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC 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. Fraud: Intentional deception resulting in injury to another. Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. 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 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 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. Performing group: means a vocal or instrumental group seeking to use the name of another group that has previously released a commercial sound recording under that name. See Michigan Laws 445.902 Person: means an individual, corporation, limited liability company, trust, partnership, incorporated or unincorporated association, or other legal entity. See Michigan Laws 445.902 Personal property: All property that is not real property. Plaintiff: The person who files the complaint in a civil lawsuit. Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Recording group: means a vocal or instrumental group that meets both of the following:
(i) At least 1 of the members of the group has previously released a commercial sound recording under the group's name. See Michigan Laws 445.902Service of process: The service of writs or summonses to the appropriate party. 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 Sound recording: means a work that results from the fixation on a material object of a series of musical, spoken, or other sounds regardless of the nature of the material object, such as a disk, tape, or other phono-record, in which the sounds are embodied. See Michigan Laws 445.902 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. Statute of limitations: A law that sets the time within which parties must take action to enforce their rights. Trade or commerce: means the conduct of a business providing goods, property, or service primarily for personal, family, or household purposes and includes the advertising, solicitation, offering for sale or rent, sale, lease, or distribution of a service or property, tangible or intangible, real, personal, or mixed, or any other article, or a business opportunity. See Michigan Laws 445.902 Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Writ: A formal written command, issued from the court, requiring the performance of a specific act.