Terms Used In Michigan Laws > Chapter 124 > Act 258 of 2003 - Land Bank Fast Track Act

• Advanced illness: except as otherwise provided in this subdivision, means a medical or surgical condition with significant functional impairment that is not reversible by curative therapies and that is anticipated to progress toward death despite attempts at curative therapies or modulation, the time course of which may or may not be determinable through reasonable medical prognostication. See Michigan Laws 333.5653
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority: means a land bank fast track authority created under section 15, section 23(4), or section 23(5). See Michigan Laws 124.753
• Authority: means the Michigan veterans' facility authority created under section 3. See Michigan Laws 36.102
• Authority board: means the board of directors of the state authority appointed under section 16. See Michigan Laws 124.753
• 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.
• board: means the board of directors of the authority. See Michigan Laws 36.102
• Bond: means a bond, note, or other obligation issued by the authority under this act. See Michigan Laws 36.102
• Care: includes treatment, control, transportation, confinement, and isolation in a facility or other location. See Michigan Laws 333.5101
• Casino: means a casino regulated by this state under the Michigan Gaming Control and Revenue Act, 1996 IL 1, MCL 432. See Michigan Laws 124.753
• Commercial unit: means a unit of goods that by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See Michigan Laws 440.2803
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Conforming: means goods or performance under a lease contract that are in accordance with the obligations under the lease contract. See Michigan Laws 440.2803
• 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.
• County authority: means a county land bank fast track authority created by a county foreclosing governmental unit under section 23(4). See Michigan Laws 124.753
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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.
• Department: means the department of military and veterans affairs. See Michigan Laws 35.1212
• Department: means the department of military and veterans affairs. See Michigan Laws 35.1252
• Department: means the department of military and veterans affairs. See Michigan Laws 36.102
• Department: means the department of labor and economic opportunity. See Michigan Laws 124.753
• Dependent: A person dependent for support upon another.
• Develop: means to plan, acquire, construct, improve, enlarge, maintain, renew, renovate, repair, replace, lease, equip, furnish, market, promote, manage, or operate. See Michigan Laws 36.102
• Devise: To gift property by will.
• Director: means the director of the department. See Michigan Laws 35.1252
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• 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 market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreclosing governmental unit: means that term as defined in section 78 of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 124.753
• 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}
• Fraud: Intentional deception resulting in injury to another.
• Fund: means the land bank fast track fund created in section 18. See Michigan Laws 124.753
• Fund: means the military family relief fund created in section 3. See Michigan Laws 35.1212
• Fund: means the veterans cemetery fund created in section 5. See Michigan Laws 35.1252
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures under section 2A309, but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See Michigan Laws 440.2803
• 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.
• Health facility: means a health facility or agency licensed under article 17. See Michigan Laws 333.5653
• Hospice: means that term as defined in section 20106. See Michigan Laws 333.5653
• 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
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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}
• Intergovernmental agreement: means a contractual agreement between 1 or more governmental agencies, including, but not limited to, an interlocal agreement to jointly exercise any power, privilege, or authority that the agencies share in common and that each might exercise separately under the urban cooperation act of 1967, 1967 (Ex Sess) PA 7, MCL 124. See Michigan Laws 124.753
• Intestate: Dying without leaving a will.
• 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}
• Lessee: means a person who acquires the right to possession and use of goods under a lease. See Michigan Laws 440.2803
• Lessor: means a person who transfers the right to possession and use of goods under a lease. See Michigan Laws 440.2803
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Local authority: means a local land bank fast track authority created by a qualified city under section 23(5), with the local land bank fast track authority having control over properties within its geographical boundaries, unless that local land bank fast track authority approves an intergovernmental agreement as allowed under this act. See Michigan Laws 124.753
• Local unit of government: means a city, village, township, county, or any intergovernmental, metropolitan, or local department, agency, or authority, or other local political subdivision. See Michigan Laws 124.753
• Majority leader: see Floor Leaders
• Medical treatment: means a treatment including, but not limited to, palliative care treatment, or a procedure, medication, surgery, a diagnostic test, or a hospice plan of care that may be ordered, provided, or withheld or withdrawn by a health professional or a health facility under generally accepted standards of medical practice and that is not prohibited by law. See Michigan Laws 333.5653
• Michigan economic development corporation: means the public body corporate created under section 28 of article VII of the state constitution of 1963 and the urban cooperation act of 1967, 1967 (Ex Sess) PA 7, MCL 124. See Michigan Laws 124.753
• Michigan state housing development authority: means the Michigan state housing development authority created under the state housing development authority act of 1966, 1966 PA 346, MCL 125. See Michigan Laws 124.753
• Michigan strategic fund: means the Michigan strategic fund as described in the Michigan strategic fund act, 1984 PA 270, MCL 125. See Michigan Laws 124.753
• Michigan veteran homes: means the administrative entity that centrally manages and operates veterans' facilities in this state. See Michigan Laws 36.102
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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.
• occupational disease: means an illness of the human body arising out of and in the course of an individual's employment and having 1 or more of the following characteristics: