Michigan Laws > Chapter 124 > Act 387 of 2012 – Regional Transit Authority Act
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Terms Used In Michigan Laws > Chapter 124 > Act 387 of 2012 - Regional Transit Authority Act
- Aggrieved party: means a party entitled to resort to a remedy. See Michigan Laws 440.1201
- Authority: means a regional transit authority created under this act. See Michigan Laws 124.542
- Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
- Board: means the governing body of an authority. See Michigan Laws 124.542
- Buyer: means a person who buys or contracts to buy goods. See Michigan Laws 440.2103
- City: means a city incorporated under the home rule city act, 1909 PA 279, MCL 117. See Michigan Laws 124.542
- 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
- Consumer: means an individual who enters into a transaction primarily for personal, family, or household purposes. See Michigan Laws 440.1201
- Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed $25,000. See Michigan Laws 440.2803
- Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Michigan Laws 440.2106
- 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 executive: means the county executive of a county or, if the county does not have an elected county executive, the chair of the county board of commissioners. See Michigan Laws 124.542
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Delivery: means either of the following:
(i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201Department: means the state transportation department. See Michigan Laws 124.542 Devise: To gift property by will. 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: Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC Fiduciary: A trustee, executor, or administrator. Finance lease: means a lease with respect to which all of the following apply:
(i) The lessor does not select, manufacture, or supply the goods. See Michigan Laws 440.2803Fiscal year: means the time period between October 1 of a calendar year through September 30 of the following calendar year. See Michigan Laws 124.542 Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC Fraud: Intentional deception resulting in injury to another. Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Good faith: except as otherwise provided in article 5, means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Michigan Laws 440.1201 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 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 Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Michigan Laws 440.2803 Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this article. See Michigan Laws 440.2803 Lease contract: means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. See Michigan Laws 440.2803 Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Michigan Laws 440.2803 Legacy: A gift of property made by will. 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. Local road agency: means that term as defined in section 9a of 1951 PA 51, MCL 247. See Michigan Laws 124.542 Member jurisdiction: means a city or county that appoints a member of a board under section 5. See Michigan Laws 124.542 Money: means a medium of exchange authorized or adopted by a domestic or foreign government. See Michigan Laws 440.1201 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. Oversight: Committee review of the activities of a Federal agency or program. Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. See Michigan Laws 440.1201 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. Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Public transit region: means an area of this state consisting of a qualified region. See Michigan Laws 124.542 Public transportation: means the movement of individuals and goods by publicly owned bus, rapid transit vehicle, or other conveyance that provides general or special service to the public, but not including school buses or charter or sightseeing service or transportation that is used exclusively for school purposes. See Michigan Laws 124.542 Public transportation provider: means a public or private entity that provides public transportation services and includes a contractor providing services to a public transportation provider. See Michigan Laws 124.542 Public transportation system: means a system for providing public transportation in the form of light rail, rolling rapid transit, or other modes of public transportation and public transportation facilities to individuals. See Michigan Laws 124.542 Qualified county: means a county in this state with the largest population according to the most recent decennial census. See Michigan Laws 124.542 Qualified region: means a geographic area of this state that includes a qualified county and the 3 counties with the largest populations according to the most recent decennial census that are contiguous to the qualified county. See Michigan Laws 124.542 Quorum: The number of legislators that must be present to do business. Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Remedy: means any remedial right to which an aggrieved party is entitled with or without resort to a tribunal. See Michigan Laws 440.1201 Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. Right: includes remedy. See Michigan Laws 440.1201 Rolling rapid transit system: means bus services that may combine the technology of intelligent transportation systems, traffic signal priority, cleaner and quieter vehicles, rapid and convenient fare collection, and integration with land use policy. See Michigan Laws 124.542 seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nSecurity interest: means an interest in personal property or fixtures which secures payment or performance of an obligation. See Michigan Laws 440.1201 Settlement: 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. Signed: includes any symbol executed or adopted by a party with present intention to adopt or accept a writing. See Michigan Laws 440.1201 State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 440.1201 Statute of limitations: A law that sets the time within which parties must take action to enforce their rights. Sublease: means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease. See Michigan Laws 440.2803 Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201 Testimony: Evidence presented orally by witnesses during trials or before grand juries. third party: means a person that has engaged in a transaction or made an agreement subject to this act. See Michigan Laws 440.1201 Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o writing: includes printing, typewriting, or any other intentional reduction to tangible form. See Michigan Laws 440.1201