§ 125.1251 Legislative determination; short title
§ 125.1252 Definitions
§ 125.1253 Powers of municipality generally
§ 125.1253a Programs of water and air pollution control for industries and public utilities; water and air pollution control equipment; powers of municipality
§ 125.1254 Bonds; purpose; issuance; serial or term bonds; interest; form of bonds and coupons; execution; payment; tax exemption; debt limitation inapplicable; registration; applicability of other acts
§ 125.1255 Resolution authorizing issuance of bonds; contents
§ 125.1256 Redemption of bonds
§ 125.1257 Default; receiver
§ 125.1259 Additional bonds; refunding bonds
§ 125.1260 Cost of project
§ 125.1261 Taxation of lessee; liens; recovery
§ 125.1262 Referendum; intention to issue bonds
§ 125.1262a Violation of MCL 168.1 to 168.992 applicable to petitions; penalties
§ 125.1263 Issuance of bonds; application; resolution and project cost estimate; approval by municipal finance commission or successor agency; exception; effect of order; prior approval requirement subject
§ 125.1264 Sale of bonds
§ 125.1265 Municipalities; powers as to industrial buildings and machinery
§ 125.1266 Construction of act; cumulative powers
§ 125.1267 Liberal construction of act

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Terms Used In Michigan Laws > Chapter 125 > Act 62 of 1963 - Industrial Development Revenue Bond Act of 1963

  • Account debtor: means a person obligated on an account, chattel paper, or general intangible. See Michigan Laws 440.9102
  • Adverse claim: means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer, or deal with the financial asset. See Michigan Laws 440.8102
  • Agricultural conservation easement: means a conveyance, by a written instrument, in which, subject to permitted uses, the owner relinquishes to the public in perpetuity his or her development rights and makes a covenant running with the land not to undertake development. See Michigan Laws 324.36201
  • Agricultural lien: means an interest, other than a security interest, in farm products that meets all of the following requirements:
    (i) The interest secures payment or performance of an obligation for 1 or more of the following:
    (A) Goods or services furnished in connection with a debtor's farming operation. See Michigan Laws 440.9102
  • Agricultural use: means substantially undeveloped land devoted to the production of plants and animals useful to humans, including forages and sod crops; grains, feed crops, and field crops; dairy and dairy products; poultry and poultry products; livestock, including breeding and grazing of cattle, swine, captive cervidae, and similar animals; berries; herbs; flowers; seeds; grasses; nursery stock; fruits; vegetables; Christmas trees; and other similar uses and activities. See Michigan Laws 324.36201
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • 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.
  • Appraisal: A determination of property value.
  • 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
  • Arrest: Taking physical custody of a person by lawful authority.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Bank: means an organization that is engaged in the business of banking. See Michigan Laws 440.9102
  • 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.
  • Bearer: means a person in control of a negotiable electronic document of title or a person in possession of an instrument, a negotiable tangible document of title, or a certificated security payable to bearer or indorsed in blank. See Michigan Laws 440.1201
  • 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
  • Board: means the agricultural preservation fund board created in section 36204. See Michigan Laws 324.36201
  • Cash proceeds: means proceeds that are money, checks, deposit accounts, or the like. See Michigan Laws 440.9102
  • Casino: means that term as defined in section 110. See Michigan Laws 206.701
  • Casino licensee: means a person licensed to operate a casino under the Michigan Gaming Control and Revenue Act, 1996 IL 1, MCL 432. See Michigan Laws 206.701
  • Certificate of title: means a certificate of title with respect to which a statute provides for the security interest in question to be indicated on the certificate as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. See Michigan Laws 440.9102
  • Certificated security: means a security that is represented by a certificate. See Michigan Laws 440.8102
  • Chattel paper: means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. See Michigan Laws 440.9102
  • Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority.
  • citation: means a complaint or notice upon which a police officer shall record an occurrence involving 1 or more vehicle law violations by the person cited. See Michigan Laws 257.727c
  • Clearing corporation: means 1 or more of the following:
  •     (i) A person that is registered as a clearing agency under the federal securities laws. See Michigan Laws 440.8102
  • Collateral: means the property subject to a security interest or agricultural lien. See Michigan Laws 440.9102
  • Commission: means the commission of agriculture and rural development. See Michigan Laws 324.36201
  • Commodity account: means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. See Michigan Laws 440.9102
  • Commodity contract: means a commodity futures contract, an option on a commodity futures contract, a commodity option, or another contract if the contract or option is 1 of the following:
  •     (i) Traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws. See Michigan Laws 440.9102
  • Commodity customer: means a person for which a commodity intermediary carries a commodity contract on its books. See Michigan Laws 440.9102
  • Commodity intermediary: means 1 of the following:
  •     (i) A person that is registered as a futures commission merchant under federal commodities law. See Michigan Laws 440.9102
  • Communicate: means either of the following:
  •     (i) Send a signed writing. See Michigan Laws 440.8102
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Consignee: means a merchant to which goods are delivered in a consignment. See Michigan Laws 440.9102
  • Consignment: means a transaction, regardless of its form, in which a person delivers goods to a merchant for the purpose of sale and that meets all of the following:
  •     (i) The merchant deals in goods of that kind under a name other than the name of the person making delivery, is not an auctioneer, and is not generally known by its creditors to be substantially engaged in selling the goods of others. See Michigan Laws 440.9102
  • Consignor: means a person that delivers goods to a consignee in a consignment. See Michigan Laws 440.9102
  • Consumer: means an individual who enters into a transaction primarily for personal, family, or household purposes. See Michigan Laws 440.1201
  • Consumer goods: means goods that are used or bought for use primarily for personal, family, or household purposes. See Michigan Laws 440.9102
  • Consumer transaction: means a transaction in which an individual incurs an obligation primarily for personal, family, or household purposes, a security interest secures the obligation, and the collateral is held or acquired primarily for personal, family, or household purposes. See Michigan Laws 440.9102
  • Consumer-goods transaction: means a consumer transaction in which an individual incurs an obligation primarily for personal, family, or household purposes and a security interest in consumer goods secures the obligation. See Michigan Laws 440.9102
  • Continuation statement: means an amendment of a financing statement which identifies, by its file number, the initial financing statement to which it relates and indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement. See Michigan Laws 440.9102
  • 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.
  • Creditor: includes a general creditor, a secured creditor, a lien creditor, and any representative of creditors, including an assignee for the benefit of creditors, a trustee in bankruptcy, a receiver in equity, and an executor or administrator of an insolvent debtor's or assignor's estate. See Michigan Laws 440.1201
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Debtor: means 1 of the following:
  •     (i) A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor. See Michigan Laws 440.9102
  • 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.
  • Delivery: means either of the following:
  •     (i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201
  • Department: means the department of agriculture and rural development. See Michigan Laws 324.36201
  • Department of natural resources: means the principal state department created in section 501. See Michigan Laws 324.301
  • Deposit account: means a demand, time, savings, passbook, or similar account maintained with a bank. See Michigan Laws 440.9102
  • Development: means an activity that materially alters or affects the existing conditions or use of any land. See Michigan Laws 324.36101
  • Development: means an activity that materially alters or affects the existing conditions or use of any land in a manner that is inconsistent with an agricultural use. See Michigan Laws 324.36201
  • Development rights: means an interest in land that includes the right to construct a building or structure, to improve land for development, or to divide a parcel for development purposes. See Michigan Laws 324.36201
  • Director: means the director of the department of natural resources. See Michigan Laws 324.301
  • Document: means a document of title or a receipt of the type described in section 7201(2). See Michigan Laws 440.9102
  • Document of title: means a record that in the regular course of business or financing is treated as adequately evidencing that the person in possession or control of the record is entitled to receive, control, hold, and dispose of the record and the goods the record covers and that purports to be issued by or addressed to a bailee and to cover goods in the bailee's possession which are either identified or are fungible portions of an identified mass. See Michigan Laws 440.1201
  • Eligible production company: means that term as defined under section 455 of the Michigan business tax act, 2007 PA 36, MCL 208. See Michigan Laws 206.701
  • Employee-owned corporation: means an employee-owned corporation as defined by the employee-owned corporation act. See Michigan Laws 125.1252
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Entitlement holder: means a person identified in the records of a securities intermediary as the person having a security entitlement against the securities intermediary. See Michigan Laws 440.8102
  • Entitlement order: means a notification communicated to a securities intermediary directing transfer or redemption of a financial asset to which the entitlement holder has a security entitlement. See Michigan Laws 440.8102
  • 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.
  • Farm products: means goods, other than standing timber, with respect to which the debtor is engaged in a farming operation and which are 1 of the following:
  •     (i) Crops grown, growing, or to be grown, including crops produced on trees, vines, and bushes, and aquatic goods produced in aquacultural operations. See Michigan Laws 440.9102
  • Farming operation: means raising, cultivating, propagating, fattening, grazing, or any other farming, livestock, or aquacultural operation. See Michigan Laws 440.9102
  • Farmland: means 1 or more of the following:
  •     (i) A farm of 40 or more acres in 1 ownership, with 51% or more of the land area devoted to an agricultural use. See Michigan Laws 324.36201
  • File number: means the number assigned to an initial financing statement pursuant to section 9519(1). See Michigan Laws 440.9102
  • Filing office: means an office designated in section 9501 as the place to file a financing statement. See Michigan Laws 440.9102
  • Filing-office rule: means a rule adopted pursuant to section 9526. See Michigan Laws 440.9102
  • Financial asset: except as otherwise provided in section 8103, means 1 or more of the following:
  •     (i) A security. See Michigan Laws 440.8102
  • Financing statement: means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement. See Michigan Laws 440.9102
  • 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.
  • Fixtures: means goods that have become so related to particular real property that an interest in them arises under real property law. See Michigan Laws 440.9102
  • Flow-through entity: means an entity that for the applicable tax year is treated as an S corporation under section 1362(a) of the internal revenue code, a general partnership, a limited partnership, a limited liability partnership, or a limited liability company, that for the applicable tax year is not taxed as a corporation for federal income tax purposes. See Michigan Laws 206.701
  • 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
  • Fund: means the agricultural preservation fund created in section 36202. See Michigan Laws 324.36201
  • General intangible: means any personal property, including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter-of-credit rights, letters of credit, money, and oil, gas, or other minerals before extraction. See Michigan Laws 440.9102
  • Genuine: means free of forgery or counterfeiting. See Michigan Laws 440.1201
  • 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 when a security interest attaches. See Michigan Laws 440.9102
  • Governing body: means the board, by whatever name known, charged with governing the municipality. See Michigan Laws 125.1252
  • Governmental unit: means a subdivision, agency, department, county, parish, municipality, or other unit of the government of the United States, a state, or a foreign country. See Michigan Laws 440.9102
  • Grant: means a grant for the purchase of an agriculture conservation easement under this part. See Michigan Laws 324.36201
  • Health-care-insurance receivable: means an interest in or claim under a policy of insurance which is a right to payment of a monetary obligation for health-care goods or services provided. See Michigan Laws 440.9102
  • Holder: means any of the following:
  •     (i) A person in possession of a negotiable instrument that is payable either to bearer or to an identified person that is the person in possession. See Michigan Laws 440.1201
  • 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
  • Indorsement: means a signature that alone or accompanied by other words is made on a security certificate in registered form or on a separate document for the purpose of assigning, transferring, or redeeming the security or granting a power to assign, transfer, or redeem the security. See Michigan Laws 440.8102
  • Industrial building: means a building or structure suitable for, and intended for or incidental to, use as a factory, mill, shop, processing plant, assembly plant, fabricating plant, warehouse, research and development facility, an engineering, architectural, or design facility, or a tourist and resort facility. See Michigan Laws 125.1252
  • Industrial machinery and equipment: means such machinery and equipment, including water and air pollution control equipment and solid waste disposal facilities, other than vehicular equipment, as shall be necessary, suitable, intended for, or incidental to the use to which the industrial building in or near which the machinery or equipment shall be situated is to be put. See Michigan Laws 125.1252
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Instruction: means a notification communicated to the issuer of an uncertificated security which directs that the transfer of the security be registered or that the security be redeemed. See Michigan Laws 440.8102
  • Instrument: means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in ordinary course of business is transferred by delivery with any necessary indorsement or assignment. See Michigan Laws 440.9102
  • Inventory: means goods, other than farm products, that meet 1 of the following:
  •     (i) Are leased by a person as lessor. See Michigan Laws 440.9102
  • Investment property: means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract, or commodity account. See Michigan Laws 440.9102
  • 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
  • Letter-of-credit right: means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. See Michigan Laws 440.9102
  • License: includes the whole or part of an agency permit, certificate, approval, registration, charter, or similar form of permission required by law. See Michigan Laws 24.205
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Lien creditor: means 1 or more of the following:
  •     (i) A creditor that has acquired a lien on the property involved by attachment, levy, or the like. See Michigan Laws 440.9102
  • Lineal descendant: Direct descendant of the same ancestors.
  • local unit: means a municipality or county. See Michigan Laws 324.301
  • Manufactured home: means a structure, transportable in 1 or more sections, which, in the traveling mode, is 8 body feet or more in width or 40 body feet or more in length, or when erected on site, is 320 or more square feet, and which is built on a permanent chassis and designed to be used as a dwelling with or without a permanent foundation when connected to the required utilities, and includes the plumbing, heating, air-conditioning, and electrical systems contained therein. See Michigan Laws 440.9102
  • Manufactured-home transaction: means a secured transaction that creates a purchase-money security interest in a manufactured home, other than a manufactured home held as inventory, or in which a manufactured home, other than a manufactured home held as inventory, is the primary collateral. See Michigan Laws 440.9102
  • Member: means a shareholder of an S corporation, a partner in a general partnership, a limited partnership, or a limited liability partnership, a member of a limited liability company, or a beneficiary of a trust, that is a flow-through entity. See Michigan Laws 206.701
  • monetary obligation: means a monetary obligation secured by the goods or owed under a lease of the goods and includes a monetary obligation with respect to software used in the goods. See Michigan Laws 440.9102
  • Money: means a medium of exchange authorized or adopted by a domestic or foreign government. See Michigan Laws 440.1201
  • 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.
  • Municipality: means a county, city, incorporated village, township, or port district. See Michigan Laws 125.1252
  • New debtor: means a person that becomes bound as debtor under section 9203(4) by a security agreement previously entered into by another person. See Michigan Laws 440.9102
  • New value: means money, money's worth in property, services, or new credit, or release by a transferee of an interest in property previously transferred to the transferee. See Michigan Laws 440.9102
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Noncash proceeds: means proceeds other than cash proceeds. See Michigan Laws 440.9102
  • Nonresident: means an individual who is not a resident of or domiciled in this state, a business entity that does not have its commercial domicile in this state, or a trust not organized in this state. See Michigan Laws 206.701
  • Notice: means a written or electronic record that informs a person of past or future action of the person generating the record. See Michigan Laws 24.205
  • 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.
  • Obligor: means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral, owes payment or other performance of the obligation, has provided property other than the collateral to secure payment or other performance of the obligation, or is otherwise accountable in whole or in part for payment or other performance of the obligation. See Michigan Laws 440.9102
  • Office: means , unless expressly stated otherwise, the office of performance and transformation. See Michigan Laws 24.205
  • Organization: means a person other than an individual. See Michigan Laws 440.1201
  • Original debtor: means , except as used in section 9310(3), a person that, as debtor, entered into a security agreement to which a new debtor has become bound under section 9203(4). See Michigan Laws 440.9102
  • Owner: means a person having a freehold estate in land coupled with possession and enjoyment. See Michigan Laws 324.36201
  • 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.
  • Partnership: means a taxpayer that is required to or has elected to file as a partnership for federal income tax purposes. See Michigan Laws 206.701
  • Party: means a person or agency named, admitted, or properly seeking and entitled of right to be admitted, as a party in a contested case. See Michigan Laws 24.205
  • Payment intangible: means a general intangible under which the account debtor's principal obligation is a monetary obligation. See Michigan Laws 440.9102
  • Permitted use: means any use expressly authorized within an agriculture conservation easement consistent with the farming operation or that does not adversely affect the productivity of the farmland. See Michigan Laws 324.36201
  • Person: means an individual, partnership, association, corporation, limited liability company, limited liability partnership, governmental subdivision, or public or private organization of any kind other than the agency engaged in the particular processing of a rule, declaratory ruling, or contested case. See Michigan Laws 24.205
  • Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 324.301
  • 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
  • Personal property: All property that is not real property.
  • 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.
  • Pollution control facilities: means water and air pollution control equipment and solid waste disposal facilities or any of them. See Michigan Laws 125.1252
  • Presentence report: A report prepared by a court's probation officer, after a person has been convicted of an offense, summarizing for the court the background information needed to determine the appropriate sentence. Source: U.S. Courts
  • Probate: Proving a will
  • Proceeds: means , except as used in section 9609(2), 1 or more of the following property:
  •     (i) Whatever is acquired upon the sale, lease, license, exchange, or other disposition of collateral. See Michigan Laws 440.9102
  • Promissory note: means an instrument that evidences a promise to pay a monetary obligation, does not evidence an order to pay, and does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds. See Michigan Laws 440.9102
  • Proposal: means a record authenticated by a secured party which includes the terms on which the secured party is willing to accept collateral in full or partial satisfaction of the obligation it secures pursuant to sections 9620, 9621, and 9622. See Michigan Laws 440.9102
  • Public organic record: means a record that is available to the public for inspection and is any of the following:
  •     (i) A record consisting of the record initially filed with or issued by a state or the United States to form or organize an organization and any record filed with or issued by the state or the United States which amends or restates the initial record. See Michigan Laws 440.9102
  • Public utility: means a person, firm, or corporation engaged in the manufacture, production, generation, or distribution of electricity, steam heat, gas, or any combination thereof, for sale to the public. See Michigan Laws 125.1252
  • Publicly traded partnership: means that term as defined under section 7704 of the internal revenue code. See Michigan Laws 206.701
  • Purchaser: means a person that takes by purchase. See Michigan Laws 440.1201
  • Quorum: The number of legislators that must be present to do business.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Record: means information that is inscribed on a paper or electronic medium. See Michigan Laws 24.205
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Michigan Laws 440.1201
  • record owner: means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form. See Michigan Laws 440.9102
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Registered organization: means an organization organized solely under the law of a single state or the United States by the filing of a public organic record with, the issuance of a public organic record by, or the enactment of legislation by the state or the United States. See Michigan Laws 440.9102
  • 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.
  • Remand: When an appellate court sends a case back to a lower court for further proceedings.
  • Representative: means a person empowered to act for another, including an agent, an officer of a corporation or association, and a trustee, executor, or administrator of an estate. See Michigan Laws 440.1201
  • Right: includes remedy. See Michigan Laws 440.1201
  • S corporation: means a corporation electing taxation under subchapter S of chapter 1 of subtitle A of the internal revenue code, section 1361 to 1379 of the internal revenue code. See Michigan Laws 206.701
  • Secondary obligor: means an obligor to the extent that the obligor's obligation is secondary or the obligor has a right of recourse with respect to an obligation secured by collateral against the debtor, another obligor, or property of either. See Michigan Laws 440.9102
  • Secured party: means 1 or more of the following:
  •     (i) A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding. See Michigan Laws 440.9102
  • Securities intermediary: means either of the following:
  •     (i) A clearing corporation. See Michigan Laws 440.8102
  • Security: except as otherwise provided in section 8103, means an obligation of an issuer or a share, participation, or other interest in an issuer or in property or an enterprise of an issuer and is all of the following:
  •     (i) Represented by a security certificate in bearer or registered form, or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer. See Michigan Laws 440.8102
  • Security agreement: means an agreement that creates or provides for a security interest. See Michigan Laws 440.9102
  • Security certificate: means a certificate representing a security. See Michigan Laws 440.8102
  • Security entitlement: means the rights and property interest of an entitlement holder with respect to a financial asset specified in part 5. See Michigan Laws 440.8102
  • Security 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.
  • 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
  • Signed: includes any symbol executed or adopted by a party with present intention to adopt or accept a writing. See Michigan Laws 440.1201
  • Software: means a computer program and any supporting information provided in connection with a transaction relating to the program. See Michigan Laws 440.9102
  • Solid waste disposal facilities: includes any and all buildings, plants, structures, equipment, or facilities and their appurtenances, together with lands or interest in lands therefor or a portion thereof, which qualify as solid waste disposal facilities under section 103(c)(4) of the federal internal revenue code. See Michigan Laws 125.1252
  • 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 440.9102
  • 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
  • State land use agency: means the department of agriculture and rural development. See Michigan Laws 324.36101
  • Statute: A law passed by a legislature.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Supporting obligation: means a letter-of-credit right or secondary obligation that supports the payment or performance of an account, chattel paper, a document, a general intangible, an instrument, or investment property. See Michigan Laws 440.9102
  • Tangible chattel paper: means chattel paper evidenced by a record or records consisting of information that is inscribed on a tangible medium. See Michigan Laws 440.9102
  • Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201
  • Termination statement: means an amendment of a financing statement that identifies, by its file number, the initial financing statement to which it relates and indicates either that it is a termination statement or that the identified financing statement is no longer effective. See Michigan Laws 440.9102
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • 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.
  • Transmitting utility: means a person primarily engaged in the business of 1 of the following:
  •     (i) Operating a railroad, subway, street railway, or trolley bus. See Michigan Laws 440.9102
  • 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.
  • Uncertificated security: means a security that is not represented by a certificate. See Michigan Laws 440.8102
  • 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
  • Venue: The geographical location in which a case is tried.
  • Water and air pollution control equipment: includes buildings, plants, structures, facilities, and equipment and their appurtenances, together with lands or interest in lands therefor or a portion thereof, used or to be used as a change in manufacturing, production, generation, transmission, or distribution process to prevent, reduce, recover, remove, disperse, neutralize, control, or eliminate air or water pollution. See Michigan Laws 125.1252
  • writing: includes printing, typewriting, or any other intentional reduction to tangible form. See Michigan Laws 440.1201