Michigan Laws > Chapter 141 > Act 243 of 1980 – Emergency Municipal Loan Act
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Terms Used In Michigan Laws > Chapter 141 > Act 243 of 1980 - Emergency Municipal Loan Act
- Agent: includes , but is not limited to, an attorney-in-fact under a durable or nondurable power of attorney and an individual authorized to make decisions as a patient advocate concerning another's health care. See Michigan Laws 700.1103
- 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.
- Amortization: Paying off a loan by regular installments.
- Application: means a written request to the probate register for an order of informal probate or informal appointment under part 3 of article III. See Michigan Laws 700.1103
- Attorney: means , if appointed to represent a child under the provisions referenced in section 5213, an attorney serving as the child's legal advocate in the manner defined and described in section 13a of chapter XIIA of the probate code of 1939, 1939 PA 288, MCL 712A. See Michigan Laws 700.1103
- Board: means the local emergency financial assistance loan board created under section 2. See Michigan Laws 141.931
- Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
- Claim: includes , but is not limited to, in respect to a decedent's or protected individual's estate, a liability of the decedent or protected individual, whether arising in contract, tort, or otherwise, and a liability of the estate that arises at or after the decedent's death or after a conservator's appointment, including funeral and burial expenses and costs and expenses of administration. See Michigan Laws 700.1103
- Conservator: means a person appointed by a court to manage a protected individual's estate. See Michigan Laws 700.1103
- Continuance: Putting off of a hearing ot trial until a later time.
- 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.
- Court: means the probate court or, when applicable, the family division of circuit court. See Michigan Laws 700.1103
- Court: means the probate court or the court with responsibility with regard to mental health services for the county of residence of an individual with developmental disability, or for the county in which the individual was found if a county of residence cannot be determined. See Michigan Laws 330.1600
- Criminal abuse: means 1 or more of the following:
(i) An assault that is a violation or an attempt or conspiracy to commit a violation of section 81 to 90 of the Michigan penal code, Act No. See Michigan Laws 330.1700Decedent: A deceased person. Dependent: A person dependent for support upon another. Descendant: means , in relation to an individual, all of his or her descendants of all generations, with the relationship of parent and child at each generation being determined by the definitions of child and parent contained in this act. See Michigan Laws 700.1103 Disability: means cause for a protective order as described in section 5401. See Michigan Laws 700.1103 Distributee: means a person that receives a decedent's property from the decedent's personal representative or trust property from the trustee other than as a creditor or purchaser. See Michigan Laws 700.1103 Environmental law: means a federal, state, or local law, rule, regulation, or ordinance that relates to the protection of the environment or human health. See Michigan Laws 700.1104 Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this act as the property is originally constituted and as it exists throughout administration. See Michigan Laws 700.1104 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. Fiduciary: A trustee, executor, or administrator. Fiduciary: includes , but is not limited to, a personal representative, funeral representative, guardian, conservator, trustee, plenary guardian, partial guardian, and successor fiduciary. See Michigan Laws 700.1104 Financial institution: means an organization authorized to do business under state or federal laws relating to a financial institution and includes, but is not limited to, a bank, trust company, savings bank, building and loan association, savings and loan company or association, credit union, insurance company, and entity that offers mutual fund, securities brokerage, money market, or retail investment accounts. See Michigan Laws 700.1104 Fiscal year: means , unless otherwise provided in this act, the fiscal year of the municipality applying for a loan under this act. See Michigan Laws 141.931 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. Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances: Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Guardian: means a person who has qualified as a guardian of a minor or a legally incapacitated individual under a parental or spousal nomination or a court appointment and includes a limited guardian as described in sections 5205, 5206, and 5306. See Michigan Laws 700.1104 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 care corporation: means a nonprofit health care corporation operating under the nonprofit health care corporation reform act, Act No. See Michigan Laws 330.1700 Income tax collections: means the total collection of a municipality under the city income tax act, 1964 PA 284, MCL 141. See Michigan Laws 141.931 Income tax revenue growth rate: means the quotient of the following:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
(i) The numerator is the income tax collections of the municipality for the calendar year immediately preceding the municipality's application for a loan under this act. See Michigan Laws 141.931Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC 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 Issue: means an individual's descendant. See Michigan Laws 700.1105 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 Lease: includes , but is not limited to, an oil, gas, or other mineral lease. See Michigan Laws 700.1105 Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint Letters: includes , but is not limited to, letters testamentary, letters of guardianship, letters of administration, and letters of conservatorship. See Michigan Laws 700.1105 Lien: A claim against real or personal property in satisfaction of a debt. Majority leader: see Floor Leaders Michigan prudent investor rule: means the fiduciary investment and management rule prescribed by part 5 of this article. See Michigan Laws 700.1106 Minor: means an individual who is less than 18 years of age. See Michigan Laws 700.1106 Minority leader: See Floor Leaders Money: means legal tender or a note, draft, certificate of deposit, stock, bond, check, or credit card. See Michigan Laws 700.1106 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: means a conveyance, agreement, or arrangement in which property is encumbered or used as security. See Michigan Laws 700.1106 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Municipality: means a county, city, village, or township in this state. See Michigan Laws 141.931 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. Parent: includes , but is not limited to, an individual entitled to take, or who would be entitled to take, as a parent under this act by intestate succession from a child who dies without a will and whose relationship is in question. See Michigan Laws 700.1106 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 or an organization. See Michigan Laws 700.1106 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Person-centered planning: means a process for planning and supporting the individual receiving services that builds upon the individual's capacity to engage in activities that promote community life and that honors the individual's preferences, choices, and abilities. See Michigan Laws 330.1700 Personal property: All property that is not real property. Personal representative: includes , but is not limited to, an executor, administrator, successor personal representative, and special personal representative, and any other person, other than a trustee of a trust subject to article VII, who performs substantially the same function under the law governing that person's status. See Michigan Laws 700.1106 Petition: means a written request to the court for an order after notice. See Michigan Laws 700.1106 Probate: Proving a will Proceeding: includes an application and a petition, and may be an action at law or a suit in equity. See Michigan Laws 700.1106 Property: means anything that may be the subject of ownership, and includes both real and personal property or an interest in real or personal property. See Michigan Laws 700.1106 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Protected individual: means a minor or other individual for whom a conservator has been appointed or other protective order has been made as provided in part 4 of article V. See Michigan Laws 700.1106 Protective proceeding: means a proceeding under part 4 of article V. See Michigan Laws 700.1106 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Restraint: means the use of a physical device to restrict an individual's movement. See Michigan Laws 330.1700 Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust). Security: includes , but is not limited to, a note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease, collateral trust certificate, transferable share, voting trust certificate, or interest in a regulated investment company or other entity generally referred to as a mutual fund or, in general, an interest or instrument commonly known as a security, or a certificate of interest or participation for, a temporary or interim certificate, receipt, or certificate of deposit for, or any warrant or right to subscribe to or purchase any of the items listed in this subdivision. See Michigan Laws 700.1107 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. 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: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 700.1107 State equalized valuation of real and personal property of the municipality: means the valuation determined under 1911 PA 44, MCL 209. See Michigan Laws 141.931 Statewide tax base growth rate: means the total state equalized valuation for real and personal property for the most recent year for which data is available divided by the total state equalized valuation for the fifth year preceding the most recent year for which data is available. See Michigan Laws 141.931 Statute: A law passed by a legislature. Subpoena: A command to a witness to appear and give testimony. Support plan: means a written plan that specifies the personal support services or any other supports that are to be developed with and provided for a recipient. See Michigan Laws 330.1700 Testify: Answer questions in court. Testimony: Evidence presented orally by witnesses during trials or before grand juries. 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. Treatment plan: means a written plan that specifies the goal-oriented treatment or training services, including rehabilitation or habilitation services, that are to be developed with and provided for a recipient. See Michigan Laws 330.1700 Trust: includes , but is not limited to, an express trust, private or charitable, with additions to the trust, wherever and however created. See Michigan Laws 700.1107