Michigan Laws > Chapter 17 > Act 266 of 1967 – State Indebtedness
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Terms Used In Michigan Laws > Chapter 17 > Act 266 of 1967 - State Indebtedness
- Accession: means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. See Michigan Laws 440.9102
- Accessory: means any accessory, equipment, additional part or replacement part for a vehicle for which a certificate of title is required to be issued under this act. See Michigan Laws 257.1a
- Account: means any depositor credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit. See Michigan Laws 440.4104
- Afternoon: means the period of a day between noon and midnight. See Michigan Laws 440.4104
- Amortization: Paying off a loan by regular installments.
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- 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.
- Authorized account: means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. See Michigan Laws 440.4605
- Bank: means a person engaged in the business of banking, including a saving bank, saving and loan association, credit union, or trust company. See Michigan Laws 440.4105
- Bank: means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. See Michigan Laws 440.4605
- Bank: means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. See Michigan Laws 440.1201
- Banking day: means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions. See Michigan Laws 440.4104
- 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
- Beneficiary: means the person to be paid by the beneficiary's bank. See Michigan Laws 440.4603
- Borrower: means either of the following:
(i) The city, village, township, or county operating under this act. See Michigan Laws 125.651Branch: includes a separately incorporated foreign branch of a bank. See Michigan Laws 440.1201 Business activity: means that term as defined in section 3(2) of the former single business tax act, 1975 PA 228, or in section 105 of the Michigan business tax act, 2007 PA 36, MCL 208. See Michigan Laws 125.651 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-house: means an association of banks or other payors regularly clearing items. See Michigan Laws 440.4104 Collateral: means the property subject to a security interest or agricultural lien. See Michigan Laws 440.9102 Collecting bank: means a bank handling the item for collection except the payor bank. See Michigan Laws 440.4105 Commission: means the housing commission created under this act. See Michigan Laws 125.651 Consumer: means an individual who enters into a transaction primarily for personal, family, or household purposes. See Michigan Laws 440.1201 Continuance: Putting off of a hearing ot trial until a later time. 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. Customer: means any person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank. See Michigan Laws 440.4104 Customer: means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders. See Michigan Laws 440.4605 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 440.9102Defendant: 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 440.1201Deposit account: means a demand, time, savings, passbook, or similar account maintained with a bank. See Michigan Laws 440.9102 Depositary bank: means the first bank to take an item even though it is also the payor bank, unless the item is presented for immediate payment over the counter. See Michigan Laws 440.4105 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities as defined in section 8102 or instructions for uncertificated securities as defined in section 8102, or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft. See Michigan Laws 440.4104 Donor: The person who makes a gift. Draft: means a draft as defined in section 3104 or an item, other than an instrument, that is an order. See Michigan Laws 440.4104 Drawee: means a person ordered in a draft to make payment. See Michigan Laws 440.3103 Drawee: means a person ordered in a draft to make payment. See Michigan Laws 440.4104 Encumbrance: means a right, other than an ownership interest, in real property. See Michigan Laws 440.9102 Equipment: means goods other than inventory, farm products, or consumer goods. See Michigan Laws 440.9102 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. Fault: means a default, breach, or wrongful act or omission. See Michigan Laws 440.1201 Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC firearm: except as otherwise specifically defined in statute, includes any weapon which will, is designed to, or may readily be converted to expel a projectile by action of an explosive. See Michigan Laws 8.3t 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. Fixture filing: means the filing of a financing statement covering goods that are or are to become fixtures and satisfying section 9502(1) and (2). See Michigan Laws 440.9102 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 Fraud: Intentional deception resulting in injury to another. Funds transfer: means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. See Michigan Laws 440.4604 Funds-transfer system: means a wire transfer network, automated clearinghouse, or other communication system of a clearinghouse or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed. See Michigan Laws 440.4605 Game: has the meaning given that term in part 401. See Michigan Laws 324.43504 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 when a security interest attaches. See Michigan Laws 440.9102 Governing body: means in the case of a city, the council or commission of the city; in the case of a village, the council, commission, or board of trustees of the village; in the case of a township, the township board; and in the case of a county, the board of supervisors or county commissioners. See Michigan Laws 125.651 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. 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 440.1201Incorporating unit: means the city, village, township, or county that creates a commission. See Michigan Laws 125.651 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Intermediary bank: means a receiving bank other than the originator's bank or the beneficiary's bank. See Michigan Laws 440.4604 Item: means an instrument or a promise or order to pay money handled by a bank for collection or pay. See Michigan Laws 440.4104 Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint 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. Line of duty: as used in this act means an act performed by a member of the state military establishment in obedience to or in conformity with a law, rule, regulation, order, command or custom of the military service or an act performed which is not in violation of a law, rule, regulation, order, command or custom of the military service, or that will not bring discredit to the military service. See Michigan Laws 32.521 Majority leader: see Floor Leaders 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 Military: means a reference to all components of the state military establishment. See Michigan Laws 32.505 Military establishment: means the organized militia of this state, including the employees and equipment assigned or necessary to carry out the provisions of this act. See Michigan Laws 32.505 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. Mortgage: means a consensual interest in real property, including fixtures, which secures payment or performance of an obligation. See Michigan Laws 440.9102 Officer: means a commissioned officer and a warrant officer, unless a distinction between commissioned officer and warrant officer is clearly evident. See Michigan Laws 32.505 Ordinance: means either of the following:
(i) An ordinance of a city, village, township, or county. See Michigan Laws 125.651Originator: means the sender of the first payment order in a funds transfer. See Michigan Laws 440.4604 Oversight: Committee review of the activities of a Federal agency or program. 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. Party: means a party to an instrument. See Michigan Laws 440.3103 Payment order: means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if the following apply:
(i) The instruction does not state a condition to payment to the beneficiary other than time of payment. See Michigan Laws 440.4603Payor bank: means a bank that is the drawee of a draft. See Michigan Laws 440.4105 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. Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC Presenting bank: means a bank presenting an item except a payor bank. See Michigan Laws 440.4105 Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. 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. Receiving bank: means the bank to which the sender's instruction is addressed. See Michigan Laws 440.4603 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 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 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. Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Right: includes remedy. See Michigan Laws 440.1201 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 440.9102Security interest: means an interest in personal property or fixtures which secures payment or performance of an obligation. See Michigan Laws 440.1201 Sender: means the person giving the instruction to the receiving bank. See Michigan Laws 440.4603 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 Special duty: means military service in support of the full-time operation of the state military establishment for a period of not less than 1 day if ordered by competent authority. See Michigan Laws 32.505 Specialty court interlock program: means a program as that term is defined in section 1084 of the revised judicature act of 1961, 1961 PA 236, MCL 600. See Michigan Laws 257.83 specialty court program: means any of the following:
(i) A drug treatment court, as that term is defined in section 1060 of the revised judicature act of 1961, 1961 PA 236, MCL 600. See Michigan Laws 257.83State: 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 Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201 Township: means a township having a population over 100. See Michigan Laws 125.651 Trustee: A person or institution holding and administering property in trust. Unauthorized signature: means a signature made without actual, implied, or apparent authority. See Michigan Laws 440.1201 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 writing: includes printing, typewriting, or any other intentional reduction to tangible form. See Michigan Laws 440.1201