Michigan Laws > Chapter 18 > E.R.O. No. 2002-10 – Executive Reorganization Order
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws > Chapter 18 > E.R.O. No. 2002-10 - Executive Reorganization Order
- 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
- Broker: means a person defined as a broker or dealer under the federal securities laws, but without excluding a bank acting in that capacity. See Michigan Laws 440.8102
- Certificated security: means a security that is represented by a certificate. See Michigan Laws 440.8102
- Collateral: means the property subject to a security interest or agricultural lien. See Michigan Laws 440.9102
- 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.
- 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 440.9102Delivery: 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 director of the department of natural resources or his or her designee to whom the director delegates a power or duty by written instrument. See Michigan Laws 324.301 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 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. Financial asset: except as otherwise provided in section 8103, means 1 or more of the following:
(i) A security. See Michigan Laws 440.8102Financing 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 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 Game: has the meaning given that term in part 401. See Michigan Laws 324.43504 Game and fish protection account: means the game and fish protection account of the Michigan conservation and recreation legacy fund provided for in section 2010. See Michigan Laws 324.43504 Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC 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 440.1201Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. 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 Money: means a medium of exchange authorized or adopted by a domestic or foreign government. See Michigan Laws 440.1201 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 Nonprofit: means that which is exempt from taxation under section 501(c)(3) of the internal revenue code, 26 USC 501. See Michigan Laws 257.811d 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. 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 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 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, 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 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. 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. Right: includes remedy. See Michigan Laws 440.1201 Securities intermediary: means either of the following:
(i) A clearing corporation. See Michigan Laws 440.8102Security: 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 440.8102Security 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 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 Statute: A law passed by a legislature. 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 Uncertificated security: means a security that is not represented by a certificate. See Michigan Laws 440.8102 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o