Michigan Laws > Chapter 32 > Act 150 of 1967 > Chapter 1 – General Provisions
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Terms Used In Michigan Laws > Chapter 32 > Act 150 of 1967 > Chapter 1 - General Provisions
- 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
- Active service: means service, including active state service and special duty required by law, regulation, or pursuant to order of the governor. See Michigan Laws 32.505
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- 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 440.9102Amendment: 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. Arrest: Taking physical custody of a person by lawful authority. 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 Buyer in ordinary course of business: means a person that buys goods in good faith, without knowledge that the sale violates the rights of another person in the goods, and in the ordinary course from a person, other than a pawnbroker, in the business of selling goods of that kind. See Michigan Laws 440.1201 Cash proceeds: means proceeds that are money, checks, deposit accounts, or the like. See Michigan Laws 440.9102 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 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 Collateral: means the property subject to a security interest or agricultural lien. See Michigan Laws 440.9102 Commission: means the commission of natural resources. See Michigan Laws 324.301 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 440.9102Commodity intermediary: means 1 of the following:
(i) A person that is registered as a futures commission merchant under federal commodities law. See Michigan Laws 440.9102Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law. 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 Contract: A legal written agreement that becomes binding when signed. Controlled substance: means that term as defined in section 7104 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 32.505 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 440.9102Delivery: 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 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 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. 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 Encumbrance: means a right, other than an ownership interest, in real property. See Michigan Laws 440.9102 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. 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. 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 440.9102Financing 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 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. Game: has the meaning given that term in part 401. See Michigan Laws 324.43504 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 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 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 440.1201in 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 Indemnification: 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 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 440.9102Investment 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 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 440.9102Line 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 Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. 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 Michigan national guard: means the army national guard and the air national guard. See Michigan Laws 32.505 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 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 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 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 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. 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 Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way. 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 440.9102Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Purchase: means taking by sale, lease, discount, negotiation, mortgage, pledge, lien, security interest, issue or reissue, gift, or any other voluntary transaction creating an interest in property. See Michigan Laws 440.1201 Purchaser: means a person that takes by purchase. See Michigan Laws 440.1201 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. 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 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 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 Software: means a computer program and any supporting information provided in connection with a transaction relating to the program. See Michigan Laws 440.9102 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 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 Statute: A law passed by a legislature. 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 termination statement: as used in this act mean those terms as defined in the uniform commercial code, 1962 PA 174, MCL 440. See Michigan Laws 257.58b Trustee: A person or institution holding and administering property in trust. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o