Michigan Laws > Chapter 440 > Act 174 of 1962 > Article 2A – Leases
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| Part 1 | General Provisions |
| Part 2 | Formation and Construction of Lease Contract |
| Part 3 | Effect of Lease Contract |
| Part 4 | Performance of Lease Contract: Repudiated, Substituted, and Excused |
| Part 5 | Default |
Terms Used In Michigan Laws > Chapter 440 > Act 174 of 1962 > Article 2A - Leases
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Aggrieved party: means a party entitled to resort to a remedy. See Michigan Laws 440.1201
- 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.
- Appraisal: A determination of property value.
- 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.
- Authority: means a regional transit authority created under this act. See Michigan Laws 124.542
- Authority: means an authority incorporated under this act. See Michigan Laws 124.601
- 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
- Bequest: Property gifted by will.
- Bill of lading: means a document of title evidencing the receipt of goods for shipment issued by a person engaged in the business of directly or indirectly transporting or forwarding goods. See Michigan Laws 440.1201
- Board: means the governing body of an authority. See Michigan Laws 124.542
- City: means a city incorporated under the home rule city act, 1909 PA 279, MCL 117. See Michigan Laws 124.542
- Commercial unit: means a unit of goods that by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See Michigan Laws 440.2803
- Conforming: means goods or performance under a lease contract that are in accordance with the obligations under the lease contract. See Michigan Laws 440.2803
- Consumer: means an individual who enters into a transaction primarily for personal, family, or household purposes. See Michigan Laws 440.1201
- Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed $25,000. See Michigan Laws 440.2803
- 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.
- 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.
- Delivery: 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 state transportation department. See Michigan Laws 124.542 Devise: To gift property by will. Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Dismissal: The dropping of a case by the judge without further consideration or hearing. Source: Electric patrol vehicle: means an electrically powered motor vehicle designed to carry not more than 4 persons at a speed of not more than 25 miles per hour and having an unloaded weight of not more than 1,300 pounds. See Michigan Laws 257.1572 Emergency services: means fire protection services, emergency medical services, police protection, and any other emergency health or safety services designated in the articles of incorporation of an authority. See Michigan Laws 124.601 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 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 wrongful act, omission, breach, or default. See Michigan Laws 440.2803 Fiduciary: A trustee, executor, or administrator. Finance lease: means a lease with respect to which all of the following apply:
(i) The lessor does not select, manufacture, or supply the goods. See Michigan Laws 440.2803Fiscal 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. Fiscal year: means the time period between October 1 of a calendar year through September 30 of the following calendar year. See Michigan Laws 124.542 Fraud: Intentional deception resulting in injury to another. 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 Fungible goods: means either of the following:
(i) Goods of which any unit, by nature or usage of trade, is the equivalent of any other like unit. See Michigan Laws 440.1201Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. 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 at the time of identification to the lease contract, or are fixtures under section 2A309, but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See Michigan Laws 440.2803 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 Incorporating municipality: means a municipality that becomes part of a new authority in the manner provided in section 2, or joins an existing authority in the manner provided in section 3. See Michigan Laws 124.601 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Insolvent: means any of the following:
(i) Having generally ceased to pay debts in the ordinary course of business other than as a result of a bona fide dispute. See Michigan Laws 440.1201Installment lease contract: means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent. See Michigan Laws 440.2803 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 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: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Michigan Laws 440.2803 Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this article. See Michigan Laws 440.2803 Lease contract: means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. See Michigan Laws 440.2803 Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Michigan Laws 440.2803 Legacy: A gift of property made by will. Lessee: means a person who acquires the right to possession and use of goods under a lease. See Michigan Laws 440.2803 Lessor: means a person who transfers the right to possession and use of goods under a lease. See Michigan Laws 440.2803 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. Lien: means a charge against or interest in goods to secure payment of a debt or performance of an obligation, but the term does not include a security interest. See Michigan Laws 440.2803 Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Local road agency: means that term as defined in section 9a of 1951 PA 51, MCL 247. See Michigan Laws 124.542 Lot: means a parcel or a single article that is the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract. See Michigan Laws 440.2803 Member jurisdiction: means a city or county that appoints a member of a board under section 5. See Michigan Laws 124.542 Merchant lessee: means a lessee that is a merchant with respect to goods of the kind subject to the lease. See Michigan Laws 440.2803 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. Municipal emergency service: means an emergency service performed by a municipality, rather than by an authority. See Michigan Laws 124.601 Municipality: means a county, city, village, or township. See Michigan Laws 124.601 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. Oversight: Committee review of the activities of a Federal agency or program. 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. Political subdivision: means a village, city, township, county, or a university of this state. See Michigan Laws 257.1572 Present value: means the amount as of a date certain of 1 or more sums payable in the future, discounted to the date certain. See Michigan Laws 440.2803 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Public transit region: means an area of this state consisting of a qualified region. See Michigan Laws 124.542 Public transportation: means the movement of individuals and goods by publicly owned bus, rapid transit vehicle, or other conveyance that provides general or special service to the public, but not including school buses or charter or sightseeing service or transportation that is used exclusively for school purposes. See Michigan Laws 124.542 Public transportation provider: means a public or private entity that provides public transportation services and includes a contractor providing services to a public transportation provider. See Michigan Laws 124.542 Public transportation system: means a system for providing public transportation in the form of light rail, rolling rapid transit, or other modes of public transportation and public transportation facilities to individuals. See Michigan Laws 124.542 Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See Michigan Laws 440.2803 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. Remedy: means any remedial right to which an aggrieved party is entitled with or without resort to a tribunal. See Michigan Laws 440.1201 Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. 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 Rolling rapid transit system: means bus services that may combine the technology of intelligent transportation systems, traffic signal priority, cleaner and quieter vehicles, rapid and convenient fare collection, and integration with land use policy. See Michigan Laws 124.542 seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nSecurity 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. Sidewalk: means a paved public sidewalk intended for pedestrian use situated outside of and adjacent to the improved portion of a street or highway designed for vehicular travel. See Michigan Laws 257.1572 Signed: includes any symbol executed or adopted by a party with present intention to adopt or accept a writing. See Michigan Laws 440.1201 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 440.1201 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. Statute of limitations: A law that sets the time within which parties must take action to enforce their rights. Sublease: means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease. See Michigan Laws 440.2803 Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Michigan Laws 440.2803 Supply contract: means a contract under which a lessor buys or leases goods to be leased. See Michigan Laws 440.2803 Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201 Testimony: Evidence presented orally by witnesses during trials or before grand juries. third party: means a person that has engaged in a transaction or made an agreement subject to this act. 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 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o writing: includes printing, typewriting, or any other intentional reduction to tangible form. See Michigan Laws 440.1201