Michigan Laws > Chapter 487 > Act 354 of 1996 – Savings Bank Act


Chapter 1	Short Title and Definitions
Chapter 2	Administration
Chapter 3	Corporate Structure
Chapter 4	Powers
Chapter 5	Regulation
Chapter 6	Receiverships and Conservatorships
Chapter 7	Consolidations, Mergers, and Conversions
Chapter 8	General Provisions, Exemption From Taxation

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Michigan Laws > Chapter 487 > Act 354 of 1996 - Savings Bank Act

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.
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.
Affiliate: means a corporation, business trust, limited liability company, association, or an organization to which 1 or more of the following apply:

(i) A savings bank, directly or indirectly, owns or controls either a majority of its voting shares or more than 50% of the number of shares voted for the election of its directors, trustees, or other persons exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees, or other persons exercising similar functions. See Michigan Laws 487.3102

Agency office: means a place at which the business of a savings bank is conducted other than by regularly employed personnel of the savings bank, as provided under section 417(6). See Michigan Laws 487.3102

Agent: means an agent or attorney in fact acting under a written power of attorney and within the scope of his, her, or its authority. See Michigan Laws 700.2901

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.

Animals: means cattle, horses, sheep, or swine. See Michigan Laws 322.581

annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 8.3d

Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.

Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.

Appraisal: A determination of property value.

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

Articles: means articles of incorporation, all amendments to articles of incorporation, and agreements of consolidation and merger. See Michigan Laws 487.3102

Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.

Association: means a federal savings association organized under section 5 of the home owners' loan act, chapter 64, 48 Stat. See Michigan Laws 487.3102

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

Authorized individual: means an individual who by section 2959 or by the laws of the United States, including members of the diplomatic and consular service of the United States designated by foreign service regulations, is empowered to supervise the execution of international wills. See Michigan Laws 700.2951

Bank: means a state banking corporation organized or reorganized under the provisions of the banking code of 1999, 1999 PA 276, MCL 487. See Michigan Laws 487.3102

Bank holding company: means a stock or mutual company as defined in the bank holding company act of 1956, chapter 240, 70 Stat. See Michigan Laws 487.3102

Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.

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: includes , but is not limited to, the following:

(i) In relation to a trust, a person that is a trust beneficiary as defined in section 7103. See Michigan Laws 700.1103

Beneficiary designation: means the naming in a governing instrument of a beneficiary of an insurance or annuity policy, of an account with POD designation, of a security registered in beneficiary form (TOD), of a pension, profit-sharing, retirement, or similar benefit plan, or of another nonprobate transfer at death. See Michigan Laws 700.1103

Bottomland: means the land area of a water body that lies below the ordinary high-water mark and that may or may not be covered by water. See Michigan Laws 324.95232

Branch: means a place of business, other than the principal office of a savings bank, at which the savings bank transacts business that may be conducted at its principal office. See Michigan Laws 487.3102

Bureau: means the office of financial and insurance services in the department of consumer and industry services. See Michigan Laws 487.3102

Capacity assessment: means an evaluation of the technical, financial, and managerial capability of a community supply or nontransient noncommunity water supply to comply and maintain compliance with all requirements of this act and the rules promulgated under this act. See Michigan Laws 325.1002

Capital: means the stated par value of issued and outstanding unimpaired common stock and the stated par value of issued and outstanding unimpaired preferred stock. See Michigan Laws 487.3102

Child: includes , but is not limited to, an individual entitled to take as a child under this act by intestate succession from the parent whose relationship is involved. See Michigan Laws 700.1103

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

Commissioner: means the commissioner of the office of financial and insurance services. See Michigan Laws 487.3102

Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.

Community supply: means a public water supply that provides year-round service to not fewer than 15 living units or which regularly provides year-round service to not fewer than 25 residents. See Michigan Laws 325.1002

Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.

Compliance review committee: means both of the following:

(i) One or more persons assigned by management or appointed by the board of directors or other governing body of a depository institution, or of a subsidiary of a depository institution, or of a service corporation or other service entity of a depository institution, for the purposes set forth in section 339. See Michigan Laws 487.3102

Compliance review documents: means documents prepared in connection with a review or evaluation conducted by or for a compliance review committee. See Michigan Laws 487.3102

Concurrent 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.

Conservator: means a person appointed by a court to manage a protected individual's estate. See Michigan Laws 700.1103

Consolidated organization: means an organization that results from a consolidation of consolidating organizations. See Michigan Laws 487.3102

Consolidated savings bank: means a savings bank that results from a consolidation between a savings bank and 1 or more banks, out-of-state banks, national banks, associations, or savings banks. See Michigan Laws 487.3102

Consolidating organizations: means any combination of banks, out-of-state banks, national banks, associations, savings banks, or state or federal credit unions that have consolidated or are in the process of consolidation as provided in section 701 or 702. See Michigan Laws 487.3102

Contaminant: means a physical, chemical, biological, or radiological substance or matter in water. See Michigan Laws 325.1002

Contract: A legal written agreement that becomes binding when signed.

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.

Court: means the probate court or, when applicable, the family division of circuit court. See Michigan Laws 700.1103

Critical health problem: means any of the following:

(i) Lead poisoning. See Michigan Laws 325.72

Customer site piping: means an underground piping system owned or controlled by the customer that conveys water from the customer service connection to building plumbing systems and other points of use on lands owned or controlled by the customer. See Michigan Laws 325.1002

Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.

Decedent: A deceased person.

Deed: The legal instrument used to transfer title in real property from one person to another.

Department: means the department of natural resources and environment. See Michigan Laws 322.581

Department: means the department of natural resources. See Michigan Laws 324.95151

Department: means the department of natural resources. See Michigan Laws 324.95161

Department: means the department of public health created and operating under section 425 to 427 of Act No. See Michigan Laws 325.72

Department: means the department of treasury. See Michigan Laws 325.851

Department: means the department of environmental quality or its authorized agent or representative. See Michigan Laws 325.1002

Depository institution: means a bank, out-of-state bank, national bank, association, savings bank, cooperative bank, industrial bank, or credit union organized under the laws of this state, another state, the District of Columbia, the United States, or a territory or protectorate of the United States. See Michigan Laws 487.3102

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

Director: means the director of the department of natural resources and environment. See Michigan Laws 322.581

Director: means the state director of public health or a person designated by the director to act in place of the director. See Michigan Laws 325.72

Director: means the director of the department of environmental quality or his or her authorized agent or representative. See Michigan Laws 325.1002

Director: means a director, trustee, or other person holding a similar position with respect to an organization whether incorporated or unincorporated. See Michigan Laws 487.3102

Disclaimable interest: includes , but is not limited to, property, the right to receive or control property, and a power of appointment. See Michigan Laws 700.2901

Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.

Dividend reinvestment plan: means a plan that is offered solely to existing shareholders of the savings bank and which allows the shareholders to reinvest dividends received under section 316 in stock of the savings bank and that may allow additional cash amounts to be contributed by the shareholders participating in the reinvestment plan. See Michigan Laws 487.3102

Dog: includes a domesticated dog and a dog used for hunting. See Michigan Laws 324.95161

Donee: The recipient of a gift.

Donor: The person who makes a gift.

Dredging: means the removal of sediments from bottomland. See Michigan Laws 324.95232

Dredging costs: means the costs associated with dredging that were incurred after February 1, 2013, including costs of removal, disposal, and testing of sediments, and the costs associated with obtaining necessary permits required to conduct dredging. See Michigan Laws 324.95232

Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}

Eligible marina: means a privately owned, commercial facility in this state that meets all of the following requirements:

(i) Extends into or over the Great Lakes, their connecting waters, or an inland lake or stream. See Michigan Laws 324.95232

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.

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.

Ex officio: Literally, by virtue of one's office.

Executor: A male person named in a will to carry out the decedent

Exempt property: means property of a decedent's estate that is described in section 2404. See Michigan Laws 700.1104

Facility: means a governmental or private agency, department, institution, clinic, laboratory, hospital, or a health maintenance organization, association, or other similar unit designated by the director. See Michigan Laws 325.72

Family allowance: means the allowance prescribed in section 2403. See Michigan Laws 700.1104

Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}

Federal reserve act: means the federal reserve act, chapter 6, 38 Stat. See Michigan Laws 487.3102

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}

Fiduciary: A trustee, executor, or administrator.

Fiduciary: means a trustee, executor, administrator, guardian, conservator, agent, receiver, trustee in bankruptcy, assignee for creditors, or any holder of a similar position of trust. See Michigan Laws 487.3102

Fiduciary: includes , but is not limited to, an agent, a conservator, a guardian if no conservator has been appointed, a guardian ad litem, a personal representative, a trustee, a probate court acting through a protective order under this act, and a temporary, successor, or foreign fiduciary. See Michigan Laws 700.2901

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

Fiduciary power: means a management power relating to the administration or management of assets similar to those powers granted to a personal representative in section 3715 and a trustee in section 7816 and 7817, and granted by law to a fiduciary or conferred upon a fiduciary in a governing instrument. See Michigan Laws 700.2901

Financial institution: means a state or national bank, a state or federally chartered savings and loan association, a state or federally chartered savings bank, a state or federally chartered credit union, or other regulated lending institution whose deposits are insured by an agency of the United States government, that maintains a principal office or branch office in this state under the laws of this state or the United States. See Michigan Laws 324.95232

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.

Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}

Foreign country: means a country other than the United States and includes a colony, dependency, or possession of a country other than the United States. See Michigan Laws 487.3102

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}

Fund: means the toxic substance loan repayment fund established in section 4. See Michigan Laws 325.851

Funeral representative: means an individual designated to have the right and power to make decisions about funeral arrangements and the handling, disposition, or disinterment of a decedent's body, including, but not limited to, decisions about cremation, and the right to possess cremated remains of the decedent as provided in section 3206. See Michigan Laws 700.1104

Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.

governing body: shall be construed to mean, in the case of a county, the board of supervisors; in the case of a city, the council, common council, commission or other body having legislative powers; in the case of a village, the council, common council, commission, board of trustees or other body having legislative powers; in the case of a township, the township board; in the case of a metropolitan district, the legislative body of the district; and in the case of an authority, the body in which is lodged general governing powers. See Michigan Laws 323.101

Governing instrument: means a deed, assignment, bill of sale, will, trust, beneficiary designation, contract, instrument creating or exercising a power of appointment or a power of attorney, or another instrument under which property devolves, a property right is created, or a contract right is created. See Michigan Laws 700.2901

Governing instrument: means a deed; will; trust; funeral representative designation; insurance or annuity policy; account with POD designation; security registered in beneficiary form (TOD); pension, profit-sharing, retirement, or similar benefit plan; instrument creating or exercising a power of appointment or a power of attorney; or dispositive, appointive, or nominative instrument of any similar type. See Michigan Laws 700.1104

Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.

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.

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

Heir: means , except as controlled by section 2720, a person, including the surviving spouse or the state, that is entitled under the statutes of intestate succession to a decedent's property. See Michigan Laws 700.1104

Homestead allowance: means the allowance prescribed in section 2402. See Michigan Laws 700.1104

Imminent hazard: means that in the judgment of the director there is a violation, or a condition that may cause a violation, of the state drinking water standards at a public water supply requiring immediate action to prevent endangering the health of people. See Michigan Laws 325.1002

Impairment: means a condition in which the value of the savings bank's assets is less than the aggregate amount of the savings bank's liabilities to creditors and depositors, less its capital, if the savings bank is a stock savings bank, or a condition in which the value of the savings bank's assets is less than the aggregate amount of the savings bank's liabilities to creditors and members, if the savings bank is a mutual savings bank. See Michigan Laws 487.3102

in 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

Incorporator: means a person who signed the original articles of incorporation. See Michigan Laws 487.3102

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}

Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.

Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.

Inland lake or stream: means that term as it is defined in section 30101 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 324.95232

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}

International will: means a will executed in conformity with this part. See Michigan Laws 700.2951

Intestate: Dying without leaving a will.

Iran: means any agency or instrumentality of Iran. See Michigan Laws 129.312

Joint property: means property that is owned by 2 or more persons with rights of survivorship, and includes a tenancy by the entireties in real property, a tenancy in personal property as provided in section 1 of 1927 PA 212, MCL 557. See Michigan Laws 700.2901

Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.

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}

Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).

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.

Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).

Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.

Livestock: means those species of animals used for human food or fiber or those species of animals used for service to humans. See Michigan Laws 324.95151

Loan production office: means an office of the savings bank at which only activities related to money lending are conducted, which is not the principal office or a branch or an agency office or an office of an affiliated depository institution. See Michigan Laws 487.3103

Majority leader: see Floor Leaders

Marina dredging loan: means a loan or the refinancing of all or a portion of a loan made to the owner of an eligible marina for dredging costs necessitated by low water levels to accommodate the use of the marina by recreational watercraft. See Michigan Laws 324.95232

Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.

Member: means a person holding a savings account of a mutual savings bank. See Michigan Laws 487.3103

Messenger service: means a service such as a courier service or an armored car service that picks up from or delivers to customers of 1 or more depository institutions or 1 or more affiliates of a depository institution cash, currency, checks, drafts, securities, or other items relating to transactions between or involving a depository institution or affiliate of a depository institution and those customers, or that transfers cash, currency, checks, drafts, securities, or other items or documents between depository institutions or affiliates of depository institutions. See Michigan Laws 487.3103

Mobile branch: means a branch in which the location of the physical structure of the branch is moved from time to time. See Michigan Laws 487.3103

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: The written agreement pledging property to a creditor as collateral for a loan.

Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}

Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.

Mutual savings bank: means a savings bank for which the articles of incorporation do not authorize the issuance of common or preferred stock. See Michigan Laws 487.3103

National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}

National bank: means a bank chartered by the federal government under the national bank act, chapter 106, 13 Stat. See Michigan Laws 487.3103

Net income: means the remainder of all earnings from operations plus actual recoveries on loans and investments and other assets, after deducting from the total all operating expenses, actual losses, accrued dividends on preferred stock, if any, and all taxes. See Michigan Laws 487.3103

Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.

Noncommunity supply: means a public water supply that is not a community supply, but that has not less than 15 service connections or that serves not fewer than 25 individuals on an average daily basis for not less than 60 days per year. See Michigan Laws 325.1002

Nontransient noncommunity water supply: means a noncommunity public water supply that serves not fewer than 25 of the same individuals on an average daily basis over 6 months per year. See Michigan Laws 325.1002

Oath: A promise to tell the truth.

oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 8.3k

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.

Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) ^{Source: OCC}

Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.

Ordinary high-water mark: means either of the following:

(i) For an inland lake or stream, that term as it is defined in section 30101 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 324.95232

Out-of-state bank: means a banking corporation or savings bank organized under the laws of another state, the District of Columbia, or a territory of the United States whose principal office is located in a state other than this state, the District of Columbia, a territory or a protectorate of the United States, and whose deposits are insured by the federal deposit insurance corporation. See Michigan Laws 487.3103

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.

Payor: means a trustee, insurer, business entity, employer, government, governmental subdivision or agency, or other person authorized or obligated by law or a governing instrument to make payments. See Michigan Laws 700.1106

Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 324.95232

Person: means an individual, partnership, copartnership, cooperative, firm, company, public or private association or corporation, political subdivision, agency of the state, agency of the federal government, trust, estate, joint structure company, or any other legal entity, or their legal representative, agent, or assigns. See Michigan Laws 325.1002

Person: means an individual, corporation, limited liability company, governmental entity, partnership, limited liability partnership, or other legal entity. See Michigan Laws 487.3103

Person: includes an entity and an individual, but does not include a fiduciary, an estate, or a trust. See Michigan Laws 700.2901

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

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

Plans and specifications: means drawings, data, and a true description or representation of an entire waterworks system or parts of the system as it exists or is to be constructed, and a statement on how a waterworks system is to be operated. See Michigan Laws 325.1002

Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.

Political subdivision: means a city, village, township, charter township, county, district, authority or portion or combination thereof. See Michigan Laws 325.1002

Power of appointment: means that term as defined in section 2 of the powers of appointment act of 1967, 1967 PA 224, MCL 556. See Michigan Laws 700.1106

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}

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.

Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.

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

Program: means the marina dredging loan origination program established under this act. See Michigan Laws 324.95232

Property: means anything that may be the subject of ownership. See Michigan Laws 700.2901

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

public corporation: shall be construed to mean any county, city, village, township or metropolitan district, of the state of Michigan, or any authority created by or pursuant to an act of the legislature. See Michigan Laws 323.101

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 water supply: means a waterworks system that provides water for drinking or household purposes to persons other than the supplier of the water, and does not include either of the following:

(i) A waterworks system that supplies water to only 1 living unit. See Michigan Laws 325.1002

Qualified financial institution: means a financial institution that has a physical location in this state or whose principal office is located in this state, or both. See Michigan Laws 324.95232

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.

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 of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.

Savings bank: means a state banking corporation organized or reorganized under this act. See Michigan Laws 487.3103

seal: shall be construed to include any of the following:

(a) The impression of the seal on the paper alone. See Michigan Laws 8.3n

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

Service entity: means a stock corporation, mutual company, limited liability company, limited liability partnership, or limited partnership in which a savings bank has invested under section 410. See Michigan Laws 487.3103

Service of process: The service of writs or summonses to the appropriate party.

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.

Settlement: means , in reference to a decedent's estate, the full process of administration, distribution, and closing. See Michigan Laws 700.1107

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

Shareholder: means the registered owner of any share or shares of capital stock of a savings bank. See Michigan Laws 487.3103

Source water assessment: means a state program to delineate the boundaries of areas in the state from which 1 or more public water supplies receive supplies of drinking water, to identify contaminants regulated under this act for which monitoring is required because the state has determined they may present a threat to public health, and, to the extent practical, to determine the susceptibility of the public water supply in the delineated area to these contaminants. See Michigan Laws 325.1002

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: 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 drinking water standards: means quality standards setting limits for contaminant levels or establishing treatment techniques to meet standards necessary to protect the public health. See Michigan Laws 325.1002

Statute: A law passed by a legislature.

Stock savings bank: means a savings bank for which the articles of incorporation authorize the issuance of capital stock. See Michigan Laws 487.3103

Subpoena: A command to a witness to appear and give testimony.

Subsidiary: means a corporation, mutual company, limited liability company, limited liability partnership, or limited partnership, the controlling interests of which are more than 50% owned by 1 or more federally insured depository institutions, and in which a savings bank has an ownership interest, membership interest, or other legally enforceable interest which has the indicia of ownership. See Michigan Laws 487.3103

Successor: means a person, other than a creditor, who is entitled to property of a decedent under the decedent's will or this act. See Michigan Laws 700.1107

Summons: Another word for subpoena used by the criminal justice system.

supplier: means a person who owns or operates a public water supply, and includes a water hauler. See Michigan Laws 325.1002

Surplus: means the amount paid for issued and outstanding common and preferred stock in excess of the stated par value, plus any amount of transferred undivided profits, and any additional amounts paid in or contributed to increase total capital. See Michigan Laws 487.3103

Survive: means that an individual neither predeceases an event, including the death of another individual, nor is considered to predecease an event under section 2104 or 2702. See Michigan Laws 700.1107

system: means a system of pipes and structures through which water is obtained and distributed, including but not limited to wells and well structures, intakes and cribs, pumping stations, treatment plants, storage tanks, pipelines and appurtenances, or a combination thereof, actually used or intended for use for the purpose of furnishing water for drinking or household purposes. See Michigan Laws 325.1002

Testate: To die leaving a will.

Testator: A male person who leaves a will at death.

Testator: includes an individual of either gender. See Michigan Laws 700.1107

Testify: Answer questions in court.

Testimony: Evidence presented orally by witnesses during trials or before grand juries.

Total capital: means an amount equal to any capital, plus any surplus, undivided profits, and instruments of indebtedness authorized under section 310. See Michigan Laws 487.3103

Trust: means a fiduciary relationship with respect to property that subjects the person who holds title to the property to equitable duties to deal with the property for the benefit of another person, which fiduciary relationship arises as a result of a manifestation of an intention to create it. See Michigan Laws 700.2901

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

Trust office: means an office of a savings bank at which trust services are performed and at which deposits are not accepted, checks are not paid, and money is not lent. See Michigan Laws 487.3103

Trustee: A person or institution holding and administering property in trust.

Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by the court. See Michigan Laws 700.1107

Undivided profits: means the amount of retained earnings and any additional amounts held in capital reserve accounts of the savings bank. See Michigan Laws 487.3103

United States: shall be construed to include the district and territories. See Michigan Laws 8.3o

Value: means the present worth of all rights to future benefits arising from ownership. See Michigan Laws 487.3103

Water main: means a pipe owned or controlled by a supplier that may convey water to a customer service connection or to a fire hydrant. See Michigan Laws 325.1002