Michigan Laws > Chapter 490 > Act 215 of 2003 – Credit Union Act


Article 1	General Provisions
Article 2	Supervision by Commissioner
Article 3	Domestic Credit Union Organization and Structure
Article 4	Domestic Credit Union Powers
Article 5	Foreign Credit Unions
Article 6	Repeal of Predecessor Act

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Terms Used In Michigan Laws > Chapter 490 > Act 215 of 2003 - Credit Union Act

Accommodations: means the room or other space provided for sleeping, including furnishings and other accessories in the room or other space. See Michigan Laws 141.861
Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
Administrator: means the official designated by the county or local unit of government to collect the excise tax and to administer and enforce the ordinance. See Michigan Laws 141.861
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 person, other than an individual or governmental entity, to which any of the following apply:

(i) A credit union directly or indirectly owns or controls a majority of the person's voting shares or other voting ownership interests. See Michigan Laws 490.102

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

Alien credit union: means a credit union that is organized under the laws of a country other than the United States. See Michigan Laws 490.102

Alternate valuation date: The earlier of the date six months after the decedent

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.

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

Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.

Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.

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.

Application: means a written request to the probate register for an order of informal probate or informal appointment under part 3 of article III. See Michigan Laws 700.1103

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

Arraignment: A proceeding in which an individual who is accused of committing a crime is brought into court, told of the charges, and asked to plead guilty or not guilty.

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.

Associate board member: means an individual appointed by a credit union board to the position described in section 342(10). See Michigan Laws 490.102

Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.

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

Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.

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 bank that is organized under the laws of this state, any other state, the District of Columbia, or a territory or protectorate of the United States, or a national banking association chartered by the federal government under the national bank act, 12 USC 21 to 216d, and whose deposits are insured by an agency of the federal government. See Michigan Laws 490.102

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

Bequest: Property gifted by will.

Board: means the board of directors of an empowerment zone development corporation. See Michigan Laws 125.2565

Board member: means a member of a board of directors, board of trustees, or similar governing body of an organization. See Michigan Laws 490.102

Bonds or other evidences of indebtedness: means any instrument providing for the payment of money, executed by or on behalf of a public corporation or which a public corporation has assumed and agreed to pay, including, without limitation on the foregoing bonds, notes, contracts, leases and certificates, but shall not include bonds or other evidences of indebtedness issued pursuant to Act No. See Michigan Laws 141.151

Borrower: means a public corporation exercising the power to issue bonds as provided in this act or a county treasurer exercising the power to issue notes as provided in this act. See Michigan Laws 141.103

Borrower: means a member who obtains a loan from a credit union. See Michigan Laws 490.102

Branch: means , except as otherwise provided in this subdivision, an office or other place of business at which a credit union receives deposits, pays checks, or lends money. See Michigan Laws 490.102

Cemetery: means 1, or a combination of more than 1, of the following:

(i) A burial ground for earth interments. See Michigan Laws 328.213

Cemetery burial vault or other outside container: means a box or container used solely at the place of interment to permanently surround or enclose a casket and to support the earth above the casket after burial. See Michigan Laws 328.213

Cemetery merchandise: means merchandise described in section 4(1)(k)(i). See Michigan Laws 328.213

Cemetery services: means cremations, grave openings and closings, and installation of grave memorials. See Michigan Laws 328.213

charter county: means a home rule county created under Act No. See Michigan Laws 330.1200a

Chief executive officer: means the mayor or city manager of a city, the president of a village, the supervisor of a township, or the county executive of a county or, if a county does not have a county executive, the chairperson of the county board of commissioners. See Michigan Laws 125.2565

Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority.

Child: means an individual less than 14 years of age. See Michigan Laws 330.1260

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

Code: means all or a part of the mobile home code promulgated under section 5. See Michigan Laws 125.2302

Commission: means the manufactured housing commission. See Michigan Laws 125.2302

Commissioner: means the director. See Michigan Laws 490.102

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.

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

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

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

Contract beneficiary: means an individual specified or implied in a prepaid contract for whom the funeral or cemetery services or merchandise shall be performed or furnished after death. See Michigan Laws 328.213

Contract buyer: means an individual, including a contract beneficiary, who purchases merchandise or funeral or cemetery services pursuant to a prepaid contract. See Michigan Laws 328.213

contract price: means money and other property to be paid as total compensation to a contract seller or provider for the funeral or cemetery services or merchandise, or both, to be performed or furnished under a prepaid contract, late payment penalties, payments required to be made to a governmental agency at the time the contract is entered into, and income earned on the funds. See Michigan Laws 328.213

Contract seller: means a person who sells, makes available, or provides prepaid contracts. See Michigan Laws 328.213

Conviction: A judgement of guilt against a criminal defendant.

Corporate credit union: means a credit union whose field of membership consists primarily of other credit unions. See Michigan Laws 490.102

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.

Corporation: means an empowerment zone development corporation organized under this act. See Michigan Laws 125.2565

costs: means the costs of purchasing, acquiring, constructing, improving, enlarging, extending, or repairing a public improvement, including any engineering, architectural, legal, accounting, financial, and other expenses incident to the public improvement. See Michigan Laws 141.103

Counterclaim: A claim that a defendant makes against a plaintiff.

County drain: means any drain, irrespective of size, carrying drainage water or sewage or both originating in 1 county, and includes drains located, established and constructed by a county drain commissioner or drainage board, by a city, village or township. See Michigan Laws 280.461

county drain commissioner: means the elected county drain commissioner or the person or persons designated to perform the duties of the elected county drain commissioner as provided in section 21 and 21a. See Michigan Laws 280.4

County treasurer: means an elected county treasurer or a county treasurer appointed under section 5 of 1923 PA 199, MCL 201. See Michigan Laws 141.103

Court: means the probate court for the county in which an individual, for whom a request for substance use disorder treatment and rehabilitation services has been made or a petition for involuntary treatment has been filed, either resides or is found. See Michigan Laws 330.1260

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

Credit union: means a domestic or foreign credit union. See Michigan Laws 490.102

Credit union board: means a board of directors, board of trustees, or other governing body of a credit union. See Michigan Laws 490.102

Credit union service organization: means a corporation or other legal entity that is engaged primarily in providing 1 or more of the products or services described in section 407 to credit unions or their members, that a domestic credit union may organize, invest in, or lend to under section 401(2)(gg), and that may or may not be controlled by 1 or more credit unions. See Michigan Laws 490.102

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

Debt management: means that term as defined in section 2 of the debt management act, 1975 PA 148, MCL 451. See Michigan Laws 490.102

Decedent: A deceased person.

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

Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.

Delinquent tax revenues: means the delinquent taxes, interest, penalties and fees, and chargebacks of uncollected delinquent taxes due or to become due to local units of government to be collected by a county treasurer as agent for the local unit of government in connection with a delinquent tax system and pledged to any borrowing by a county treasurer under section 7b. See Michigan Laws 141.103

Delinquent tax system: means the delinquent tax revolving fund in any county created and designated under section 87b of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 141.103

Department: means the department of licensing and regulatory affairs, except as follows:

(i) Department means the department of state in all of the following circumstances:

(A) As used in section 5(1) with respect to rules promulgated under section 5(1)(h). See Michigan Laws 125.2302

Department: means the department of labor. See Michigan Laws 125.2502

Department: means the department of labor and economic growth. See Michigan Laws 328.213

Department: means the department of insurance and financial services. See Michigan Laws 490.102

Dependent: A person dependent for support upon another.

Depository: means a state or nationally chartered bank or state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government under the laws of this state or the United States. See Michigan Laws 328.214

Depository library: means a depository library designated under section 10 of the library of Michigan act, 1982 PA 540, MCL 397. See Michigan Laws 141.422d

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

Detroit consumer price index: means the index for all urban wage earners for the Detroit statistical area from the United States department of labor, bureau of labor statistics. See Michigan Laws 328.214

Devise: To gift property by will.

Devise: means , when used as a noun, a testamentary disposition of real or personal property and, when used as a verb, to dispose of real or personal property by will. See Michigan Laws 700.1103

Devisee: means a person designated in a will to receive a devise. See Michigan Laws 700.1103

Director: means the director of labor or his or her designee. See Michigan Laws 125.2502

Director: means the director of the department. See Michigan Laws 490.102

Director of agriculture: means the director of the state department of agriculture. See Michigan Laws 280.511

Disability: means cause for a protective order as described in section 5401. See Michigan Laws 700.1103

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

Distributee: means a person that receives a decedent's property from the decedent's personal representative or trust property from the trustee other than as a creditor or purchaser. See Michigan Laws 700.1103

Distribution: means the amount of money a county receives under section 4 and 5. See Michigan Laws 141.472

Domestic credit union: means a cooperative, nonprofit entity organized under this act for the purposes of encouraging thrift among its members, providing a variety of financial services to its members, and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. See Michigan Laws 490.102

Donee: The recipient of a gift.

Donor: The person who makes a gift.

drain: whenever used in this act , shall include the main stream or trunk and all tributaries or branches of any creek or river, any watercourse or ditch, either open or closed, any covered drain, any sanitary or any combined sanitary and storm sewer or storm sewer or conduit composed of tile, brick, concrete, or other material, any structures or mechanical devices, that will properly purify the flow of such drains, any pumping equipment necessary to assist or relieve the flow of such drains and any levee, dike, barrier, or a combination of any or all of same constructed, or proposed to be constructed, for the purpose of drainage or for the purification of the flow of such drains, but shall not include any dam and flowage rights used in connection therewith which is used for the generation of power by a public utility subject to regulation by the public service commission. See Michigan Laws 280.3

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}

Eligibility record date: means a record date that is 1 year or more before the adoption of a plan of conversion by a credit union board and is set forth in a plan of conversion for determining eligible members of a converting credit union. See Michigan Laws 490.102

Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}

Emergency: means a condition, event, or occurrence that meets both of the following:

(i) It has or may interfere with the conduct of normal business operations, or poses an imminent or existing threat to the safety and security of a person or property, at the principal place of business or 1 or more branches of a credit union. See Michigan Laws 490.102

Empowerment zone: means an area designated as an empowerment zone by the United States department of housing and urban development. See Michigan Laws 125.2565

Empowerment zone coordinating council: means a community-based partnership initiated by the chief executive officer of a municipality with a population of 900,000 or more to do all of the following:

(i) Develop a strategic plan in accordance with 24 C. See Michigan Laws 125.2565

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.

Escrow agent: means a person who holds, invests, and disburses principal and income from the funds received under a prepaid contract. See Michigan Laws 328.214

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.

Excise tax: means the excise tax levied by a county or local unit of government under this act. See Michigan Laws 141.861

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

Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.

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

Federal credit union: means a credit union that is organized under the laws of the United States. See Michigan Laws 490.102

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}

Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.

Fiduciary: A trustee, executor, or administrator.

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

Field of membership: means that term as established under section 352. See Michigan Laws 490.102

Financial institution: means a credit union, bank, savings bank, or savings and loan association. See Michigan Laws 490.102

Financial institution: means an organization authorized to do business under state or federal laws relating to a financial institution and includes, but is not limited to, a bank, trust company, savings bank, building and loan association, savings and loan company or association, credit union, insurance company, and entity that offers mutual fund, securities brokerage, money market, or retail investment accounts. See Michigan Laws 700.1104

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.

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 credit union: means a credit union organized under the laws of another state or territory of the United States or a federal credit union. See Michigan Laws 490.102

Foreign personal representative: means a personal representative appointed by another jurisdiction. See Michigan Laws 700.1104

Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}

Formal proceedings: means proceedings conducted before a judge with notice to interested persons. See Michigan Laws 700.1104

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}

Fund: means a budget stabilization fund. See Michigan Laws 141.441

Fund: means the health and safety fund created in section 3. See Michigan Laws 141.472

Funds: means all money or other consideration actually received from a contract buyer by a contract seller or provider or an assignee from the contract buyer in connection with any aspect of the sale of a prepaid contract, including finance charges, but does not include late payment penalties, payments required to be made to a governmental agency at the time the contract is entered into, or a commission authorized by section 12(1). See Michigan Laws 328.214

Funeral establishment: means that term as defined in section 1801 of the occupational code, 1980 PA 299, MCL 339. See Michigan Laws 700.1104

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

Funeral representative designation: means a written document executed and with the effect as described in section 3206 to 3206b. See Michigan Laws 700.1104

Funeral services: means services customarily performed by a mortuary science licensee who is licensed pursuant to article 18 of the occupational code, 1980 PA 299, MCL 339. See Michigan Laws 328.214

Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor

General personal representative: means a personal representative other than a special personal representative. 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: means the body in which the legislative powers of a municipality are vested. See Michigan Laws 125.2565

Governing body: means for a county, the board of commissioners; for a city, the body having legislative powers; for a village, the body having legislative powers; for a township, the township board; for a school district, the board of education; for a port district, the port commission; for a metropolitan district, the legislative body of the district; for a municipal health facilities corporation, the board of trustees; for a nonprofit subsidiary municipal health facilities corporation, the nonprofit subsidiary board; and for an authority, the body in which is lodged general governing powers. See Michigan Laws 141.103

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

Grave memorial: means a stone or other structure or item used for the purpose of memorializing a decedent and placed on or in proximity to a place of burial, interment, or entombment of a casket, catafalque, or vault or on or in proximity to a place of inurnment. See Michigan Laws 328.214

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.

Guaranteed price contract: means a prepaid contract under which funds received are held pursuant to an escrow agreement. See Michigan Laws 328.214

Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}

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

Hazardous substance: means a substance defined as hazardous or toxic or otherwise regulated by an environmental law. See Michigan Laws 700.1104

Health professional: means an individual licensed or otherwise authorized to engage in a health profession under article 15 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 330.1260

Heating cable: means cable designed to be secured to pipes and vessels to reduce their likelihood of freezing or to facilitate the flow of viscous liquids. See Michigan Laws 125.2502

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

Hospital: means a hospital licensed under part 215 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 330.1260

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

Incapacitated individual: means an individual who is impaired by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, or other cause, not including minority, to the extent of lacking sufficient understanding or capacity to make or communicate informed decisions. See Michigan Laws 700.1105

Income: means the money earned by the investment of the principal, including, but not limited to, interest, dividends, and gains or losses on the sale of, deposit of, or exchange of, property using invested principal amounts. See Michigan Laws 328.214

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.

Informal proceedings: means proceedings for probate of a will or appointment of a personal representative conducted by the probate register without notice to interested persons. See Michigan Laws 700.1105

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

Insolvent: means a credit union that meets either of the following:

(i) It is not able to pay its debts and other obligations, including those related to member shares, as they become due. See Michigan Laws 490.102

Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.

Inter vivos: Transfer of property from one living person to another living person.

Intercounty drain: means any drain, irrespective of size, carrying drainage water or sewage originating in more than 1 county, and includes drains located, established and constructed by a county drain commissioner or drainage board, by a city, village or township. See Michigan Laws 280.511

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.

Issue: means an individual's descendant. See Michigan Laws 700.1105

Jail facility: means a jail, holding cell, holding center, or lockup as those terms are defined in section 62 of Act No. See Michigan Laws 141.472

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.

Juvenile facility: means a county facility or an institution operated as an agency of the county or the juvenile division of the probate court for the housing or detention of juveniles. See Michigan Laws 141.472

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: includes , but is not limited to, an oil, gas, or other mineral lease. See Michigan Laws 700.1105

Legally incapacitated individual: means an individual, other than a minor, for whom a guardian is appointed under this act or an individual, other than a minor, who has been adjudged by a court to be an incapacitated individual. See Michigan Laws 700.1105

Legislative body: means the board, council, commission, or other body having legislative or general governing power of a public corporation. See Michigan Laws 141.162

Legislative body: means any of the following:

(a) The council, commission, or other entity vested with the legislative power of a village. See Michigan Laws 141.422d

Letters: includes , but is not limited to, letters testamentary, letters of guardianship, letters of administration, and letters of conservatorship. See Michigan Laws 700.1105

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.

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

Local administration: means administration by a personal representative appointed in this state under an appointment proceeding described in article III. See Michigan Laws 700.4101

Local governing body: means the body in which the legislative powers of a local unit of government are vested. See Michigan Laws 141.861

Local government: means a county or municipality. See Michigan Laws 125.2302

Local health department: means that term as defined in section 1105 of the public health code, Act No. See Michigan Laws 141.472

Local personal representative: includes a personal representative appointed in this state under an appointment proceeding described in article III and excludes a foreign personal representative who acquires the power of a local personal representative under section 4203. See Michigan Laws 700.4101

local unit: means a county, township, city, village, authority or school district empowered by the constitution or by law to prepare budgets of estimated expenditures and revenues. See Michigan Laws 141.411

Local unit of government: means a city or township. See Michigan Laws 141.861

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.

Membership share: means a share of a domestic credit union equal in amount to the par value of the credit union's shares that is credited to an account of a member by the credit union, is required as a condition of membership in the credit union, and is subject to any withdrawal restriction or other standards established by the domestic credit union for membership shares. See Michigan Laws 490.103

merchandise: means both of the following:

(i) Cemetery burial vaults or other outside containers, grave memorials, and urns. See Michigan Laws 328.214

Michigan prudent investor rule: means the fiduciary investment and management rule prescribed by part 5 of this article. See Michigan Laws 700.1106

Minor: means an individual 14 or more years of age and less than 18 years of age. See Michigan Laws 330.1260

Minor: means an individual who is less than 18 years of age. See Michigan Laws 700.1106

Minor ward: means a minor for whom a guardian is appointed solely because of minority. See Michigan Laws 700.1106

Mobile home: means a structure that is transportable in 1 or more sections, built on a 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 in the structure. See Michigan Laws 125.2302

Mobile home park: means a parcel or tract of land under the control of a person upon which 3 or more mobile homes are located on a continual, nonrecreational basis and which is offered to the public for that purpose regardless of whether a charge is made for the parcel or tract of land, together with any building, structure, enclosure, street, equipment, or facility used or intended for use incident to the occupancy of a mobile home. See Michigan Laws 125.2302

mobile office: means a credit union office or facility that does not have a permanent location and is designed to be moveable from place to place. See Michigan Laws 490.102

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: means a conveyance, agreement, or arrangement in which property is encumbered or used as security. See Michigan Laws 700.1106

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.

Municipality: means a city, village, or township. See Michigan Laws 125.2302

Municipality: means a county, city, village, or township. See Michigan Laws 125.2565

Municipality: means a county, city, village, or township. See Michigan Laws 141.441

Mutual savings bank: means a savings bank that is not authorized by its articles of incorporation to issue capital stock. See Michigan Laws 490.103

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 Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}

Net revenues: means the revenues of a public improvement remaining after deducting the reasonable expenses of administration, operation, and maintenance of the public improvement. See Michigan Laws 141.103

Net worth: means the sum of a credit union's undivided earnings and reserves. See Michigan Laws 490.103

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.

Nonguaranteed price contract: means a prepaid contract under which funds received are held pursuant to an escrow agreement between a contract seller or provider and a contract buyer and are applied to the cost of the merchandise or funeral or cemetery services, which merchandise or funeral or cemetery services may be selected by the contract buyer at the time the contract is signed or as selected by a person legally authorized to procure merchandise or funeral or cemetery services at the time of death of the contract beneficiary. See Michigan Laws 328.215

Nonresident decedent: means a decedent who was domiciled in another jurisdiction at the time of the decedent's death. See Michigan Laws 700.1106

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.

Office of financial and insurance services: means the department. See Michigan Laws 490.103

Officer: means the chairperson of the board, the vice-chairperson of the board, the secretary, the treasurer, the general manager, an individual whose title is "president" an assistant treasurer, or an assistant secretary of a credit union, or any other individual who is specifically designated as an officer of a credit union by the credit union board. See Michigan Laws 490.103

Official: means a member of a credit union board or an officer, member of a credit committee or supervisory committee, or member of any other committee performing functions similar to a credit committee or supervisory committee, of a credit union. See Michigan Laws 490.103

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}

Order: means the legislative enactment of a county treasurer's powers under this act. See Michigan Laws 141.103

Ordinance: means an ordinance, resolution, or other appropriate legislative enactment of the governing body of a public corporation. See Michigan Laws 141.103

Ordinance: means an ordinance enacted by a county or local unit of government under this act to levy, assess, and collect an excise tax. See Michigan Laws 141.861

Oversight: Committee review of the activities of a Federal agency or program.

Parent: includes , but is not limited to, an individual entitled to take, or who would be entitled to take, as a parent under this act by intestate succession from a child who dies without a will and whose relationship is in question. See Michigan Laws 700.1106

Park: means an area of land or water, or both, dedicated to 1 or more of the following uses:

(i) Recreational purposes, including but not limited to landscaped tracts; picnic grounds; playgrounds; athletic fields; camps; campgrounds; zoological and botanical gardens; swimming, boating, hunting, fishing, and birding areas; and foot and bridle paths. See Michigan Laws 141.321

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.

Patient advocate: means an individual designated to exercise powers concerning another individual's care, custody, and medical or mental health treatment or authorized to make an anatomical gift on behalf of another individual, or both, as provided in section 5506. See Michigan Laws 700.1106

Person: means an individual, partnership, association, trust, or corporation, or any other legal entity or combination of legal entities. See Michigan Laws 125.2302

Person: means an individual, partnership, corporation, association, or other legal entity. See Michigan Laws 125.2502

Person: means a natural person, partnership, fiduciary, association, corporation, or other entity. See Michigan Laws 141.861

Person: means an individual, group of individuals, sole proprietorship, partnership, limited liability company, association, corporation, government agency, cemetery, or a combination of these legal entities. See Michigan Laws 328.215

Person: means an individual, corporation, partnership, limited liability company, association, governmental entity, or any other legal entity. See Michigan Laws 490.103

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

Person in loco parentis: means an individual who is not the parent or guardian of a child or minor but who has legal custody of the child or minor and is providing support and care for the child or minor. See Michigan Laws 330.1260

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

Petitioner: means a person that institutes a proceeding under section 281a. See Michigan Laws 330.1260

Plaintiff: The person who files the complaint in a civil lawsuit.

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.

Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.

political subdivision: as used in this act shall be construed to mean any county, city, village, township, school district or other local unit of this state. See Michigan Laws 141.265

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}

Prepaid contract: means a contract requiring payment in advance for funeral or cemetery services or merchandise, physical delivery and retention of which would occur after death under a guaranteed price contract or a nonguaranteed price contract. See Michigan Laws 328.215

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.

Principal: means the money or other consideration actually deposited in the escrow or trust accounts required by this act. See Michigan Laws 328.215

Principal place of business: means the place where a domestic credit union keeps its principal records. See Michigan Laws 490.103

Probable cause: A reasonable ground for belief that the offender violated a specific law.

Probate: Proving a will

Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.

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 a hospital, clinic, organization, or health professional licensed under part 62 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 330.1260

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

Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.

Protected individual: means a minor or other individual for whom a conservator has been appointed or other protective order has been made as provided in part 4 of article V. See Michigan Laws 700.1106

Provider: means any person who furnishes or agrees to furnish merchandise or funeral or cemetery services pursuant to a prepaid contract, whether or not that person is the contract seller. See Michigan Laws 328.215

Public corporation: means a county, city, village, township, school district, port district, or metropolitan district of the state or a combination of these if authorized by law to act jointly; an authority created by or under an act of the legislature; or a municipal health facilities corporation or subsidiary municipal health facilities corporation incorporated as provided in the municipal health facilities corporations act, 1987 PA 230, MCL 331. See Michigan Laws 141.103

Public corporation: means any body corporate organized by or pursuant to the laws of this state to carry out a public governmental or propriety function, including, without limitation on the foregoing, the state or any school district, city, village, township, county, district, commission, authority, university, college, or any combination thereof, which is a corporate entity. See Michigan Laws 141.151

Public corporation: means a county, city, village, township, charter township, port authority, metropolitan district, or authority of this state, or a combination of these entities when authorized by law to act jointly. See Michigan Laws 141.162

Public corporation: includes this state, counties, cities, villages, townships, metropolitan districts and authorities created by or pursuant to state statutes. See Michigan Laws 280.461

Public corporation: includes this state, counties, cities, villages, townships, metropolitan districts and authorities created by or pursuant to state statutes. See Michigan Laws 280.511

public improvement: means the whole or a part of any of these improvements or of any combination of these improvements or any interest or participation in these improvements, as determined by the governing body. See Michigan Laws 141.103

Public improvements: means only the following improvements: housing facilities; garbage disposal plants; rubbish disposal plants; incinerators; transportation systems, including plants, works, instrumentalities, and properties used or useful in connection with those systems; sewage disposal systems, including sanitary sewers, combined sanitary and storm sewers, plants, works, instrumentalities, and properties used or useful in connection with the collection, treatment, or disposal of sewage or industrial wastes; storm water systems, including storm sewers, plants, works, instrumentalities, and properties used or useful in connection with the collection, treatment, or disposal of storm water; water supply systems, including plants, works, instrumentalities, and properties used or useful in connection with obtaining a water supply, the treatment of water, or the distribution of water; utility systems for supplying light, heat, or power, including plants, works, instrumentalities, and properties used or useful in connection with those systems; approved cable television systems, approved cable communication systems, or telephone systems, including plants, works, instrumentalities, and properties used or useful in connection with those systems; automobile parking facilities, including within or as part of the facilities areas or buildings that may be rented or leased to private enterprises serving the public; yacht basins; harbors; docks; wharves; terminal facilities; elevated highways; bridges over, tunnels under, and ferries across bodies of water; community buildings; public wholesale markets for farm and food products; stadiums; convention halls; auditoriums; dormitories; hospitals and other health care facilities; buildings devoted to public use; museums; parks; recreational facilities; reforestation projects; aeronautical facilities; and marine railways; or any right or interest in or equipment for these improvements. See Michigan Laws 141.103

Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.

Quorum: The number of legislators that must be present to do business.

Rates: means the charges, fees, rentals, and rates that may be fixed and imposed for the services, facilities, and commodities furnished by a public improvement. See Michigan Laws 141.103

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}

Registrant: means a person who has registered with the department pursuant to section 6. See Michigan Laws 328.215

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.

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.

Resident creditor: means a person domiciled or doing business in this state that is, or could be, a claimant against a nonresident decedent's estate. See Michigan Laws 700.4101

Respondent: means an individual alleged in a petition filed under section 281a to be an individual who has a substance use disorder and who may be ordered under section 281b or 281c to undergo involuntary treatment. See Michigan Laws 330.1260

Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.

Revenue: means an addition to the assets of a fund that does not increase a liability, does not represent the recovery of an expenditure, does not represent the cancellation of a liability without a corresponding increase in any other liability or a decrease in assets, and does not represent a contribution of fund capital in enterprise or in internal service funds. See Michigan Laws 141.422d

Revenues: means the income derived from the rates charged for the services, facilities, and commodities furnished by a public improvement. See Michigan Laws 141.103

Savings and loan association: means a savings association that is organized under the laws of this state, a savings and loan association, building and loan association, or homestead association that is organized under the laws of any other state, the District of Columbia, or a territory or protectorate of the United States, or a federal savings association organized under the home owners' loan act, 12 USC 1461 to 1470, and whose deposits are insured by an agency of the federal government. See Michigan Laws 490.103

Savings bank: means a savings bank that is organized under the laws of this state, any other state, the District of Columbia, a territory or protectorate of the United States, or of the United States, and whose deposits are insured by an agency of the federal government. See Michigan Laws 490.103

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

Seasonal mobile home park: means a parcel or tract of land under the control of a person upon which 3 or more mobile homes are located on a continual or temporary basis but occupied on a temporary basis only, and which is offered to the public for that purpose regardless of whether a charge is made for the parcel or tract of land, together with any building, enclosure, street, equipment, or facility used or intended for use incident to the occupancy of a mobile home. See Michigan Laws 125.2302

Secured party: means that term as defined in section 9102 of the uniform commercial code, 1962 PA 174, MCL 440. See Michigan Laws 125.2302

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

Security interest: means that term as defined in section 1201 of the uniform commercial code, 1962 PA 174, MCL 440. See Michigan Laws 125.2302

Senior management employee: means any individual who is designated as a senior policy-making employee of a credit union by the board of the credit union. See Michigan Laws 490.103

Service center: means a place of business of a credit union, other than the principal place of business or a branch, where the credit union may transact business authorized by the credit union board. See Michigan Laws 490.103

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

Special personal representative: means a personal representative as described by section 3614 to 3618. See Michigan Laws 700.1107

State: means this state. See Michigan Laws 280.461

State: means this state. See Michigan Laws 280.511

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

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.

Stock savings and loan association: means a savings and loan association that is authorized by its articles of incorporation to issue capital stock. See Michigan Laws 490.103

Stock savings bank: means a savings bank that is authorized by its articles of incorporation to issue capital stock. See Michigan Laws 490.103

Strategic plan: means a plan agreed to by this state and a municipality concerning an empowerment zone that includes both of the following:

(i) Certification of the authority to adopt a strategic plan in an application for nomination as an empowerment zone under applicable federal regulations. See Michigan Laws 125.2565

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

Substantial interest: means 1 or more of the following:

(i) Owning real property or a business located in the empowerment zone. See Michigan Laws 125.2565

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

Successor personal representative: means a personal representative, other than a special personal representative, who is appointed to succeed a previously appointed personal representative. See Michigan Laws 700.1107

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

Supervised administration: means the proceedings described in part 5 of article III. See Michigan Laws 700.1107

Surplus: means an excess of the assets of a fund over its liabilities and reserves. See Michigan Laws 141.422d

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

Tax obligation: means a bond, note, contract obligation, assessment, or other evidence of indebtedness payable primarily or secondarily from ad valorem taxes as a general or full faith and credit obligation of a public corporation. See Michigan Laws 141.162

Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.

Termination statement: means that term as defined in section 9102 of the uniform commercial code, 1962 PA 174, MCL 440. See Michigan Laws 125.2302

terms of the trust: means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding. See Michigan Laws 700.1107

Testacy proceeding: means a proceeding to establish a will or determine intestacy. See Michigan Laws 700.1107

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.

Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.

Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.

Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.

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 account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}

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

trustee of a trust created by will: includes a trustee to whom property is transferred by will to the extent of the devised property. See Michigan Laws 700.1103

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

Unlimited tax pledge: means an undertaking by a public corporation to secure and pay a tax obligation from ad valorem taxes to be levied on all taxable property within the boundaries of the public corporation without limitation as to rate or amount and in addition to other taxes which the public corporation may be authorized to levy. See Michigan Laws 141.162

Urn: means a container used to preserve the ashes of a dead human body. See Michigan Laws 328.215

Venue: The geographical location in which a case is tried.

Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.

Ward: means an individual for whom a guardian is appointed. See Michigan Laws 700.1108

Writ of certiorari: An order issued by the Supreme Court directing the lower court to transmit records for a case for which it will hear on appeal.