Michigan Laws > Chapter 123 > Act 90 of 1913 – Parks, Zoological Gardens, and Airports
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Terms Used In Michigan Laws > Chapter 123 > Act 90 of 1913 - Parks, Zoological Gardens, and Airports
- Amortization: Paying off a loan by regular installments.
- Conviction: A judgement of guilt against a criminal defendant.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- 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