Michigan Laws > Chapter 16 > E.R.O. No. 2007-11 – Executive Reorganization Order
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Terms Used In Michigan Laws > Chapter 16 > E.R.O. No. 2007-11 - Executive Reorganization Order
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Bank: means an organization that is engaged in the business of banking. See Michigan Laws 440.9102
- Chattel paper: means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. See Michigan Laws 440.9102
- Collateral: means the property subject to a security interest or agricultural lien. See Michigan Laws 440.9102
- Commodity account: means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. See Michigan Laws 440.9102
- Contract: A legal written agreement that becomes binding when signed.
- Debtor: means 1 of the following:
(i) A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor. See Michigan Laws 440.9102Delivery: means either of the following:
(i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201Department: means the director of the department of natural resources or his or her designee to whom the director delegates a power or duty by written instrument. See Michigan Laws 324.301 Endangered species: means any species of fish, plant life, or wildlife that is in danger of extinction throughout all or a significant part of its range, other than a species of insecta determined by the department or the secretary of the United States department of the interior to constitute a pest whose protection under this part would present an overwhelming and overriding risk to humans. See Michigan Laws 324.36501 Import: means to bring into, introduce into, or attempt to bring into or introduce into any place subject to the jurisdiction of this state. See Michigan Laws 324.36501 Investment property: means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract, or commodity account. See Michigan Laws 440.9102 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Lien: A claim against real or personal property in satisfaction of a debt. 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 New debtor: means a person that becomes bound as debtor under section 9203(4) by a security agreement previously entered into by another person. See Michigan Laws 440.9102 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. Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. See Michigan Laws 440.1201 Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 324.301 Proceeds: means , except as used in section 9609(2), 1 or more of the following property:
(i) Whatever is acquired upon the sale, lease, license, exchange, or other disposition of collateral. See Michigan Laws 440.9102Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Right: includes remedy. See Michigan Laws 440.1201 Rule: means a rule promulgated pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24. See Michigan Laws 324.301 Secured party: means 1 or more of the following:
(i) A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding. See Michigan Laws 440.9102Security agreement: means an agreement that creates or provides for a security interest. See Michigan Laws 440.9102 Security interest: means an interest in personal property or fixtures which secures payment or performance of an obligation. See Michigan Laws 440.1201 Species: includes any subspecies of fish, plant life, or wildlife and any other group of fish, plants, or wildlife of the same species or smaller taxa in common spatial arrangement that interbreed or cross-pollinate when mature. See Michigan Laws 324.36501 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 Supporting obligation: means a letter-of-credit right or secondary obligation that supports the payment or performance of an account, chattel paper, a document, a general intangible, an instrument, or investment property. See Michigan Laws 440.9102 Take: means , in reference to fish and wildlife, to harass, harm, pursue, hunt, shoot, wound, kill, trap, capture, collect, or attempt to engage in any such conduct. See Michigan Laws 324.36501 Threatened species: means any species which is likely to become an endangered species within the foreseeable future throughout all or a significant portion of its range. See Michigan Laws 324.36501 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o