Michigan Laws > Chapter 17 > Act 2 of 1954 – Inventions and Discoveries
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Terms Used In Michigan Laws > Chapter 17 > Act 2 of 1954 - Inventions and Discoveries
- Acceptor: means a drawee who has accepted a draft. See Michigan Laws 440.3103
- Accessory: means any accessory, equipment, additional part or replacement part for a vehicle for which a certificate of title is required to be issued under this act. See Michigan Laws 257.1a
- Active service: means service, including active state service and special duty required by law, regulation, or pursuant to order of the governor. See Michigan Laws 32.505
- 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.
- 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.
- Appraisal: A determination of property value.
- Arrest: Taking physical custody of a person by lawful authority.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Bank: means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. See Michigan Laws 440.1201
- 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
- Cash proceeds: means proceeds that are money, checks, deposit accounts, or the like. 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
- Consumer: means an individual who enters into a transaction primarily for personal, family, or household purposes. See Michigan Laws 440.1201
- Consumer transaction: means a transaction in which an individual incurs an obligation primarily for personal, family, or household purposes. See Michigan Laws 440.3103
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Defendant: includes a person in the position of defendant in a counterclaim, cross-claim, or third-party claim. See Michigan Laws 440.1201
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Delivery: means either of the following:
(i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Dismissal: The dropping of a case by the judge without further consideration or hearing. Source: Document of title: means a record that in the regular course of business or financing is treated as adequately evidencing that the person in possession or control of the record is entitled to receive, control, hold, and dispose of the record and the goods the record covers and that purports to be issued by or addressed to a bailee and to cover goods in the bailee's possession which are either identified or are fungible portions of an identified mass. See Michigan Laws 440.1201 Drawee: means a person ordered in a draft to make payment. See Michigan Laws 440.3103 Drawer: means a person who signs or is identified in a draft as a person ordering payment. See Michigan Laws 440.3103 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 Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs. 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. 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. 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 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 Game: has the meaning given that term in part 401. See Michigan Laws 324.43504 Good faith: except as otherwise provided in article 5, means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Michigan Laws 440.1201 Goods: means all things that are movable when a security interest attaches. See Michigan Laws 440.9102 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. Holder: means any of the following:
(i) A person in possession of a negotiable instrument that is payable either to bearer or to an identified person that is the person in possession. See Michigan Laws 440.1201Insolvency proceedings: includes an assignment for the benefit of creditors or other proceeding intended to liquidate or rehabilitate the estate of the person involved. See Michigan Laws 440.1201 Insolvent: means any of the following:
(i) Having generally ceased to pay debts in the ordinary course of business other than as a result of a bona fide dispute. See Michigan Laws 440.1201Instrument: means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in ordinary course of business is transferred by delivery with any necessary indorsement or assignment. See Michigan Laws 440.9102 Inventory: means goods, other than farm products, that meet 1 of the following:
(i) Are leased by a person as lessor. See Michigan Laws 440.9102Lease: 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 Letter-of-credit right: means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. See Michigan Laws 440.9102 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. Majority leader: see Floor Leaders Maker: means a person who signs or is identified in a note as a person undertaking to pay. See Michigan Laws 440.3103 Military: means a reference to all components of the state military establishment. See Michigan Laws 32.505 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. New value: means money, money's worth in property, services, or new credit, or release by a transferee of an interest in property previously transferred to the transferee. 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. Organization: means a person other than an individual. See Michigan Laws 440.1201 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. Party: means a party to an instrument. See Michigan Laws 440.3103 Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. See Michigan Laws 440.1201 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Personal property: All property that is not real property. Plaintiff: The person who files the complaint in a civil lawsuit. 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. Probable cause: A reasonable ground for belief that the offender violated a specific law. 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 440.9102Purchase: means taking by sale, lease, discount, negotiation, mortgage, pledge, lien, security interest, issue or reissue, gift, or any other voluntary transaction creating an interest in property. See Michigan Laws 440.1201 Purchaser: means a person that takes by purchase. See Michigan Laws 440.1201 Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Michigan Laws 440.1201 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 Remitter: means a person who purchases an instrument from its issuer if the instrument is payable to an identified person other than the purchaser. See Michigan Laws 440.3103 Remotely created consumer item: means an item drawn on a consumer account, which is not created by the payor bank and does not bear a handwritten signature purporting to be the signature of the drawer. See Michigan Laws 440.3103 Representative: means a person empowered to act for another, including an agent, an officer of a corporation or association, and a trustee, executor, or administrator of an estate. See Michigan Laws 440.1201 Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Right: includes remedy. See Michigan Laws 440.1201 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 interest: means an interest in personal property or fixtures which secures payment or performance of an obligation. See Michigan Laws 440.1201 Service of process: The service of writs or summonses to the appropriate party. 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 Signed: includes any symbol executed or adopted by a party with present intention to adopt or accept a writing. See Michigan Laws 440.1201 State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 440.1201 Statute: A law passed by a legislature. Surety: includes a guarantor or other secondary obligor. See Michigan Laws 440.1201 Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Unauthorized signature: means a signature made without actual, implied, or apparent authority. See Michigan Laws 440.1201 Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC writing: includes printing, typewriting, or any other intentional reduction to tangible form. See Michigan Laws 440.1201