(i) A person that directly or indirectly owns, controls, or holds with power to vote 20% or more of the outstanding voting securities of the debtor, other than a person that holds the securities in either of the following circumstances:

  (A) As a fiduciary or agent without sole discretionary power to vote the securities. See Michigan Laws 566.31

Asset: means property of a debtor. See Michigan Laws 566.31

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.

claim for relief: means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured. See Michigan Laws 566.31

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.

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.

Creditor: means a person that has a claim. See Michigan Laws 566.31

Debt: means liability on a claim. See Michigan Laws 566.31

Debtor: means a person that is liable on a claim. See Michigan Laws 566.31

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

Disposition: means that term as defined in section 2 of the qualified dispositions in trust act, 2016 PA 330, MCL 700. See Michigan Laws 566.31

Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Michigan Laws 566.31

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}

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.

Fiduciary: A trustee, executor, or administrator.

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}

Fraud: Intentional deception resulting in injury to another.

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

Insider: includes all of the following:

  (i) If the debtor is an individual, all of the following:

  (A) A relative of the debtor or of a general partner of the debtor. See Michigan Laws 566.31

Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.

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}

Lien: means a charge against or an interest in property to secure payment of a debt or performance of an obligation, and includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common-law lien, or a statutory lien. See Michigan Laws 566.31

Lien: A claim against real or personal property in satisfaction of a debt.

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

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 566.31

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.

Person: means an individual, estate, partnership, association, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Michigan Laws 566.31

Property: means anything that may be the subject of ownership. See Michigan Laws 566.31

Qualified disposition: means that term as defined in section 2 of the qualified dispositions in trust act, 2016 PA 330, MCL 700. See Michigan Laws 566.31

Qualified trustee: means that term as defined in section 2 of the qualified dispositions in trust act, 2016 PA 330, MCL 700. See Michigan Laws 566.31

Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

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 566.31

Relative: means an individual related by consanguinity within the third degree as determined by the common law, a spouse, or an individual related to a spouse within the third degree as so determined, and includes an individual in an adoptive relationship within the third degree. See Michigan Laws 566.31

Transfer: means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset. See Michigan Laws 566.31

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

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}