Michigan Laws 445.542 – Definitions
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(1) “Dealer agreement” means the agreement or contract in writing between a manufacturer or distributor and a new watercraft dealer which purports to establish the legal rights and obligations of the parties to the agreement or contract with regard to the purchase and sale of new watercraft or new outboard motors.
(2) “Designated successor” means 1 or more persons nominated by the new watercraft dealer, in a written document filed by the dealer with the manufacturer or distributor at the time the dealer agreement is executed, to succeed the dealer in the event of his or her death or incapacity.
Terms Used In Michigan Laws 445.542
- 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.
- 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
- 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: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
(3) “Distributor” means a person, resident or nonresident, who in whole or in part offers for sale, sells, or distributes a new watercraft or new outboard motor to a new watercraft dealer or who maintains a factory representative, resident or nonresident, or who controls a person, resident or nonresident, who in whole or in part offers for sale, sells, or distributes a new watercraft or new outboard motor to a new watercraft dealer.
(4) “Manufacturer” means a person who manufactures or assembles new watercraft or new outboard motors, or a distributor, factory branch, or factory representative.
(5) “New watercraft dealer” means a person who holds a dealer agreement granted by a manufacturer or distributor for the sale of the manufacturer’s or distributor’s watercraft or outboard motors, who is engaged in the business of purchasing, selling, exchanging, or servicing new watercraft or new outboard motors, and who has an established place of business.
(6) “Person” means a natural person, partnership, corporation, association, trust, estate, or other legal entity.
(7) “Proposed new watercraft dealer” means a person who has an application pending for a new dealer agreement with a manufacturer or distributor. Proposed new watercraft dealer does not include a person whose dealer agreement is being renewed or continued.