Michigan Laws 449.2 – Uniform partnership act; definitions
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 449.2
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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
(Definition of terms). In this act, “court” includes every court and judge having jurisdiction in the case; “business” includes every trade, occupation, or profession; “person” includes individuals, partnerships, corporations, and other associations; “bankrupt” includes bankrupt under the federal bankruptcy act or insolvent under any state insolvent act; “conveyance” includes every assignment, lease, mortgage, or incumbrance; “real property” includes land and any interest or estate in land.