Michigan Laws 570.372 – Definitions
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 570.372
- 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.
- Facility: means a marina, boatyard, boat or yacht club, or marine repair facility that provides, as part of its commercial operation, for the storage or repair of boats, boat motors, boat cradles, or boat trailers. See Michigan Laws 570.372
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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, association, partnership, limited liability company, corporation, boat or yacht club, governmental entity, or other legal entity. See Michigan Laws 570.372
- Property: means a boat, boat motor, boat cradle, or boat trailer in storage at a facility for or following service, repair, or storage. See Michigan Laws 570.372
- 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
As used in this act:
(a) “Boat” and “vessel” mean boat and vessel as those words are defined in section 80101 and 80104 of the natural resources and environmental protection act, 1994 PA 451, MCL 324.80101 and 324.80104.
(b) “Default” means the failure to pay obligations incurred for labor, repairs, maintenance services, materials, supplies, or the storage of a boat, boat motor, boat cradle, or boat trailer.
(c) “Facility” means a marina, boatyard, boat or yacht club, or marine repair facility that provides, as part of its commercial operation, for the storage or repair of boats, boat motors, boat cradles, or boat trailers.
(d) “Fair market value” means the value of the property as determined by the current issue of a nationally recognized used vessel guide at the time of the notice to the property owner and any lienholder under section 5(5)(a).
(e) “Lienholder” or “lienholder of record” means a person to whom either of the following applies:
(i) The person has filed a lien notation on the title of a boat or boat trailer.
(ii) The person claims an interest in a boat motor or boat cradle under a financing statement or other marine documentation filed with the secretary of state or under another public filing, other than a filing with a register of deeds in this state.
(f) “Person” means an individual, association, partnership, limited liability company, corporation, boat or yacht club, governmental entity, or other legal entity.
(g) “Property” means a boat, boat motor, boat cradle, or boat trailer in storage at a facility for or following service, repair, or storage.