Michigan Laws > Chapter 121 > Act 4 of 1957 – Charter Water Authority Act
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Terms Used In Michigan Laws > Chapter 121 > Act 4 of 1957 - Charter Water Authority Act
- Amortization: Paying off a loan by regular installments.
- annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 8.3d
- Billing address: means the location indicated in the books and records of the financial institution on the first day of the tax year or on a later date in the tax year when the customer relationship began as the address where any notice, statement, or bill relating to a customer's account is mailed. See Michigan Laws 208.1261
- Commercial domicile: means the headquarters of the trade or business, that is the place from which the trade or business is principally managed and directed, or if a financial institution is organized under the laws of a foreign country, of the commonwealth of Puerto Rico, or any territory or possession of the United States, such financial institution's commercial domicile shall be deemed for the purposes of this chapter to be the state of the United States or the District of Columbia from which such financial institution's trade or business in the United States is principally managed and directed. See Michigan Laws 208.1261
- County juvenile agency: means that term as defined in section 2 of the county juvenile agency act. See Michigan Laws 803.222
- County juvenile agency: means that term as defined in section 2 of the county juvenile agency act, 1998 PA 518, MCL 45. See Michigan Laws 803.302
- Credit card: means a credit, travel, or entertainment card. See Michigan Laws 208.1261
- credit card holder is located in this state: means a borrower, other than a credit card holder, that is engaged in a trade or business which maintains its commercial domicile in this state, or a borrower that is not engaged in a trade or business or a credit card holder whose billing address is in this state. See Michigan Laws 208.1261
- Department: means the family independence agency. See Michigan Laws 803.222
- Department: means the department of health and human services. See Michigan Laws 803.302
- 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
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Financial institution: means any of the following:
(i) A bank holding company, a national bank, a state chartered bank, an office of thrift supervision chartered bank or thrift institution, a savings and loan holding company other than a diversified savings and loan holding company as defined in 12 USC 1467a(a)(F), or a federally chartered farm credit system institution. See Michigan Laws 208.1261Gross business: means the sum of the following less transactions between those entities included in a unitary business group:
(i) Fees, commissions, or other compensation for financial services. See Michigan Laws 208.1261Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Juvenile: means a person within the jurisdiction of the family division of the circuit court under section 2(a) of chapter XIIA of 1939 PA 288, MCL 712A. See Michigan Laws 803.222 Juvenile facility: means a county facility, an institution operated as an agency of the county or the family division of circuit court, or an institution or agency described in the youth rehabilitation services act, 1974 PA 150, MCL 803. See Michigan Laws 803.222 Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff. Loan: means any extension of credit resulting from direct negotiations between the financial institution and its customer, or the purchase, in whole or in part, of such extension of credit from another. See Michigan Laws 208.1261 Loan secured by real property: means that 50% or more of the aggregate value of the collateral used to secure a loan or other obligation, when valued at fair market value as of the time the original loan or obligation was incurred, was real property. See Michigan Laws 208.1261 Michigan obligations: means a bond, note, or other obligation issued by a governmental unit described in section 3 of the shared credit rating act, 1985 PA 227, MCL 141. See Michigan Laws 208.1261 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Municipal jail: means a jail or lockup operated by a city, village, or township. See Michigan Laws 801.312 Municipality: means any city, village, or township. See Michigan Laws 801.312 National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC Participation: means an extension of credit in which an undivided ownership interest is held on a pro rata basis in a single loan or pool of loans and related collateral. See Michigan Laws 208.1261 Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. Public ward: means either of the following:
(i) A youth accepted for care by a youth agency who is at least 12 years of age when committed to the youth agency by the juvenile division of the probate court or the family division of circuit court under section 18(1)(e) of chapter XIIA of the probate code of 1939, 1939 PA 288, MCL 712A. See Michigan Laws 803.302Regular place of business: means an office at which the financial institution carries on its business in a regular and systematic manner and which is continuously maintained, occupied, and used by employees of the financial institution. See Michigan Laws 208.1261 Rolling stock: means railroad freight or passenger cars, locomotives, or other rail cars. See Michigan Laws 208.1261 Statute of limitations: A law that sets the time within which parties must take action to enforce their rights. Transportation property: means vehicles and vessels capable of moving under their own power, such as aircraft, trains, water vessels, and motor vehicles, as well as any equipment or containers attached to such property, such as rolling stock, barges, or trailers. See Michigan Laws 208.1261 Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. United States obligations: means all obligations of the United States exempt from taxation under 31 USC 3124(a) or exempt under the United States constitution or any federal statute, including the obligations of any instrumentality or agency of the United States that are exempt from state or local taxation under the United States constitution or any statute of the United States. See Michigan Laws 208.1261 Venue: The geographical location in which a case is tried. water supply and transmission system: means plants, works, instrumentalities and properties used or useful in connection with obtaining a water supply and the treatment thereof, and necessary transmission mains and appurtenances for the distribution of the water to the cities, villages and townships within the territorial limits of the authority. See Michigan Laws 121.1 Youth agency: means either the department or a county juvenile agency, whichever has responsibility over a public ward. See Michigan Laws 803.302