Michigan Laws > Chapter 124 > Act 196 of 1986 – Public Transportation Authority Act
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Terms Used In Michigan Laws > Chapter 124 > Act 196 of 1986 - Public Transportation Authority Act
- Aggrieved party: means a party entitled to resort to a remedy. See Michigan Laws 440.1201
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Appraisal: A determination of property value.
- Bequest: Property gifted by will.
- Bill of lading: means a document of title evidencing the receipt of goods for shipment issued by a person engaged in the business of directly or indirectly transporting or forwarding goods. See Michigan Laws 440.1201
- Board: means the governing body of a public authority. See Michigan Laws 124.452
- Buyer: means a person who buys or contracts to buy goods. See Michigan Laws 440.2103
- Commercial unit: means a unit of goods that by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See Michigan Laws 440.2803
- Consumer: means an individual who enters into a transaction primarily for personal, family, or household purposes. See Michigan Laws 440.1201
- Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed $25,000. See Michigan Laws 440.2803
- Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Michigan Laws 440.2106
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Delivery: means either of the following:
(i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201Devise: To gift property by will. Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Dismissal: The dropping of a case by the judge without further consideration or hearing. Source: Document of title: means a record that in the regular course of business or financing is treated as adequately evidencing that the person in possession or control of the record is entitled to receive, control, hold, and dispose of the record and the goods the record covers and that purports to be issued by or addressed to a bailee and to cover goods in the bailee's possession which are either identified or are fungible portions of an identified mass. See Michigan Laws 440.1201 Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC Fiduciary: A trustee, executor, or administrator. Finance lease: means a lease with respect to which all of the following apply:
(i) The lessor does not select, manufacture, or supply the goods. See Michigan Laws 440.2803Fraud: Intentional deception resulting in injury to another. Good faith: except as otherwise provided in article 5, means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Michigan Laws 440.1201 Goods: means baggage, accessories, or other personal property carried by or accompanying persons using public transportation service. See Michigan Laws 124.452 Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures under section 2A309, but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See Michigan Laws 440.2803 Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC Insolvent: means any of the following:
(i) Having generally ceased to pay debts in the ordinary course of business other than as a result of a bona fide dispute. See Michigan Laws 440.1201Interest 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 Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Michigan Laws 440.2803 Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this article. See Michigan Laws 440.2803 Lease contract: means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. See Michigan Laws 440.2803 Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Michigan Laws 440.2803 Lessee: means a person who acquires the right to possession and use of goods under a lease. See Michigan Laws 440.2803 Lessor: means a person who transfers the right to possession and use of goods under a lease. See Michigan Laws 440.2803 Lien: A claim against real or personal property in satisfaction of a debt. Money: means a medium of exchange authorized or adopted by a domestic or foreign government. See Michigan Laws 440.1201 Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose. Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. See Michigan Laws 440.1201 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Plaintiff: The person who files the complaint in a civil lawsuit. Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court. Political subdivision: means a county, city, village, or township. See Michigan Laws 124.452 Probate: Proving a will Public authority: means an authority created under this act. See Michigan Laws 124.452 Public transportation system: means a system for providing public transportation service, including public transportation facilities. See Michigan Laws 124.452 Purchase: means taking by sale, lease, discount, negotiation, mortgage, pledge, lien, security interest, issue or reissue, gift, or any other voluntary transaction creating an interest in property. See Michigan Laws 440.1201 Purchaser: means a person that takes by purchase. See Michigan Laws 440.1201 Remedy: means any remedial right to which an aggrieved party is entitled with or without resort to a tribunal. See Michigan Laws 440.1201 Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Revenue: means money received by the public authority as provided in section 17. See Michigan Laws 124.452 Right: includes remedy. See Michigan Laws 440.1201 Security interest: means an interest in personal property or fixtures which secures payment or performance of an obligation. See Michigan Laws 440.1201 Seller: means a person who sells or contracts to sell goods. See Michigan Laws 440.2103 Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. Signed: includes any symbol executed or adopted by a party with present intention to adopt or accept a writing. See Michigan Laws 440.1201 State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 440.1201 Sublease: means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease. See Michigan Laws 440.2803 Taxable property: means the property taxable under the general property tax act, Act No. See Michigan Laws 124.452 Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201 third party: means a person that has engaged in a transaction or made an agreement subject to this act. See Michigan Laws 440.1201 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 writing: includes printing, typewriting, or any other intentional reduction to tangible form. See Michigan Laws 440.1201