Terms Used In Michigan Laws > Chapter 124 > Act 258 of 2003 - Land Bank Fast Track Act

• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Agent orange: means the chemical herbicide made from chemicals known as 2,4-Dichlorophenoxyacetic acid and its esters, or 2,4-D, and Trichlorophenoxyacetic acid and its esters, or 2,4,5-T. See Michigan Laws 333.5701
• Authority: means a land bank fast track authority created under section 15, section 23(4), or section 23(5). See Michigan Laws 124.753
• Authority: means the Michigan veterans' facility authority created under section 3. See Michigan Laws 36.102
• Authority board: means the board of directors of the state authority appointed under section 16. See Michigan Laws 124.753
• 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.
• board: means the board of directors of the authority. See Michigan Laws 36.102
• Bond: means a bond, note, or other obligation issued by the authority under this act. See Michigan Laws 36.102
• Care: includes treatment, control, transportation, confinement, and isolation in a facility or other location. See Michigan Laws 333.5101
• Casino: means a casino regulated by this state under the Michigan gaming control and revenue act, the Initiated Law of 1996, MCL 432. See Michigan Laws 124.753
• Chemical agent: means a chemical herbicide or defoliant other than agent orange, or a chemical weapon, which chemical herbicide, defoliant, or weapon is of the type used by the armed forces of the United States. See Michigan Laws 333.5701
• Commission: means the agent orange commission created in section 5731. See Michigan Laws 333.5701
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• County authority: means a county land bank fast track authority created by a county foreclosing governmental unit under section 23(4). See Michigan Laws 124.753
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the department of labor and economic growth, a principal department of state government created by section 225 of the executive organization act of 1965, 1965 PA 380, MCL 16. See Michigan Laws 124.753
• Department: means the department of military and veterans affairs. See Michigan Laws 35.1252
• Department: means the department of military and veterans affairs. See Michigan Laws 36.102
• Department: means the department of health and human services in cooperation with the veterans' service offices. See Michigan Laws 333.5701
• Dependent: A person dependent for support upon another.
• Develop: means to plan, acquire, construct, improve, enlarge, maintain, renew, renovate, repair, replace, lease, equip, furnish, market, promote, manage, or operate. See Michigan Laws 36.102
• Devise: To gift property by will.
• Dioxin: means the chemicals known as 2,3,7,8-Tetrachlorodibenzo-p-dioxin, or 2,3,7,8-TCDD. See Michigan Laws 333.5701
• Director: means the director of the department. See Michigan Laws 35.1252
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• 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}
• Ex officio: Literally, by virtue of one's office.
• 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.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• Foreclosing governmental unit: means that term as defined in section 78 of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 124.753
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• Fund: means the land bank fast track fund created in section 18. See Michigan Laws 124.753
• Fund: means the veterans cemetery fund created in section 5. See Michigan Laws 35.1252
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Hospital: means a hospital licensed pursuant to article 17. See Michigan Laws 333.5701
• 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
• Information resource center: means the agent orange information resource center created in section 5745. See Michigan Laws 333.5701
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Interest 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}
• Intergovernmental agreement: means a contractual agreement between 1 or more governmental agencies, including, but not limited to, an interlocal agreement to jointly exercise any power, privilege, or authority that the agencies share in common and that each might exercise separately under the urban cooperation act of 1967, 1967 (Ex Sess) PA 7, MCL 124. See Michigan Laws 124.753
• Intestate: Dying without leaving a will.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Local authority: means a local land bank fast track authority created by a qualified city under section 23(5). See Michigan Laws 124.753
• Local unit of government: means a city, village, township, county, or any intergovernmental, metropolitan, or local department, agency, or authority, or other local political subdivision. See Michigan Laws 124.753
• Majority leader: see Floor Leaders
• Michigan economic development corporation: means the public body corporate created under section 28 of article VII of the state constitution of 1963 and the urban cooperation act of 1967, 1967 (Ex Sess) PA 7, MCL 124. See Michigan Laws 124.753
• Michigan state housing development authority: means the authority created under the state housing development authority act of 1966, 1966 PA 346, MCL 125. See Michigan Laws 124.753
• Michigan strategic fund: means the Michigan strategic fund as described in the Michigan strategic fund act, 1984 PA 270, MCL 125. See Michigan Laws 124.753
• Michigan veteran homes: means the administrative entity that centrally manages and operates veterans' facilities in this state. See Michigan Laws 36.102
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Oversight: Committee review of the activities of a Federal agency or program.
• 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, 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
• Physician: means a physician licensed pursuant to article 15. See Michigan Laws 333.5701
• Probate: Proving a will
• Qualified city: means a city that contains a first class school district and includes any department or agency of the city. See Michigan Laws 124.753
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Michigan Laws 440.1201
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• seal: shall be construed to include any of the following: