Michigan Laws > Chapter 124 > Act 55 of 1963 – Mass Transportation System Authorities
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws > Chapter 124 > Act 55 of 1963 - Mass Transportation System Authorities
- 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.
- Authority: means a public transportation authority formed under this act. See Michigan Laws 124.351
- 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 an authority. See Michigan Laws 124.351
- Buyer: means a person who buys or contracts to buy goods. See Michigan Laws 440.2103
- Continuance: Putting off of a hearing ot trial until a later time.
- 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
- Creditor: includes a general creditor, a secured creditor, a lien creditor, and any representative of creditors, including an assignee for the benefit of creditors, a trustee in bankruptcy, a receiver in equity, and an executor or administrator of an insolvent debtor's or assignor's estate. See Michigan Laws 440.1201
- Delivery: means either of the following:
(i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201Document 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 Electronic document of title: means a document of title evidenced by a record consisting of information stored in an electronic medium. See Michigan Laws 440.1201 Fault: means a default, breach, or wrongful act or omission. See Michigan Laws 440.1201 Fraud: 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 124.351 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 440.1201Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. 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 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. 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 Personal property: All property that is not real property. 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 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 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 Service area: means that area in which a public authority incorporated under this act operates a mass transportation system or causes a mass transportation system to operate. See Michigan Laws 124.351 shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c 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 Tangible document of title: means a document of title evidenced by a record consisting of information that is inscribed on a tangible medium. See Michigan Laws 440.1201 Taxable property: means the property taxable under the general property tax act, Act No. See Michigan Laws 124.351 Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201