Michigan Laws > Chapter 124 > Act 738 of 2002 – Electronic Transactions of Public Funds
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Terms Used In Michigan Laws > Chapter 124 > Act 738 of 2002 - Electronic Transactions of Public Funds
- ACH: means a national and governmental organization that has authority to process electronic payments, including, but not limited to, the national automated clearing house association and the federal reserve system. See Michigan Laws 124.301
- ACH arrangement: means the agreement between the originator of the ACH transaction and the receiver of the ACH transaction. See Michigan Laws 124.301
- ACH policy: means the procedures and internal controls as determined under a written policy developed and adopted by the treasurer or the electronic transactions officer of a local unit under section 3. See Michigan Laws 124.301
- ACH transaction: means an electronic payment, debit, or credit transfer processed through an automated clearing house. See Michigan Laws 124.301
- 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
- Buyer: means a person who buys or contracts to buy goods. See Michigan Laws 440.2103
- 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
- Conviction: A judgement of guilt against a criminal defendant.
- Delivery: means either of the following:
(i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201ETO: means the person designated under this act by charter or by the governing body in a local unit other than a township or county. See Michigan Laws 124.301 Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC 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 Governing body: means any of the following:
(i) The council, commission, or other entity vested with the legislative power of a city or village. See Michigan Laws 124.301Local school district: means a school district organized under the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 124.301 Local unit: means any of the following:
(i) A village. See Michigan Laws 124.301Obligation: 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 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. Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201 Treasurer: means the elected treasurer in a township or county. See Michigan Laws 124.301