Michigan Laws > Chapter 124 > Act 8 of 1967 – Intergovernmental Transfers of Functions and Responsibilities
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Terms Used In Michigan Laws > Chapter 124 > Act 8 of 1967 - Intergovernmental Transfers of Functions and Responsibilities
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Delivery: means either of the following:
(i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201Finance 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 440.2803Goods: 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 Governing body: means the board, council or body in which the legislative powers of a political subdivision are vested. See Michigan Laws 124.531 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: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC 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 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 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 Political subdivision: means a city, village, other incorporated political subdivision, county, school district, community college, intermediate school district, township, charter township, special district or authority. See Michigan Laws 124.531 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Right: includes remedy. See Michigan Laws 440.1201 Statute: A law passed by a legislature. Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Michigan Laws 440.2803 writing: includes printing, typewriting, or any other intentional reduction to tangible form. See Michigan Laws 440.1201