Michigan Laws > Chapter 125 > Act 293 of 1937 – Housing Cooperation Law
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Terms Used In Michigan Laws > Chapter 125 > Act 293 of 1937 - Housing Cooperation Law
- Account: means any depositor credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit. See Michigan Laws 440.4104
- Appraisal: A determination of property value.
- Arrest: Taking physical custody of a person by lawful authority.
- Bank: means a person engaged in the business of banking, including a saving bank, saving and loan association, credit union, or trust company. See Michigan Laws 440.4105
- Banking day: means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions. See Michigan Laws 440.4104
- Clearing-house: means an association of banks or other payors regularly clearing items. See Michigan Laws 440.4104
- Collecting bank: means a bank handling the item for collection except the payor bank. See Michigan Laws 440.4105
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Customer: means any person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank. See Michigan Laws 440.4104
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Depositary bank: means the first bank to take an item even though it is also the payor bank, unless the item is presented for immediate payment over the counter. See Michigan Laws 440.4105
- Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities as defined in section 8102 or instructions for uncertificated securities as defined in section 8102, or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft. See Michigan Laws 440.4104
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- Holder: means any of the following:
(i) A person in possession of a negotiable instrument that is payable either to bearer or to an identified person that is the person in possession. See Michigan Laws 440.1201Item: means an instrument or a promise or order to pay money handled by a bank for collection or pay. See Michigan Laws 440.4104 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. 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 Lien: A claim against real or personal property in satisfaction of a debt. Majority leader: see Floor Leaders 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. Payor bank: means a bank that is the drawee of a draft. See Michigan Laws 440.4105 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 Presenting bank: means a bank presenting an item except a payor bank. See Michigan Laws 440.4105 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. 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 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: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o Statute: A law passed by a legislature. Trustee: A person or institution holding and administering property in trust. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o