Michigan Laws > Chapter 125 > Act 57 of 1998 – Contracts for Improvement to Real Property
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Terms Used In Michigan Laws > Chapter 125 > Act 57 of 1998 - Contracts for Improvement to Real Property
- Air navigation: means the operation or navigation of aircraft in the airspace over the land and waters of this state. See Michigan Laws 259.2
- Airport: means a publicly owned airport licensed by the department under section 86 and includes all airport facilities at the airport. See Michigan Laws 259.138
- Airport facilities: means any of the following at an airport:
(i) Real or personal property, or an interest in real or personal property, used for the landing, taking off, taxiing, parking, or storing of aircraft, or for receiving or discharging passengers or cargo, an appurtenant area used for an airport building or other facility, and any appurtenant right-of-way. See Michigan Laws 259.138Approval date: means , for airports certificated under 14 C. See Michigan Laws 259.138 Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Bank: means a state banking corporation that is organized or reorganized under this act or organized under any law of this state enacted before March 1, 2000, including a state banking corporation that voluntarily limits its activities. See Michigan Laws 487.11201 Bank holding company: means a company as defined in the bank holding company act that is not a bank or national banking association and that is a bank holding company approved by the Board of Governors of the Federal Reserve System under the bank holding company act or that will become an approved bank holding company before or upon the completion of a consolidation provided in section 3706. See Michigan Laws 487.11201 Board: means the governing body of a regional authority appointed under section 140. See Michigan Laws 259.138 Branch: means , except as otherwise provided in this subdivision, a branch bank, branch office, branch agency, additional office, or a branch place of business at which deposits are received, checks paid, or money lent. See Michigan Laws 487.11201 Contract: A legal written agreement that becomes binding when signed. Contractor: means a person who contracts with a governmental entity to improve real property or perform or manage construction services. See Michigan Laws 125.1591 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. Department: means the state transportation department, bureau of aeronautics. See Michigan Laws 259.3 Depository institution: means a bank, out-of-state bank, national bank, foreign bank branch, association, savings bank, or credit union organized under the laws of this state, another state, the District of Columbia, the United States, or a territory or protectorate of the United States. See Michigan Laws 487.11201 Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs. 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 Escrow: Money given to a third party to be held for payment until certain conditions are met. 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. FAA: means the Federal Aviation Administration of the United States Department of Transportation, or any successor agency. See Michigan Laws 259.138 Fiduciary: A trustee, executor, or administrator. Foreign bank: means an entity that is organized and recognized as a bank under the laws of a foreign country that lawfully engages in the business of banking and is not directly or indirectly owned or controlled by United States citizens or by a corporation organized under the laws of the United States. See Michigan Laws 487.11202 Governmental entity: means the state, a county, city, township, village, public educational institution, or any political subdivision thereof. See Michigan Laws 125.1591 Improve: means to build, alter, repair, or demolish an improvement upon, connected with, or beneath the surface of any real property, to excavate, clear, grade, fill, or landscape any real property, to construct driveways and roadways, or to perform labor upon improvements. See Michigan Laws 125.1591 Improvement: includes , but is not limited to, all or any part of any building, structure, erection, alteration, demolition, excavation, clearing, grading, filling, landscaping, trees, shrubbery, driveways, and roadways on real property. See Michigan Laws 125.1591 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 Institution: means a bank, state agency, or state foreign bank branch operating or organized or reorganized under this act or operating or organized under any law of this state enacted before August 20, 1969. See Michigan Laws 487.11202 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 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 Legislative body: means the elected body of a local government that has legislative powers. See Michigan Laws 259.138 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Local government: means a county, city, township, or village that creates the regional authority. See Michigan Laws 259.138 National bank: means a national banking association chartered by the federal government under the national bank act. See Michigan Laws 487.11202 National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC National bank act: means the national bank act, 12 USC 21 to 216d. See Michigan Laws 487.11202 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. Out-of-state bank: means a banking corporation that is organized under the laws of another state, the District of Columbia, or a territory or a protectorate of the United States whose principal office is located in a state other than this state, in the District of Columbia, or in a territory or a protectorate of the United States, and whose deposits are insured by the Federal Deposit Insurance Corporation. See Michigan Laws 487.11202 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, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 259.7 Person: means an individual, partnership, corporation, limited liability company, governmental entity, or any other legal entity. See Michigan Laws 487.11202 Person: means an individual, corporation, partnership, association, governmental entity, or any other legal entity. See Michigan Laws 125.1591 Personal property: All property that is not real property. Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Real property: means the real estate that is improved, including, but not limited to, lands, leaseholds, tenements, hereditaments, and improvements placed on the real property. See Michigan Laws 125.1591 Regional authority: means a regional airport authority created under section 139 and governed by a board. See Michigan Laws 259.138 Sponsor: means a public agency authorized by 49 USC 47101 to 47134 to submit requests for, accept, and be responsible for performing all of the assurances associated with accepting grant agreements with respect to airports from the FAA or this state, and to perform some duties and responsibilities previously assumed by the local government that owns or operates the airport before the transfer of operational jurisdiction of the airport to an authority created under this chapter by virtue of the local government's acceptance before the approval date of grants for the benefit of the airport from the FAA or another agency of the United States or this state. See Michigan Laws 259.138 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. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o