§ 18.251 Federal surplus property program; to be administered by department of administration as state agency
§ 18.252 Federal surplus property; receipt, warehousing, and distribution by department of administration
§ 18.253 Federal surplus property; applications for acquisition; recommendations of department of administration
§ 18.254 Federal surplus property; permissible action by department of administration
§ 18.255 Federal surplus property; department of administration as clearing house of information
§ 18.256 Federal surplus property; state plan of operation and reports to be filed by department of administration
§ 18.257 Federal surplus property; charges to eligible recipients for handling and transfer
§ 18.258 Federal surplus property; accounting of charges; nonreversion of balance
§ 18.259 Federal surplus property; rules and regulations for utilization
§ 18.260 Federal surplus property; bonds for employees handling same
§ 18.261 Federal surplus property; obligation of state by department prohibited; warehouses

Terms Used In Michigan Laws > Chapter 18 > Act 139 of 1961

  • Administering agency: means the department, the county road commission, the county drain commissioner, or the city, village, or township that has jurisdiction over the public facility, as determined by the negotiating partnership. See Michigan Laws 490.357
  • Advance: means a transfer of funds made by a municipality to an authority or to another person on behalf of the authority. See Michigan Laws 490.219
  • Advance: means a transfer of funds made by a municipality to an authority or to another person on behalf of the authority in anticipation of repayment by the authority. See Michigan Laws 487.13905
  • Advance: means a transfer of funds made by a municipality to an authority or to another person on behalf of the authority in anticipation of repayment by the authority. See Michigan Laws 487.15101
  • Aeronautical facilities: means any device, physical or otherwise, that is an object of nature or that is human-made, that aids and is used in aeronautics. See Michigan Laws 484.2305
  • Aeronautics: means any act or matter that treats or deals with flight in the airspace. See Michigan Laws 484.2305
  • Affiliate: means a person, other than an individual or governmental entity, to which any of the following apply:

    (i) A credit union directly or indirectly owns or controls a majority of the person's voting shares or other voting ownership interests. See Michigan Laws 490.102

  • Affiliate: means a corporation, business trust, limited liability company, partnership, association, or similar organization to which any of the following apply:

    (i) A person, directly or indirectly, owns or controls either more than 25% of its voting shares or a majority of the shares voted at the most recent election for the election of its directors, trustees, or other individuals who exercise similar functions, or controls in any manner the election of a majority of its directors, trustees, or other individuals who exercise similar functions. See Michigan Laws 487.11201

  • Agricultural lien: means an interest, other than a security interest, in farm products that meets all of the following requirements:

    (i) The interest secures payment or performance of an obligation for 1 or more of the following:

    (A) Goods or services furnished in connection with a debtor's farming operation. See Michigan Laws 440.9102

  • Aircraft: means any contrivance used or designed for navigation of or flight in the air. See Michigan Laws 484.2305
  • Airport: means any location, either on land or water, that is used for the landing or take-off of aircraft, and includes the buildings and facilities, if any, on that location. See Michigan Laws 484.2305
  • Airport manager: means any individual who is properly appointed and designated by the airport owner as the airport manager, and who is responsible for the supervision and operation of the airport to the airport owner. See Michigan Laws 484.2305
  • Alien credit union: means a credit union that is organized under the laws of a country other than the United States. See Michigan Laws 490.102
  • annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 324.51302
  • Applicant: means a person that submits an application under this act. See Michigan Laws 487.11201
  • Armory: means a building, facility, or the lots and grounds used by an army, navy, or air unit of the national guard or organized militia as a home station or for military training. See
  • Articles: means articles of incorporation, all amendments to articles of incorporation, and agreements of consolidation and merger. See Michigan Laws 487.11201
  • Assessed value: means 1 of the following:

    (i) For valuations made before January 1, 1995, the state equalized valuation as determined under the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 490.219

  • Assessed value: means 1 of the following:

    (i) For valuations made before January 1, 1995, the state equalized valuation as determined under the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 487.13905

  • Assessed value: means the taxable value as determined under section 27a of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 487.15101
  • Associate board member: means an individual appointed by a credit union board to the position described in section 342(10). See Michigan Laws 490.102
  • Association: means a federal savings association organized under section 5 of the home owners' loan act, 12 USC 1464, or a savings and loan association, building and loan association, or homestead association that is organized under the laws of a state, the District of Columbia, or a territory or protectorate of the United States, and whose deposits are insured by the Federal Deposit Insurance Corporation. See Michigan Laws 487.11201
  • Authority: means a tax increment finance authority created under this act. See Michigan Laws 490.219
  • Authority: means a downtown development authority created pursuant to this act. See Michigan Laws 487.13905
  • Authority: means a water resource improvement tax increment finance authority created under this act. See Michigan Laws 487.15101
  • Authority district: means that area within which an authority exercises its powers and within which 1 or more development areas may exist. See Michigan Laws 490.219
  • Bank: means a bank that is organized under the laws of this state, any other state, the District of Columbia, or a territory or protectorate of the United States, or a national banking association chartered by the federal government under the national bank act, 12 USC 21 to 216d, and whose deposits are insured by an agency of the federal government. See Michigan Laws 490.102
  • Bank: means an organization that is engaged in the business of banking. See Michigan Laws 440.9102
  • 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
  • Board: means the governing body of an authority. See Michigan Laws 490.219
  • Board: means the governing body of an authority. See Michigan Laws 487.13905
  • Board: means the governing body of an authority. See Michigan Laws 487.15101
  • Board member: means a member of a board of directors, board of trustees, or similar governing body of an organization. See Michigan Laws 490.102
  • Borrower: means a member who obtains a loan from a credit union. See Michigan Laws 490.102
  • Branch: means , except as otherwise provided in this subdivision, an office or other place of business at which a credit union receives deposits, pays checks, or lends money. See Michigan Laws 490.102
  • Branch: includes a separately incorporated foreign branch of a bank. See Michigan Laws 440.1201
  • 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
  • Business district: means an area in the downtown of a municipality zoned and used principally for business. See Michigan Laws 487.13905
  • capital stock: means the stated par value of issued and outstanding unimpaired common stock and the stated par value of issued and outstanding unimpaired preferred stock. See Michigan Laws 487.11201
  • Captured assessed value: means the amount in any 1 year by which the current assessed value of the development area, including the assessed value of property for which specific local taxes are paid in lieu of property taxes as determined in subdivision (w), exceeds the initial assessed value. See Michigan Laws 490.219
  • Captured assessed value: means the amount in any state fiscal year by which the current assessed value of the negotiated benefit area, including the assessed value of property for which specific local taxes are paid in lieu of property taxes as determined in section 3(c), exceeds the initial assessed value. See Michigan Laws 490.357
  • Captured assessed value: means the amount in any 1 year by which the current assessed value of the project area, including the assessed value of property for which specific local taxes are paid in lieu of property taxes as determined in subdivision (aa), exceeds the initial assessed value. See Michigan Laws 487.13905
  • Captured assessed value: means the amount in any 1 year by which the current assessed value of the development area, including the assessed value of property for which specific local taxes are paid in lieu of property taxes as determined in section 3(d), exceeds the initial assessed value. See Michigan Laws 487.15101
  • Catalyst development project: means a project that is located in a municipality with a population greater than 600,000, is designated by the authority as a catalyst development project, and is expected to result in at least $300,000,000. See Michigan Laws 487.13905
  • Certificate of title: means a certificate of title with respect to which a statute provides for the security interest in question to be indicated on the certificate as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. See Michigan Laws 440.9102
  • Chattel paper: means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. See Michigan Laws 440.9102
  • Chief executive officer: means the mayor or city manager of a city, the president of a village, or the supervisor of a township. See Michigan Laws 490.219
  • Chief executive officer: means the mayor or city manager of a city, the president or village manager of a village, or the supervisor of a township. See Michigan Laws 490.357
  • Chief executive officer: means the mayor or city manager of a city, the president or village manager of a village, or the supervisor of a township or, if designated by the township board for purposes of this act, the township superintendent or township manager of a township. See Michigan Laws 487.13905
  • Chief executive officer: means the mayor or city manager of a city, the president or village manager of a village, or the supervisor of a township. See Michigan Laws 487.15101
  • citation: means a complaint or notice upon which a police officer shall record an occurrence involving 1 or more vehicle law violations by the person cited. See Michigan Laws 324.80130g
  • Classification system: means a mechanism to identify the current use of land and any structures on the land. See Michigan Laws 324.60901
  • Collateral: means the property subject to a security interest or agricultural lien. See Michigan Laws 440.9102
  • Commission: means the commission for logistics and supply chain collaboration created under section 3. See Michigan Laws 490.384
  • Commission: means the commission of natural resources. See Michigan Laws 324.80208
  • Commission: means the Michigan aeronautics commission. See Michigan Laws 484.2305a
  • Commissioner: means the director. See Michigan Laws 490.102
  • Commodity account: means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. See Michigan Laws 440.9102
  • Commodity contract: means a commodity futures contract, an option on a commodity futures contract, a commodity option, or another contract if the contract or option is 1 of the following:

    (i) Traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws. See Michigan Laws 440.9102

  • Commodity customer: means a person for which a commodity intermediary carries a commodity contract on its books. See Michigan Laws 440.9102
  • Commodity intermediary: means 1 of the following:

    (i) A person that is registered as a futures commission merchant under federal commodities law. See Michigan Laws 440.9102

  • Consolidated bank: means a bank that results from a consolidation between a bank and 1 or more banks, out-of-state banks, national banks, associations, or savings banks. See Michigan Laws 487.11201
  • consolidation: include , respectively, consolidate or merge, consolidated or merged, consolidating or merging, and consolidation or merger. See Michigan Laws 487.11201
  • Consumer: means an individual who enters into a transaction primarily for personal, family, or household purposes. See Michigan Laws 440.1201
  • Consumer goods: means goods that are used or bought for use primarily for personal, family, or household purposes. See Michigan Laws 440.9102
  • Corporate credit union: means a credit union whose field of membership consists primarily of other credit unions. See Michigan Laws 490.102
  • council: means that advisory body established pursuant to section 20. See Michigan Laws 490.219
  • county drain commissioner: means the elected county drain commissioner or the person or persons designated to perform the duties of the elected county drain commissioner as provided in sections 21 and 21a. See Michigan Laws 487.14104
  • Credit union: means a domestic or foreign credit union. See Michigan Laws 490.102
  • Credit union board: means a board of directors, board of trustees, or other governing body of a credit union. See Michigan Laws 490.102
  • Credit union service organization: means a corporation or other legal entity that is engaged primarily in providing 1 or more of the products or services described in section 407 to credit unions or their members, that a domestic credit union may organize, invest in, or lend to under section 401(2)(gg), and that may or may not be controlled by 1 or more credit unions. See Michigan Laws 490.102
  • 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
  • Data management system: means a mechanism which relies on a computer to manipulate, store, and retrieve information collected and updated during a resource inventory. See Michigan Laws 324.60901
  • Debt management: means that term as defined in section 2 of the debt management act, 1975 PA 148, MCL 451. See Michigan Laws 490.102
  • Debtor: means 1 of the following:

    (i) A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor. See Michigan Laws 440.9102

  • Delivery: means either of the following:

    (i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201

  • Department: means the department of insurance and financial services. See Michigan Laws 490.102
  • Department: means the director of the department of natural resources or his or her designee to whom the director delegates a power or duty by written instrument. See Michigan Laws 324.80208
  • Department: means the state transportation department, bureau of aeronautics. See Michigan Laws 484.2305a
  • department: means the department of insurance and financial services. See Michigan Laws 487.11201
  • Department of natural resources: means the principal state department created in section 501. See Michigan Laws 324.80208
  • Deposit account: means a demand, time, savings, passbook, or similar account maintained with a bank. See Michigan Laws 440.9102
  • 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
  • Development area: means that area to which a development plan is applicable. See Michigan Laws 490.219
  • Development area: means that area to which a development plan is applicable. See Michigan Laws 487.13905
  • Development area: means that area described in section 5 to which a development plan is applicable. See Michigan Laws 487.15101
  • Development plan: means that information and those requirements for a development set forth in section 16. See Michigan Laws 490.219
  • Development plan: means that information and those requirements for a development plan set forth in section 17. See Michigan Laws 487.13905
  • Development plan: means that information and those requirements for a development area set forth in section 22. See Michigan Laws 487.15101
  • Development program: means the implementation of the development plan. See Michigan Laws 490.219
  • Development program: means the implementation of the development plan. See Michigan Laws 487.13905
  • Development program: means the implementation of the development plan. See Michigan Laws 487.15101
  • Director: means the director of the department. See Michigan Laws 490.102
  • Director: means the director of the department of natural resources. See Michigan Laws 324.80208
  • director: means the director of the department. See Michigan Laws 487.11201
  • Dissolution: means the process by which a solvent bank voluntarily ends its corporate existence by liquidating its assets and winding up its affairs. See Michigan Laws 487.11201
  • district: means that area to which the tax increment finance plan pertains. See Michigan Laws 490.219
  • district: means 1 or more of the following:

    (i) An inland body of water and land that is up to 1 mile from the shoreline of an inland lake that contains 1 or more public access points. See Michigan Laws 487.15102

  • Document: means a document of title or a receipt of the type described in section 7201(2). See Michigan Laws 440.9102
  • Domestic credit union: means a cooperative, nonprofit entity organized under this act for the purposes of encouraging thrift among its members, providing a variety of financial services to its members, and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. See Michigan Laws 490.102
  • Downtown district: means that part of an area in a business district that is specifically designated by ordinance of the governing body of the municipality pursuant to this act. See Michigan Laws 487.13905
  • drain: whenever used in this act , shall include the main stream or trunk and all tributaries or branches of any creek or river, any watercourse or ditch, either open or closed, any covered drain, any sanitary or any combined sanitary and storm sewer or storm sewer or conduit composed of tile, brick, concrete, or other material, any structures or mechanical devices, that will properly purify the flow of such drains, any pumping equipment necessary to assist or relieve the flow of such drains and any levee, dike, barrier, or a combination of any or all of same constructed, or proposed to be constructed, for the purpose of drainage or for the purification of the flow of such drains, but shall not include any dam and flowage rights used in connection therewith which is used for the generation of power by a public utility subject to regulation by the public service commission. See Michigan Laws 487.14103
  • Electronic chattel paper: means chattel paper evidenced by a record or records consisting of information stored in an electronic medium. See Michigan Laws 440.9102
  • Eligibility record date: means a record date that is 1 year or more before the adoption of a plan of conversion by a credit union board and is set forth in a plan of conversion for determining eligible members of a converting credit union. See Michigan Laws 490.102
  • Eligible advance: means an advance made before August 19, 1993. See Michigan Laws 490.219
  • Eligible advance: means an advance made before August 19, 1993. See Michigan Laws 487.13905
  • Eligible obligation: means an obligation issued or incurred by an authority or by a municipality on behalf of an authority before August 19, 1993 and its subsequent refunding by a qualified refunding obligation. See Michigan Laws 490.219
  • Eligible obligation: means an obligation issued or incurred by an authority or by a municipality on behalf of an authority before August 19, 1993 and its subsequent refunding by a qualified refunding obligation. See Michigan Laws 487.13905
  • Emergency: means a condition, event, or occurrence that meets both of the following:

    (i) It has or may interfere with the conduct of normal business operations, or poses an imminent or existing threat to the safety and security of a person or property, at the principal place of business or 1 or more branches of a credit union. See Michigan Laws 490.102

  • Farm products: means goods, other than standing timber, with respect to which the debtor is engaged in a farming operation and which are 1 of the following:

    (i) Crops grown, growing, or to be grown, including crops produced on trees, vines, and bushes, and aquatic goods produced in aquacultural operations. See Michigan Laws 440.9102

  • Federal agency: means a foreign bank agency established and operating under the international banking act of 1978. See Michigan Laws 487.11201
  • Federal branch: means a foreign bank branch established and operating under the international banking act of 1978. See Michigan Laws 487.11201
  • Federal credit union: means a credit union that is organized under the laws of the United States. See Michigan Laws 490.102
  • Federal deposit insurance act: means the federal deposit insurance act, 12 USC 1811 to 1835a. See Michigan Laws 487.11201
  • Federal home loan bank act: means the federal home loan bank act, 12 USC 1421 to 1449. See Michigan Laws 487.11201
  • Federal reserve act: means the federal reserve act, 12 USC 221 to 522. See Michigan Laws 487.11201
  • Field of membership: means that term as established under section 352. See Michigan Laws 490.102
  • Financial institution: means a credit union, bank, savings bank, or savings and loan association. See Michigan Laws 490.102
  • Financial institution: means an organization that is licensed, chartered, or regulated by the department under the laws of this state. See Michigan Laws 487.11202
  • Financing statement: means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement. See Michigan Laws 440.9102
  • Fire alarm system: means a system designed to detect and annunciate the presence of fire, or by-products of fire. See Michigan Laws 487.13905
  • Fiscal year: means the fiscal year of the authority. See Michigan Laws 490.219
  • Fiscal year: means the fiscal year of the administering agency. See Michigan Laws 490.357
  • Fiscal year: means the fiscal year of the authority. See Michigan Laws 487.13905
  • Fiscal year: means the fiscal year of the authority. See Michigan Laws 487.15101
  • Flight school: means any person providing or offering to provide flight training leading to pilot or flight instructor certification, for hire or compensation, and engaged in any of the following:

    (i) Advertising or calling oneself a flight school or anything equivalent to a flight school. See Michigan Laws 484.2305b

  • Flying club: means any group of persons owning, leasing, or operating 1 or more aircraft, not for profit or reward, and using the aircraft for the purpose of providing its members with an aircraft for their personal use and enjoyment. See Michigan Laws 484.2305b
  • 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
  • Foreign bank branch: means a place of business of a foreign bank, located in any state, the District of Columbia, or a territory, or protectorate of the United States, that is not a foreign bank agency, bank, or out-of-state bank, at which deposits are received and that is established and operating as a branch of a foreign bank under this act, the international banking act of 1978, or the laws of another state. See Michigan Laws 487.11202
  • Foreign country: means a country other than the United States and includes a colony, dependency, or possession of a country other than the United States. See Michigan Laws 487.11202
  • Foreign credit union: means a credit union organized under the laws of another state or territory of the United States or a federal credit union. See Michigan Laws 490.102
  • Fuel: means any gasoline, distillate, benzine, naphtha, benzol, or other volatile and inflammable liquid produced, compounded, and used for propelling aircraft. See Michigan Laws 484.2305b
  • Garage keeper: means any person who, for hire or reward, publicly offers to store, maintain, keep, or repair aircraft or any accessory used in the operation of aircraft and to furnish accessories and supplies for aircraft or any accessory used in the operation of aircraft. See Michigan Laws 484.2305b
  • Goods: means all things that are movable when a security interest attaches. See Michigan Laws 440.9102
  • Governing body: means the elected body of a municipality having legislative powers. See Michigan Laws 490.219
  • governing body of a municipality: means the elected body of a municipality having legislative powers. See Michigan Laws 490.357
  • Governing body of a municipality: means the elected body of a municipality having legislative powers. See Michigan Laws 487.13905
  • governing body of a municipality: means the elected body of a municipality having legislative powers. See Michigan Laws 487.15101
  • grantor: may be construed as including every person from or by whom any estate in lands passes in or by any deed. See Michigan Laws 324.30323
  • Health-care-insurance receivable: means an interest in or claim under a policy of insurance which is a right to payment of a monetary obligation for health-care goods or services provided. See Michigan Laws 440.9102
  • 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 324.51502
  • Initial assessed value: means the assessed value, as equalized, of all the taxable property within the boundaries of the development area at the time the resolution establishing the tax increment financing plan is approved as shown by the most recent assessment roll of the municipality for which equalization has been completed at the time the resolution is adopted. See Michigan Laws 490.219
  • Initial assessed value: means the assessed value of all the taxable property within the boundaries of the negotiated benefit area at the time the tax increment financing plan is approved, as shown by the most recent assessment roll of the municipality at the time the resolution is adopted. See Michigan Laws 490.357
  • Initial assessed value: means the assessed value, as equalized, of all the taxable property within the boundaries of the development area at the time the ordinance establishing the tax increment financing plan is approved, as shown by the most recent assessment roll of the municipality for which equalization has been completed at the time the resolution is adopted. See Michigan Laws 487.13905
  • Initial assessed value: means the assessed value of all the taxable property within the boundaries of the development area at the time the ordinance establishing the tax increment financing plan is approved, as shown by the most recent assessment roll of the municipality at the time the resolution is adopted. See Michigan Laws 487.15101
  • Inland lake: means a natural or artificial lake, pond, or impoundment. See Michigan Laws 487.15101
  • Insolvent: means a credit union that meets either of the following:

    (i) It is not able to pay its debts and other obligations, including those related to member shares, as they become due. See Michigan Laws 490.102

  • 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
  • Instrument: means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in ordinary course of business is transferred by delivery with any necessary indorsement or assignment. See Michigan Laws 440.9102
  • Inventory: means the land resource and current use inventory. See Michigan Laws 324.60901
  • Inventory: means goods, other than farm products, that meet 1 of the following:

    (i) Are leased by a person as lessor. See Michigan Laws 440.9102

  • Investment property: means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract, or commodity account. See Michigan Laws 440.9102
  • Investment security: means a marketable obligation in the form of a bond, note, or debenture, commonly regarded as an investment security and that is salable under ordinary circumstances with reasonable promptness at a fair value. See Michigan Laws 487.11202
  • Land use plan: means a plan prepared under former 1921 PA 207, or a site plan under the Michigan zoning enabling act, 2006 PA 110, MCL 125. See Michigan Laws 487.15101
  • Letter-of-credit right: means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. See Michigan Laws 440.9102
  • Lien creditor: means 1 or more of the following:

    (i) A creditor that has acquired a lien on the property involved by attachment, levy, or the like. See Michigan Laws 440.9102

  • loan or extension of credit: includes all direct or indirect advances of funds to a person made on the basis of any obligation of that person to repay the funds or repayable from specific property pledged by or on behalf of the person, and any credit exposure arising from a derivative transaction. See Michigan Laws 487.11202
  • Member: means a person with an ownership interest under the Michigan limited liability company act, 1993 PA 23, MCL 450. See Michigan Laws 487.11202
  • Membership share: means a share of a domestic credit union equal in amount to the par value of the credit union's shares that is credited to an account of a member by the credit union, is required as a condition of membership in the credit union, and is subject to any withdrawal restriction or other standards established by the domestic credit union for membership shares. See Michigan Laws 490.103
  • Messenger service: means a service such as a courier service or an armored car service that picks up from or delivers to customers of 1 or more depository institutions, or 1 or more affiliates of a depository institution, cash, currency, checks, drafts, securities, or other items relating to transactions between or involving a depository institution or affiliate of a depository institution and those customers, or that transfers cash, currency, checks, drafts, securities, or other items or documents between depository institutions or affiliates of depository institutions. See Michigan Laws 487.11202
  • Military: means a reference to all components of the state military establishment. See
  • Military establishment: means the organized militia of this state, including the employees and equipment assigned or necessary to carry out the provisions of this act. See
  • Money: means a medium of exchange authorized or adopted by a domestic or foreign government. See Michigan Laws 440.1201
  • month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 324.30501
  • Mortgage: means a consensual interest in real property, including fixtures, which secures payment or performance of an obligation. See Michigan Laws 440.9102
  • Municipality: means a city. See Michigan Laws 490.219
  • Municipality: means a city, village, or township. See Michigan Laws 490.357
  • Municipality: means a city, village, or township. See Michigan Laws 324.80208
  • Municipality: means a city, village, or township. See Michigan Laws 487.13905
  • Municipality: means a city, village, or township. See Michigan Laws 487.15101
  • Mutual savings bank: means a savings bank that is not authorized by its articles of incorporation to issue capital stock. See Michigan Laws 490.103
  • National bank: means a national banking association chartered by the federal government under the national bank act. See Michigan Laws 487.11202
  • Negotiated benefit area: means the area of tax capture whose boundaries are described by the negotiating partnership and are within state boundaries. See Michigan Laws 490.357
  • Negotiating partnership: means a collaborative effort between public entities located within this state governing the development and financing of public facilities. See Michigan Laws 490.357
  • Net worth: means the sum of a credit union's undivided earnings and reserves. See Michigan Laws 490.103
  • New value: means money, money's worth in property, services, or new credit, or release by a transferee of an interest in property previously transferred to the transferee. See Michigan Laws 440.9102
  • oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 324.30502
  • Obligation: means a written promise to pay, whether evidenced by a contract, agreement, lease, sublease, bond, or note, or a requirement to pay imposed by law. See Michigan Laws 490.219
  • Obligation: means a written promise to pay, whether evidenced by a contract, agreement, lease, sublease, bond, or note, or a requirement to pay imposed by law. See Michigan Laws 487.13905
  • Office of financial and insurance services: means the department. See Michigan Laws 490.103
  • Officer: means a commissioned officer and a warrant officer, unless a distinction between commissioned officer and warrant officer is clearly evident. See
  • Officer: means the chairperson of the board, the vice-chairperson of the board, the secretary, the treasurer, the general manager, an individual whose title is "president" an assistant treasurer, or an assistant secretary of a credit union, or any other individual who is specifically designated as an officer of a credit union by the credit union board. See Michigan Laws 490.103
  • Official: means a member of a credit union board or an officer, member of a credit committee or supervisory committee, or member of any other committee performing functions similar to a credit committee or supervisory committee, of a credit union. See Michigan Laws 490.103
  • Organization: means a person other than an individual. See Michigan Laws 440.1201
  • Original debtor: means , except as used in section 9310(3), a person that, as debtor, entered into a security agreement to which a new debtor has become bound under section 9203(4). See Michigan Laws 440.9102
  • Other protected obligation: means :

    (i) A qualified refunding obligation issued to refund an obligation described in subparagraph (ii) or (iii), an obligation that is not a qualified refunding obligation that is issued to refund an eligible obligation, or a qualified refunding obligation issued to refund an obligation described in this subparagraph. See Michigan Laws 490.219

  • Other protected obligation: means :

    (i) A qualified refunding obligation issued to refund an obligation described in subparagraph (ii), (iii), or (iv), an obligation that is not a qualified refunding obligation that is issued to refund an eligible obligation, or a qualified refunding obligation issued to refund an obligation described in this subparagraph. See Michigan Laws 487.13905

  • 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
  • Parcel: means an identifiable unit of land that is treated as separate for valuation or zoning purposes. See Michigan Laws 487.15102
  • Payment intangible: means a general intangible under which the account debtor's principal obligation is a monetary obligation. See Michigan Laws 440.9102
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 324.30503
  • Person: means an individual, corporation, partnership, limited liability company, association, governmental entity, or any other legal entity. See Michigan Laws 490.103
  • Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 324.80208
  • Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 484.2307
  • 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: means an individual, partnership, corporation, limited liability company, governmental entity, or any other legal entity. See Michigan Laws 487.11202
  • Principal place of business: means the place where a domestic credit union keeps its principal records. See Michigan Laws 490.103
  • Proceeds: means , except as used in section 9609(2), 1 or more of the following property:

    (i) Whatever is acquired upon the sale, lease, license, exchange, or other disposition of collateral. See Michigan Laws 440.9102

  • Professional investor: means an accredited investor as defined in 15 USC 77b. See Michigan Laws 487.11202
  • Promissory note: means an instrument that evidences a promise to pay a monetary obligation, does not evidence an order to pay, and does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds. See Michigan Laws 440.9102
  • Public facility: means 1 or more of the following:

    (i) A street, plaza, or pedestrian mall, and any improvements to a street, plaza, boulevard, alley, or pedestrian mall, including street furniture and beautification, park, parking facility, recreation facility, playground, school, library, public institution or administration building, right of way, structure, waterway, bridge, lake, pond, canal, utility line or pipeline, transit-oriented development, transit-oriented facility, and other similar facilities and necessary easements of these facilities designed and dedicated to use by the public generally or used by a public agency. See Michigan Laws 490.219

  • Public facility: means a street, road, or highway, and any improvements to a street, road, or highway, including street furniture and beautification, park, parking facility, recreational facility, right-of-way, structure, waterway, bridge, lake, pond, canal, utility line or pipe, water or wastewater facilities, or building, including access routes designed and dedicated to use by the public generally, or used by a public agency. See Michigan Laws 490.361
  • Public facility: means a street, plaza, pedestrian mall, and any improvements to a street, plaza, or pedestrian mall including street furniture and beautification, park, parking facility, recreational facility, right-of-way, structure, waterway, bridge, lake, pond, canal, utility line or pipe, building, and access routes to any of the foregoing, designed and dedicated to use by the public generally, or used by a public agency. See Michigan Laws 487.13905
  • Public facility: means a street, and any improvements to a street, including street furniture and beautification, park, parking facility, recreational facility, right-of-way, structure, waterway, bridge, lake, pond, canal, utility line or pipe, or building, including access routes designed and dedicated to use by the public generally, or used by a public agency, that is related to access to inland lakes or a water resource improvement, or means a water resource improvement. See Michigan Laws 487.15102
  • 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
  • Qualified refunding obligation: means an obligation issued or incurred by an authority or by a municipality on behalf of an authority to refund an obligation if 1 of the following applies:

    (i) The refunding obligation meets both of the following:

    (A) The net present value of the principal and interest to be paid on the refunding obligation, including the cost of issuance, will be less than the net present value of the principal and interest to be paid on the obligation being refunded, as calculated using a method approved by the department of treasury. See Michigan Laws 490.219

  • Qualified refunding obligation: means an obligation issued or incurred by an authority or by a municipality on behalf of an authority to refund an obligation if 1 or more of the following apply:

    (i) The obligation is issued to refund a qualified refunding obligation issued in November 1997 and any subsequent refundings of that obligation issued before January 1, 2010 or the obligation is issued to refund a qualified refunding obligation issued on May 15, 1997 and any subsequent refundings of that obligation issued before January 1, 2010 in an authority in which 1 parcel or group of parcels under common ownership represents 50% or more of the taxable value captured within the tax increment finance district and that will ultimately provide for at least a 40% reduction in the taxable value of the property as part of a negotiated settlement as a result of an appeal filed with the state tax tribunal. See Michigan Laws 487.13905

  • Qualified township: means a township that meets all of the following requirements:

    (i) Was not eligible to create an authority prior to January 3, 2005. See Michigan Laws 487.13905

  • Regional planning commission: means a regional planning commission designated by the governor pursuant to executive directive to carry out planning in a multicounty region of the state. See Michigan Laws 324.60901
  • Registered organization: means an organization organized solely under the law of a single state or the United States by the filing of a public organic record with, the issuance of a public organic record by, or the enactment of legislation by the state or the United States. See Michigan Laws 440.9102
  • Right: includes remedy. See Michigan Laws 440.1201
  • Savings and loan association: means a savings association that is organized under the laws of this state, a savings and loan association, building and loan association, or homestead association that is organized under the laws of any other state, the District of Columbia, or a territory or protectorate of the United States, or a federal savings association organized under the home owners' loan act, 12 USC 1461 to 1470, and whose deposits are insured by an agency of the federal government. See Michigan Laws 490.103
  • Savings bank: means a savings bank that is organized under the laws of this state, any other state, the District of Columbia, a territory or protectorate of the United States, or of the United States, and whose deposits are insured by an agency of the federal government. See Michigan Laws 490.103
  • Savings bank: means a savings bank that is organized under the savings bank act, 1996 PA 354, MCL 487. See Michigan Laws 487.11203
  • seal: shall be construed to include any of the following:

    (a) The impression of the seal on the paper alone. See Michigan Laws 324.30505

  • Secured party: means 1 or more of the following:

    (i) A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding. See Michigan Laws 440.9102

  • Security agreement: means an agreement that creates or provides for a security interest. See Michigan Laws 440.9102
  • Security interest: means an interest in personal property or fixtures which secures payment or performance of an obligation. See Michigan Laws 440.1201
  • Senior management employee: means any individual who is designated as a senior policy-making employee of a credit union by the board of the credit union. See Michigan Laws 490.103
  • Service center: means a place of business of a credit union, other than the principal place of business or a branch, where the credit union may transact business authorized by the credit union board. See Michigan Laws 490.103
  • Service entity: means a corporation, mutual company, limited liability company, limited liability partnership, or limited partnership in which a bank has invested under section 4310(1). See Michigan Laws 487.11203
  • Service provider: means a person that provides any of the following to an institution:

    (i) Data processing services. See Michigan Laws 487.11203

  • 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 324.51510
  • Special duty: means military service in support of the full-time operation of the state military establishment for a period of not less than 1 day if ordered by competent authority. See
  • Specific local tax: means a tax levied under 1974 PA 198, MCL 207. See Michigan Laws 490.361
  • Specific local tax: means a tax levied under 1974 PA 198, MCL 207. See Michigan Laws 487.15102
  • 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 324.51501
  • 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 440.9102
  • State agency: means a foreign bank agency that is established and operating under this act. See Michigan Laws 487.11203
  • State fiscal year: means the annual period commencing October 1 of each year. See Michigan Laws 490.361
  • State foreign bank branch: means a foreign bank branch that is established and operating under this act. See Michigan Laws 487.11203
  • Stock savings and loan association: means a savings and loan association that is authorized by its articles of incorporation to issue capital stock. See Michigan Laws 490.103
  • Stock savings bank: means a savings bank that is authorized by its articles of incorporation to issue capital stock. See Michigan Laws 490.103
  • Subsidiary: means a corporation, mutual company, limited liability company, limited liability partnership, or limited partnership, the controlling interests of which are more than 50% owned by 1 or more depository institutions, and in which a bank has an ownership interest, membership interest, or other legally enforceable interest that is the indicia of ownership. See Michigan Laws 487.11203
  • Supply chain management: means an integrated approach to planning, implementing, and controlling the flow of information, materials, and services from raw materials to the distribution of the finished product to the end customer. See Michigan Laws 490.384
  • Supporting obligation: means a letter-of-credit right or secondary obligation that supports the payment or performance of an account, chattel paper, a document, a general intangible, an instrument, or investment property. See Michigan Laws 440.9102
  • Surplus: means the amount paid for issued and outstanding common and preferred stock of a bank in excess of the stated par value, plus any amount of transferred undivided profits and any additional amounts paid in or contributed to increase total capital. See Michigan Laws 487.11203
  • Tax increment financing plan: means that information and those requirements set forth in sections 13 to 15. See Michigan Laws 490.219
  • Tax increment revenues: means the amount of ad valorem property taxes and specific local taxes attributable to the application of the levy of all taxing jurisdictions upon the captured assessed value of real and personal property in the development area, subject to the following requirements:

    (i) Tax increment revenues include ad valorem property taxes and specific local taxes attributable to the application of the levy of all taxing jurisdictions other than the state pursuant to the state education tax act, 1993 PA 331, MCL 211. See Michigan Laws 490.219

  • Tax increment revenues: means the amount of ad valorem property taxes and specific local taxes attributable to the application of the levy of all taxing jurisdictions upon the captured assessed value of real and personal property in the negotiated benefit area. See Michigan Laws 490.361
  • Tax increment revenues: means the amount of ad valorem property taxes and specific local taxes attributable to the application of the levy of all taxing jurisdictions upon the captured assessed value of real and personal property in the development area, subject to the following requirements:

    (i) Tax increment revenues include ad valorem property taxes and specific local taxes attributable to the application of the levy of all taxing jurisdictions other than the state pursuant to the state education tax act, 1993 PA 331, MCL 211. See Michigan Laws 487.13905

  • Tax increment revenues: means the amount of ad valorem property taxes and specific local taxes attributable to the application of the levy of all taxing jurisdictions upon the captured assessed value of real and personal property in the development area. See Michigan Laws 487.15102
  • Technical assistance: means the aid that the department shall provide to municipalities, counties, and other interested groups and individuals, on the use of the land resource and current use inventory and related information for planning and resource management decisions. See Michigan Laws 324.60901
  • United States: shall be construed to include the district and territories. See Michigan Laws 324.51501
  • Vehicle: means any device in, upon, or by which a person or property is or may be transported, except an aircraft. See Michigan Laws 259.9
  • Venture capital: means equity financing that is provided for starting up or expanding a company, or related purposes such as financing for seed capital, research and development, introduction of a product or process into the marketplace, or similar needs requiring risk capital. See Michigan Laws 487.11203
  • Water resource improvement: means enhancement of water quality and water dependent natural resources, including, but not limited to, the following:

    (i) The elimination of the causes and the proliferation of aquatic nuisance species, as defined in section 3101 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 487.15102