Michigan Laws > Chapter 18 > E.R.O. No. 1991-17 – Executive Reorganization Order


§ 18.31	Office of drug agencies director abolished; establishment of office of drug control policy as autonomous agency within department of management and budget; functions

Terms Used In Michigan Laws > Chapter 18 > E.R.O. No. 1991-17 - Executive Reorganization Order

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
Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
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
Cash proceeds: means proceeds that are money, checks, deposit accounts, or the like. 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
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
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
Fraud: Intentional deception resulting in injury to another.
Game: has the meaning given that term in part 401. See Michigan Laws 324.43504
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
Goods: means all things that are movable when a security interest attaches. See Michigan Laws 440.9102
Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
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 440.1201

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 goods, other than farm products, that meet 1 of the following:

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

Item: means an instrument or a promise or order to pay money handled by a bank for collection or pay. See Michigan Laws 440.4104

Lien: A claim against real or personal property in satisfaction of a debt.

Majority leader: see Floor Leaders

Military: means a reference to all components of the state military establishment. See Michigan Laws 32.505

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

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

Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.

Presenting bank: means a bank presenting an item except a payor bank. See Michigan Laws 440.4105

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

Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.

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

Purchaser: means a person that takes by purchase. See Michigan Laws 440.1201

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

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 interest: means an interest in personal property or fixtures which secures payment or performance of an obligation. 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

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 Michigan Laws 32.505

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