Michigan Laws > Chapter 18 > E.R.O. No. 1994-7 – Executive Reorganization Order
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Terms Used In Michigan Laws > Chapter 18 > E.R.O. No. 1994-7 - Executive Reorganization Order
- Accessory: means any accessory, equipment, additional part or replacement part for a vehicle for which a certificate of title is required to be issued under this act. See Michigan Laws 257.1a
- 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
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Authorized account: means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. See Michigan Laws 440.4605
- Bailee: means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. See Michigan Laws 440.7102
- 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
- Bank: means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. See Michigan Laws 440.4605
- Bearer: means a person in control of a negotiable electronic document of title or a person in possession of an instrument, a negotiable tangible document of title, or a certificated security payable to bearer or indorsed in blank. See Michigan Laws 440.1201
- 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
- Beneficiary: means the person to be paid by the beneficiary's bank. See Michigan Laws 440.4603
- Bequest: Property gifted by will.
- Bill of lading: means a document of title evidencing the receipt of goods for shipment issued by a person engaged in the business of directly or indirectly transporting or forwarding goods. See Michigan Laws 440.1201
- Borrower: means either of the following:
(i) The city, village, township, or county operating under this act. See Michigan Laws 125.651Branch: includes a separately incorporated foreign branch of a bank. See Michigan Laws 440.1201 Business activity: means that term as defined in section 3(2) of the former single business tax act, 1975 PA 228, or in section 105 of the Michigan business tax act, 2007 PA 36, MCL 208. See Michigan Laws 125.651 Carrier: means a person that issues a bill of lading. See Michigan Laws 440.7102 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 257.727c Commission: means the housing commission created under this act. See Michigan Laws 125.651 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 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 Customer: means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders. See Michigan Laws 440.4605 Delivery: means either of the following:
(i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201Delivery order: means a record that contains an order to deliver goods directed to a warehouseman, carrier, or other person that in the ordinary course of business issues warehouse receipts or bills of lading. See Michigan Laws 440.7102 Document of title: means a record that in the regular course of business or financing is treated as adequately evidencing that the person in possession or control of the record is entitled to receive, control, hold, and dispose of the record and the goods the record covers and that purports to be issued by or addressed to a bailee and to cover goods in the bailee's possession which are either identified or are fungible portions of an identified mass. See Michigan Laws 440.1201 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 Donor: The person who makes a gift. Draft: means a draft as defined in section 3104 or an item, other than an instrument, that is an order. See Michigan Laws 440.4104 Drawee: means a person ordered in a draft to make payment. See Michigan Laws 440.4104 Electronic document of title: means a document of title evidenced by a record consisting of information stored in an electronic medium. See Michigan Laws 440.1201 Escrow: Money given to a third party to be held for payment until certain conditions are met. Fault: means a default, breach, or wrongful act or omission. See Michigan Laws 440.1201 Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC Fraud: Intentional deception resulting in injury to another. Funds transfer: means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. See Michigan Laws 440.4604 Funds-transfer system: means a wire transfer network, automated clearinghouse, or other communication system of a clearinghouse or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed. See Michigan Laws 440.4605 Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor 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 treated as movable for the purposes of a contract for storage or transportation. See Michigan Laws 440.7102 Governing body: means in the case of a city, the council or commission of the city; in the case of a village, the council, commission, or board of trustees of the village; in the case of a township, the township board; and in the case of a county, the board of supervisors or county commissioners. See Michigan Laws 125.651 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 440.1201Incorporating unit: means the city, village, township, or county that creates a commission. See Michigan Laws 125.651 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 Intermediary bank: means a receiving bank other than the originator's bank or the beneficiary's bank. See Michigan Laws 440.4604 Issuer: means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Michigan Laws 440.7102 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 Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint Lien: A claim against real or personal property in satisfaction of a debt. Military: means a reference to all components of the state military establishment. See Michigan Laws 32.505 Money: means a medium of exchange authorized or adopted by a domestic or foreign government. See Michigan Laws 440.1201 Ordinance: means either of the following:
(i) An ordinance of a city, village, township, or county. See Michigan Laws 125.651Originator: means the sender of the first payment order in a funds transfer. See Michigan Laws 440.4604 Payment order: means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if the following apply:
(i) The instruction does not state a condition to payment to the beneficiary other than time of payment. See Michigan Laws 440.4603Payor 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 Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC Presenting bank: means a bank presenting an item except a payor bank. See Michigan Laws 440.4105 Probate: Proving a will Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Purchaser: means a person that takes by purchase. See Michigan Laws 440.1201 Receiving bank: means the bank to which the sender's instruction is addressed. See Michigan Laws 440.4603 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 440.7102 Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Right: includes remedy. See Michigan Laws 440.1201 Security interest: means an interest in personal property or fixtures which secures payment or performance of an obligation. See Michigan Laws 440.1201 Sender: means the person giving the instruction to the receiving bank. See Michigan Laws 440.4603 Service of process: The service of writs or summonses to the appropriate party. 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: 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 440.1201 Tangible document of title: means a document of title evidenced by a record consisting of information that is inscribed on a tangible medium. See Michigan Laws 440.1201 Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201 Township: means a township having a population over 100. See Michigan Laws 125.651 Trustee: A person or institution holding and administering property in trust. Unauthorized signature: means a signature made without actual, implied, or apparent authority. See Michigan Laws 440.1201 Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC Warehouse: means a person engaged in the business of storing goods for hire. See Michigan Laws 440.7102 Warehouse receipt: means a document of title issued by a person engaged in the business of storing goods for hire. See Michigan Laws 440.1201 writing: includes printing, typewriting, or any other intentional reduction to tangible form. See Michigan Laws 440.1201