Michigan Laws > Chapter 18 > E.R.O. No. 2007-22 – Executive Reorganization Order
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws > Chapter 18 > E.R.O. No. 2007-22 - Executive Reorganization Order
- 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 440.9102Arrest: Taking physical custody of a person by lawful authority. Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. 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 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 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 Buyer in ordinary course of business: means a person that buys goods in good faith, without knowledge that the sale violates the rights of another person in the goods, and in the ordinary course from a person, other than a pawnbroker, in the business of selling goods of that kind. See Michigan Laws 440.1201 Carrier: means a person that issues a bill of lading. See Michigan Laws 440.7102 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 Collateral: means the property subject to a security interest or agricultural lien. See Michigan Laws 440.9102 Consignee: means a person named in a bill of lading to which or to whose order the bill promises delivery. See Michigan Laws 440.7102 Consignor: means a person named in a bill of lading as the person from which the goods have been received for shipment. See Michigan Laws 440.7102 Contract: A legal written agreement that becomes binding when signed. Conviction: A judgement of guilt against a criminal defendant. 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. 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 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. 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 Dependent: A person dependent for support upon another. 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 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 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 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Fraud: Intentional deception resulting in injury to another. Fungible goods: means either of the following:
(i) Goods of which any unit, by nature or usage of trade, is the equivalent of any other like unit. See Michigan Laws 440.1201Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Michigan Laws 440.7102 Goods: means all things that are movable when a security interest attaches. See Michigan Laws 440.9102 Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Michigan Laws 440.7102 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 440.1201in 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 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 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. Military: means a reference to all components of the state military establishment. See Michigan Laws 32.505 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. 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, 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 Probate: Proving a will Purchaser: means a person that takes by purchase. See Michigan Laws 440.1201 Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. 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 440.9102Security 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. 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. Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o 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