Michigan Laws > Chapter 257 > Act 119 of 1986 – Used Motor Vehicle Parts
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws > Chapter 257 > Act 119 of 1986 - Used Motor Vehicle Parts
- Adviser: means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another adviser to notify the beneficiary that a letter of credit has been issued, confirmed, or amended. See Michigan Laws 440.5102
- Agent: means an individual who, for compensation or valuable consideration, is employed either directly or indirectly by a dealer. See Michigan Laws 257.1351
- 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.
- Applicant: means a person at whose request or for whose account a letter of credit is issued. See Michigan Laws 440.5102
- 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 a person who under the terms of a letter of credit is entitled to have its complying presentation honored. See Michigan Laws 440.5102
- Confirmer: means a nominated person who undertakes, at the request or with the consent of the issuer, to honor a presentation under a letter of credit issued by another. See Michigan Laws 440.5102
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Dealer: means any person that engages in the ordinary course of repeated and recurrent transactions of buying or receiving used motor vehicle parts from persons other than a licensee. See Michigan Laws 257.1351
- Document: means a draft or other demand, document of title, investment security, certificate, invoice, or other record, statement, or representation of fact, law, right, or opinion that is not oral which is both of the following:
(i) Presented in a written or other medium permitted by the letter of credit or, unless prohibited by the letter of credit, by the standard practice referred to in section 5108(5). See Michigan Laws 440.5102End-user: means that term as defined in section 16901 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 257.1351 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. Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC Fraud: Intentional deception resulting in injury to another. Good faith: means honesty in fact in the conduct or transaction concerned. See Michigan Laws 440.5102 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 440.1201Issuer: means a bank or other person that issues a letter of credit, but does not include an individual who makes an engagement for personal, family, or household purposes. See Michigan Laws 440.5102 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. Late model vehicle: means a motor vehicle manufactured in the current model year or the 5 model years immediately preceding the current model year. See Michigan Laws 257.1351 Letter of credit: means a definite undertaking that satisfies the requirements of section 5104 by an issuer to a beneficiary at the request or for the account of an applicant or, in the case of a financial institution, to itself or for its own account, to honor a documentary presentation by payment or delivery of an item of value. See Michigan Laws 440.5102 Licensee: means a person that is licensed under section 248 of the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 257.1351 Local police agency: means the police agency of a city, village, or township, or if none, the county sheriff. See Michigan Laws 257.1351 Major component part: means any of the following subassemblies of a motor vehicle regardless of its actual market value: front end assembly, including fenders, grills, hood, bumper, and related parts; engine; transmission; T-tops; rear clip assembly, including quarter panels and floor panel assembly; or doors. See Michigan Laws 257.1351 Money: means a medium of exchange authorized or adopted by a domestic or foreign government. See Michigan Laws 440.1201 Motor vehicle: means a motor vehicle as defined in section 33 of the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 257.1351 Motor vehicle repair facility: means a place of business that engages in the business of performing or employing persons who perform maintenance, diagnosis, or repair service on a motor vehicle for compensation. See Michigan Laws 257.1351 Nominated person: means both of the following:
(i) A person whom the issuer designates or authorizes to pay, accept, negotiate, or otherwise give value under a letter of credit. See Michigan Laws 440.5102Obligation: 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: means an individual, corporation, limited liability company, partnership, association, or other legal entity. See Michigan Laws 257.1351 Presentation: means delivery of a document to an issuer or nominated person for honor or giving of value under a letter of credit. See Michigan Laws 440.5102 Presenter: means a person making a presentation as or on behalf of a beneficiary or nominated person. See Michigan Laws 440.5102 Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC 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 Scrap tire hauler: means that term as defined in section 16901 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 257.1351 Scrap tire processor: means that term as defined in section 16901 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 257.1351 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 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 tire wheel or rim: includes a tire wheel or rim on which a tire is mounted. See Michigan Laws 257.1351 Used motor vehicle part: means any of the following:
(i) A major component part, dashboard, radio, stereo, or seat of a late model motor vehicle for which a certificate of title and registration plate have been issued to a consumer or dealer. See Michigan Laws 257.1351