§ 257.1361 Short title
§ 257.1362 Definitions
§ 257.1363 Non-OEM aftermarket crash parts; use
§ 257.1364 Effective date

Terms Used In Michigan Laws > Chapter 257 > Act 158 of 1991 - Aftermarket Crash Parts Act

  • 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
  • Aftermarket crash part: means a replacement part for a nonmechanical sheet metal part or plastic part that constitutes part of the exterior of a motor vehicle, including, but not limited to, an inner or outer panel. See Michigan Laws 257.1362
  • 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
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • 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 440.5102
  • Genuine: means free of forgery or counterfeiting. See Michigan Laws 440.1201
  • Installer: means an individual who replaces or repairs parts of a motor vehicle. See Michigan Laws 257.1362
  • Insurer: means an insurance company authorized to transact property, fire, or casualty insurance in this state and an agent of the insurer and includes an insurance association, pool, or facility created under the insurance code of 1956, Act No. See Michigan Laws 257.1362
  • Issuer: 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
  • 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
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Money: means a medium of exchange authorized or adopted by a domestic or foreign government. See Michigan Laws 440.1201
  • Motor vehicle: means a self-propelled device by which a person or property may be transported upon a public highway. See Michigan Laws 257.1362
  • 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 440.5102
  • 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.
  • 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
  • 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
  • Remedy: means any remedial right to which an aggrieved party is entitled with or without resort to a tribunal. See Michigan Laws 440.1201
  • Repair facility: means any motor vehicle dealer, garage, body repair shop, or other commercial entity that undertakes the repair or replacement of parts that generally constitute the exterior of a motor vehicle. See Michigan Laws 257.1362
  • 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
  • Signed: includes any symbol executed or adopted by a party with present intention to adopt or accept a writing. See Michigan Laws 440.1201
  • Successor of a beneficiary: means a person who succeeds to substantially all of the rights of a beneficiary by operation of law, including a corporation with or into which the beneficiary has been merged or consolidated, an administrator, executor, personal representative, trustee in bankruptcy, debtor in possession, liquidator, and receiver. See Michigan Laws 440.5102
  • Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201