Michigan Laws > Chapter 257 > Act 300 of 1949 > Chapter I – Words and Phrases Defined
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Terms Used In Michigan Laws > Chapter 257 > Act 300 of 1949 > Chapter I - Words and Phrases Defined
- Acceptor: means a drawee who has accepted a draft. See Michigan Laws 440.3103
- 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
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
- Agent orange: means the chemical herbicide made from chemicals known as 2,4-Dichlorophenoxyacetic acid and its esters, or 2,4-D, and Trichlorophenoxyacetic acid and its esters, or 2,4,5-T. See Michigan Laws 333.5701
- Aggrieved party: means a party entitled to resort to a remedy. See Michigan Laws 440.1201
- 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.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Appraisal: A determination of property value.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Asian Pacific American: means a person who has origins in any of the original peoples of the far east, southeast Asia, the Indian subcontinent, or the Pacific islands; is identified by an employer in an EEO-1 report as Asian or Pacific islander; or is regarded in the community as having origins in any of the original peoples of the far east, southeast Asia, the Indian subcontinent, or the Pacific islands. See Michigan Laws 37.123
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Authority: means an authority created by or pursuant to this act. See Michigan Laws 124.402
- Authority: means a regional transit authority created under this act. See Michigan Laws 124.542
- Authority: means a land bank fast track authority created under section 15, section 23(4), or section 23(5). See Michigan Laws 124.753
- Authority: means an authority incorporated under this act. See Michigan Laws 124.601
- Authority: means the Michigan veterans' facility authority created under section 3. See Michigan Laws 36.102
- Authority board: means the board of directors of the state authority appointed under section 16. See Michigan Laws 124.753
- Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
- 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 440.1201
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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
- 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
- Blighted area: means a portion of a municipality, developed or undeveloped, improved or unimproved, with business or residential uses, marked by a demonstrated pattern of deterioration in physical, economic, or social conditions, and characterized by such conditions as functional or economic obsolescense of buildings or the area as a whole, physical deterioration of structures, substandard building or facility conditions, improper or inefficient division or arrangement of lots and ownerships and streets and other open spaces, inappropriate mixed character and uses of the structures, deterioration in the condition of public facilities or services, or any other similar characteristics which endanger the health, safety, morals, or general welfare of the municipality, and which may include any buildings or improvements not in themselves obsolescent, and any real property, residential or nonresidential, whether improved or unimproved, the acquisition of which is considered necessary for rehabilitation of the area. See Michigan Laws 125.72
- Blighted property: means property that meets any of the following criteria:
(i) The property has been declared a public nuisance in accordance with a local housing, building, plumbing, fire, or other related code or ordinance. See Michigan Laws 125.72Board: means the governing and administrative body of an authority. See Michigan Laws 124.402 Board: means the governing body of a public authority. See Michigan Laws 124.452 Board: means the governing body of an authority. See Michigan Laws 124.542 board: means the board of directors of the authority. See Michigan Laws 36.102 Bond: means a bond, note, or other obligation issued by the authority under this act. See Michigan Laws 36.102 Buyer: means a person who buys or contracts to buy goods. See Michigan Laws 440.2103 Care: includes treatment, control, transportation, confinement, and isolation in a facility or other location. See Michigan Laws 333.5101 Casino: means a casino regulated by this state under the Michigan gaming control and revenue act, the Initiated Law of 1996, MCL 432. See Michigan Laws 124.753 Chemical agent: means a chemical herbicide or defoliant other than agent orange, or a chemical weapon, which chemical herbicide, defoliant, or weapon is of the type used by the armed forces of the United States. See Michigan Laws 333.5701 Chief executive officer: means , with respect to a city, the mayor of the city and, with respect to a county, either the county executive of the county or, for a county not having a county executive, the chairperson of the county board of commissioners. See Michigan Laws 124.402 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 City: means a city incorporated under the home rule city act, 1909 PA 279, MCL 117. See Michigan Laws 124.542 Commercial unit: means a unit of goods that by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See Michigan Laws 440.2803 Commission: means the Asian Pacific American affairs commission created in section 5. See Michigan Laws 37.123 Commission: means the agent orange commission created in section 5731. See Michigan Laws 333.5701 Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action. Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law. Conforming: means goods or performance under a lease contract that are in accordance with the obligations under the lease contract. See Michigan Laws 440.2803 Consumer: means an individual who enters into a transaction primarily for personal, family, or household purposes. See Michigan Laws 440.1201 Consumer account: means an account established by an individual primarily for personal, family, or household purposes. See Michigan Laws 440.3103 Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed $25,000. See Michigan Laws 440.2803 Consumer transaction: means a transaction in which an individual incurs an obligation primarily for personal, family, or household purposes. See Michigan Laws 440.3103 Contract: A legal written agreement that becomes binding when signed. Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Michigan Laws 440.2106 Conviction: A judgement of guilt against a criminal defendant. corner lot: is a lot of which at least 2 adjacent sides abut for their full length upon a street. See Michigan Laws 125.402 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. Council: means a regional transit coordinating council formed pursuant to section 4a. See Michigan Laws 124.402 County authority: means a county land bank fast track authority created by a county foreclosing governmental unit under section 23(4). See Michigan Laws 124.753 County executive: means the county executive of a county or, if the county does not have an elected county executive, the chair of the county board of commissioners. See Michigan Laws 124.542 court: is a n open unoccupied space on the same lot with a dwelling and bounded on 2 or more sides with the walls of the dwelling. See Michigan Laws 125.402 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. Deed: The legal instrument used to transfer title in real property from one person to another. Defendant: includes a person in the position of defendant in a counterclaim, cross-claim, or third-party claim. See Michigan Laws 440.1201 Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Delivery: means either of the following:
(i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201Department: means the state transportation department. See Michigan Laws 124.542 Department: means the department of labor and economic growth, a principal department of state government created by section 225 of the executive organization act of 1965, 1965 PA 380, MCL 16. See Michigan Laws 124.753 Department: means the department of military and veterans affairs. See Michigan Laws 35.1252 Department: means the department of military and veterans affairs. See Michigan Laws 36.102 Department: means the department of energy, labor, and economic growth. See Michigan Laws 37.123 Department: means the department of health and human services in cooperation with the veterans' service offices. See Michigan Laws 333.5701 Dependent: A person dependent for support upon another. Develop: means to plan, acquire, construct, improve, enlarge, maintain, renew, renovate, repair, replace, lease, equip, furnish, market, promote, manage, or operate. See Michigan Laws 36.102 Development area: means that portion of a blighted area to which a development plan is applicable. See Michigan Laws 125.72 Development plan: means a plan for the rehabilitation of all or any part of a blighted area. See Michigan Laws 125.72 Devise: To gift property by will. Dioxin: means the chemicals known as 2,3,7,8-Tetrachlorodibenzo-p-dioxin, or 2,3,7,8-TCDD. See Michigan Laws 333.5701 Director: means the director of the department. See Michigan Laws 35.1252 Director: means the director of the office of Asian Pacific American affairs. See Michigan Laws 37.123 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Dismissal: The dropping of a case by the judge without further consideration or hearing. Source: 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 Drawee: means a person ordered in a draft to make payment. See Michigan Laws 440.3103 Drawer: means a person who signs or is identified in a draft as a person ordering payment. See Michigan Laws 440.3103 dwelling: is a ny house, building, structure, tent, shelter, trailer or vehicle, or portion thereof, (except railroad cars, on tracks or rights-of-way) which is occupied in whole or in part as the home, residence, living or sleeping place of 1 or more human beings, either permanently or transiently. See Michigan Laws 125.402 Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC Emergency services: means fire protection services, emergency medical services, police protection, and any other emergency health or safety services designated in the articles of incorporation of an authority. See Michigan Laws 124.601 Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs. Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Escrow: Money given to a third party to be held for payment until certain conditions are met. 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. Ex officio: Literally, by virtue of one's office. Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Fault: means a default, breach, or wrongful act or omission. See Michigan Laws 440.1201 Fault: means wrongful act, omission, breach, or default. See Michigan Laws 440.2803 Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC 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 Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it. Fiduciary: A trustee, executor, or administrator. Finance lease: means a lease with respect to which all of the following apply:
(i) The lessor does not select, manufacture, or supply the goods. See Michigan Laws 440.2803Fiscal year: means the time period between October 1 of a calendar year through September 30 of the following calendar year. See Michigan Laws 124.542 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. Foreclosing governmental unit: means that term as defined in section 78 of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 124.753 Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC 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. Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC Fund: means the land bank fast track fund created in section 18. See Michigan Laws 124.753 Fund: means the veterans cemetery fund created in section 5. See Michigan Laws 35.1252 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 440.1201Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. 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 baggage, accessories, or other personal property carried by or accompanying persons using public transportation service. See Michigan Laws 124.452 Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures under section 2A309, but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See Michigan Laws 440.2803 Governing body: means the board, council or body in which the legislative powers of a political subdivision are vested. See Michigan Laws 124.531 Governor: means the governor of the state. See Michigan Laws 124.402 Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC 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 440.1201Hospital: means a hospital licensed pursuant to article 17. See Michigan Laws 333.5701 hotel: is a multiple-dwelling of class b in which persons are lodged for hire and in which there are more than 50 sleeping rooms, a public dining room for the accommodation of at least 50 guests, and a general kitchen. See Michigan Laws 125.402 in 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 Incorporating municipality: means a municipality that becomes part of a new authority in the manner provided in section 2, or joins an existing authority in the manner provided in section 3. See Michigan Laws 124.601 Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC Information resource center: means the agent orange information resource center created in section 5745. See Michigan Laws 333.5701 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Insolvency proceedings: includes an assignment for the benefit of creditors or other proceeding intended to liquidate or rehabilitate the estate of the person involved. See Michigan Laws 440.1201 Insolvent: means any of the following:
(i) Having generally ceased to pay debts in the ordinary course of business other than as a result of a bona fide dispute. See Michigan Laws 440.1201Installment lease contract: means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent. See Michigan Laws 440.2803 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Intergovernmental agreement: means a contractual agreement between 1 or more governmental agencies, including, but not limited to, an interlocal agreement to jointly exercise any power, privilege, or authority that the agencies share in common and that each might exercise separately under the urban cooperation act of 1967, 1967 (Ex Sess) PA 7, MCL 124. See Michigan Laws 124.753 Interlocal agreement: means an agreement entered into under this act. See Michigan Laws 124.502 Intestate: Dying without leaving a will. 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. Jurisprudence: The study of law and the structure of the legal system. Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Michigan Laws 440.2803 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 Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this article. See Michigan Laws 440.2803 Lease contract: means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. See Michigan Laws 440.2803 Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Michigan Laws 440.2803 Legacy: A gift of property made by will. Lessee: means a person who acquires the right to possession and use of goods under a lease. See Michigan Laws 440.2803 Lessor: means a person who transfers the right to possession and use of goods under a lease. See Michigan Laws 440.2803 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Lien: A claim against real or personal property in satisfaction of a debt. Lien: means a charge against or interest in goods to secure payment of a debt or performance of an obligation, but the term does not include a security interest. See Michigan Laws 440.2803 Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Local authority: means a local land bank fast track authority created by a qualified city under section 23(5). See Michigan Laws 124.753 Local governmental unit: means a county, city, village, township, or charter township. See Michigan Laws 124.502 Local unit of government: means a city, village, township, county, or any intergovernmental, metropolitan, or local department, agency, or authority, or other local political subdivision. See Michigan Laws 124.753 Lot: means a parcel or a single article that is the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract. See Michigan Laws 440.2803 Majority leader: see Floor Leaders Maker: means a person who signs or is identified in a note as a person undertaking to pay. See Michigan Laws 440.3103 Member jurisdiction: means a city or county that appoints a member of a board under section 5. See Michigan Laws 124.542 Merchant lessee: means a lessee that is a merchant with respect to goods of the kind subject to the lease. See Michigan Laws 440.2803 Metropolitan area: means an area conforming in general to a consolidated metropolitan statistical area as defined by the United States office of management and budget or 2 or more counties which form a generally recognized urban complex. See Michigan Laws 124.402 Michigan economic development corporation: means the public body corporate created under section 28 of article VII of the state constitution of 1963 and the urban cooperation act of 1967, 1967 (Ex Sess) PA 7, MCL 124. See Michigan Laws 124.753 Michigan state housing development authority: means the authority created under the state housing development authority act of 1966, 1966 PA 346, MCL 125. See Michigan Laws 124.753 Michigan strategic fund: means the Michigan strategic fund as described in the Michigan strategic fund act, 1984 PA 270, MCL 125. See Michigan Laws 124.753 Michigan veteran homes: means the administrative entity that centrally manages and operates veterans' facilities in this state. See Michigan Laws 36.102 Money: means a medium of exchange authorized or adopted by a domestic or foreign government. See Michigan Laws 440.1201 month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j Mortgage: The written agreement pledging property to a creditor as collateral for a loan. multiple dwelling: is a dwelling occupied otherwise than as a private dwelling or 2 family dwelling. See Michigan Laws 125.402 Municipal emergency service: means an emergency service performed by a municipality, rather than by an authority. See Michigan Laws 124.601 Municipality: means a county, city, village, or township. See Michigan Laws 124.601 Municipality: means a county, city, village, or township in the state. See Michigan Laws 125.72 Municipality: means a city, village, or township. See Michigan Laws 125.133 Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose. 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. Office: means the office of Asian Pacific American affairs created in section 13. See Michigan Laws 37.123 Order: means a written instruction to pay money signed by the person giving the instruction. See Michigan Laws 440.3103 Organization: means a person other than an individual. See Michigan Laws 440.1201 Oversight: Committee review of the activities of a Federal agency or program. Participating: means , with respect to a municipality, that the municipality is a member of a joint planning commission. See Michigan Laws 125.133 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. Party: means a party to an instrument. See Michigan Laws 440.3103 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: includes a corporation as well as a natural person. See Michigan Laws 125.402 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Personal property: All property that is not real property. Physician: means a physician licensed pursuant to article 15. See Michigan Laws 333.5701 Plaintiff: The person who files the complaint in a civil lawsuit. Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court. Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer. Political subdivision: means a county, city, village, or township. See Michigan Laws 124.452 Political subdivision: means a city, village, other incorporated political subdivision, county, school district, community college, intermediate school district, township, charter township, special district or authority. See Michigan Laws 124.531 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. Present value: means the amount as of a date certain of 1 or more sums payable in the future, discounted to the date certain. See Michigan Laws 440.2803 private dwelling: is a dwelling occupied by but 1 family, and so designed and arranged as to provide cooking and kitchen accommodations for 1 family only. See Michigan Laws 125.402 Probate: Proving a will Project: means all of the undertakings authorized in this act for the rehabilitation of a blighted area. See Michigan Laws 125.72 Promise: means a written undertaking to pay money signed by the person undertaking to pay. See Michigan Laws 440.3103 Property: means any real or personal property, as described in section 34c of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 124.502 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Province: means a province of Canada. See Michigan Laws 124.502 Public agency: means a political subdivision of this state or of another state of the United States or of Canada, including, but not limited to, a state government; a county, city, village, township, charter township, school district, single or multipurpose special district, or single or multipurpose public authority; a provincial government, metropolitan government, borough, or other political subdivision of Canada; an agency of the United States government; or a similar entity of any other states of the United States and of Canada. See Michigan Laws 124.502 Public authority: means an authority created under this act. See Michigan Laws 124.452 public hall: is a hall, corridor or passageway not within the exclusive control of 1 family. See Michigan Laws 125.402 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Public transit region: means an area of this state consisting of a qualified region. See Michigan Laws 124.542 Public transportation: means the movement of individuals and goods by publicly owned bus, rapid transit vehicle, or other conveyance that provides general or special service to the public, but not including school buses or charter or sightseeing service or transportation that is used exclusively for school purposes. See Michigan Laws 124.542 Public transportation provider: means a public or private entity that provides public transportation services and includes a contractor providing services to a public transportation provider. See Michigan Laws 124.542 Public transportation system: means a system for providing public transportation service, including public transportation facilities. See Michigan Laws 124.452 Public transportation system: means a system for providing public transportation in the form of light rail, rolling rapid transit, or other modes of public transportation and public transportation facilities to individuals. See Michigan Laws 124.542 Public use: when used with reference to land reserved for public use means only such uses as are for the general use and benefit of the public as a whole, such as schools, libraries, public institutions, administration buildings, parks, boulevards, playgrounds, streets, alleys, or easements for sewers, public lighting, water, gas, or other similar utilities. See Michigan Laws 125.72 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 Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See Michigan Laws 440.2803 Purchaser: means a person that takes by purchase. See Michigan Laws 440.1201 Qualified city: means a city that contains a first class school district and includes any department or agency of the city. See Michigan Laws 124.753 Qualified county: means a county in this state with the largest population according to the most recent decennial census. See Michigan Laws 124.542 Qualified region: means a geographic area of this state that includes a qualified county and the 3 counties with the largest populations according to the most recent decennial census that are contiguous to the qualified county. See Michigan Laws 124.542 Quorum: The number of legislators that must be present to do business. Real property: means land, buildings, improvements, land under water, waterfront property, and any and all easements, franchises and hereditaments, corporeal or incorporeal, and every estate, interest, privilege, easement, franchise and right therein, or appurtenant thereto, legal or equitable, including rights of way, terms for years, and liens, charges, or incumbrances by mortgage, judgment, or otherwise. See Michigan Laws 125.72 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. rear yard: is a n unoccupied space on the same lot with a dwelling, between the extreme rear line of the dwelling and the rear lot line and extending from 1 side lot line to the other side lot line. See Michigan Laws 125.402 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 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 Registered elector of the municipality: means a registered elector residing in the municipality or, if the municipality is a township, a registered elector residing in the portion of the township outside the limits of any village. See Michigan Laws 125.133 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. Remedy: means any remedial right to which an aggrieved party is entitled with or without resort to a tribunal. See Michigan Laws 440.1201 Remitter: means a person who purchases an instrument from its issuer if the instrument is payable to an identified person other than the purchaser. See Michigan Laws 440.3103 Remotely created consumer item: means an item drawn on a consumer account, which is not created by the payor bank and does not bear a handwritten signature purporting to be the signature of the drawer. See Michigan Laws 440.3103 Representative: means a person empowered to act for another, including an agent, an officer of a corporation or association, and a trustee, executor, or administrator of an estate. See Michigan Laws 440.1201 Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Revenue: means money received by the public authority as provided in section 17. See Michigan Laws 124.452 Right: includes remedy. See Michigan Laws 440.1201 Rolling rapid transit system: means bus services that may combine the technology of intelligent transportation systems, traffic signal priority, cleaner and quieter vehicles, rapid and convenient fare collection, and integration with land use policy. See Michigan Laws 124.542 seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nSecurity interest: means an interest in personal property or fixtures which secures payment or performance of an obligation. See Michigan Laws 440.1201 Seller: means a person who sells or contracts to sell goods. See Michigan Laws 440.2103 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. shall: is a lways mandatory and not directory, and denotes that the dwelling shall be maintained in all respects according to the mandate as long as it continues to be a dwelling. See Michigan Laws 125.402 shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c side yard: is a n unoccupied space on the same lot with a dwelling between the side lot line and the nearest side line of the dwelling and extending from the extreme rear line of the dwelling to the front lot line. See Michigan Laws 125.402 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. See Michigan Laws 124.502 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 State administrative board: means the board created under 1921 PA 2, MCL 17. See Michigan Laws 124.753 State authority: means the land bank fast track authority created under section 15. See Michigan Laws 124.753 Statute: A law passed by a legislature. Statute of limitations: A law that sets the time within which parties must take action to enforce their rights. Sublease: means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease. See Michigan Laws 440.2803 Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Michigan Laws 440.2803 Supply contract: means a contract under which a lessor buys or leases goods to be leased. See Michigan Laws 440.2803 Surety: includes a guarantor or other secondary obligor. See Michigan Laws 440.1201 Tax reverted property: means property that meets 1 or more of the following criteria:
(i) The property was conveyed to this state under section 67a of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 124.753Taxable property: means the property taxable under the general property tax act, Act No. See Michigan Laws 124.452 Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201 Testate: To die leaving a will. Testimony: Evidence presented orally by witnesses during trials or before grand juries. third party: means a person that has engaged in a transaction or made an agreement subject to this act. See Michigan Laws 440.1201 Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident. Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. 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 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate. Veteran: means an individual who meets both of the following:
(i) Is a veteran as defined in section 1 of 1965 PA 190, MCL 35. See Michigan Laws 36.102Veteran: means that term as defined in section 1 of 1965 PA 190, MCL 35. See Michigan Laws 333.5701 Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House. Vietnam-era veteran: means a veteran who served in the armed forces of the United States between 12:01 a. See Michigan Laws 333.5701 writing: includes printing, typewriting, or any other intentional reduction to tangible form. See Michigan Laws 440.1201