Terms Used In Michigan Laws > Chapter 285 > Act 220 of 1982 - Michigan Family Farm Development Act

• Agricultural improvements: means any improvements, buildings, structures, or fixtures suitable for use in farming which are located on agricultural land. See Michigan Laws 285.252
• Agricultural land: means land suitable for use in farming. See Michigan Laws 285.252
• Amortization: Paying off a loan by regular installments.
• Authority: means the Michigan family farm development authority established in section 3. See Michigan Laws 285.252
• Beginning farmer: means an individual with a low or moderate net worth who engages in farming or wishes to engage in farming. See Michigan Laws 285.252
• Bonds: means bonds issued by the authority pursuant to this act. See Michigan Laws 285.252
• Depreciable agricultural property: means personal property suitable for use in farming for which an income tax deduction for depreciation is allowable in computing federal income tax under the internal revenue code. See Michigan Laws 285.252
• Farming: means the cultivation of land for the production of agricultural crops and includes the production of poultry and poultry products, the production of livestock including breeding and grazing, the production of grains and feeds, the production of forages and sod, the production of dairy products, the production of fruits and vegetables, the production of timber and timber products, the production of seeds and grasses, and the production of equine. See Michigan Laws 285.252
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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}
• Low or moderate net worth: means an aggregate net worth of an individual and the individual's spouse and children, if any, of less than $250,000. See Michigan Laws 285.252
• Mortgage: means a mortgage, mortgage deed, deed of trust, or other instrument creating a first lien, subject only to title exceptions and encumbrances acceptable to the authority, including any other mortgage liens of equal standing with or subordinate to the mortgage loan retained by a seller or conveyed to a mortgage lender, on a fee interest in agricultural land and agricultural improvements. See Michigan Laws 285.252
• Mortgage lender: means a state or national bank, trust company, mortgage company, national banking association, savings and loan association, life insurance company, any state or federal governmental agency or instrumentality, including the federal land bank or any of its local associations, or any other financial institution or entity authorized to make mortgage loans in this state. See Michigan Laws 285.252
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan: means a financial obligation secured by a mortgage. See Michigan Laws 285.252
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Net worth: means total assets minus total liabilities as determined in accordance with generally accepted accounting principles with appropriate exceptions and exemptions reasonably related to an equitable determination of the family's net worth. See Michigan Laws 285.252
• 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.
• Note: means a note issued by the authority pursuant to this act. See Michigan Laws 285.252
• 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.
• Presentence report: A report prepared by a court's probation officer, after a person has been convicted of an offense, summarizing for the court the background information needed to determine the appropriate sentence. ^{Source: U.S. Courts}
• Secured loan: means a financial obligation secured by a lien on an interest in depreciable agricultural property. See Michigan Laws 285.252
• 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.
• 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}