Terms Used In Michigan Laws > Chapter 324 > E.R.O. No. 2007-20 - Executive Reorganization Order

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bank: means a state banking corporation organized or reorganized under the provisions of the banking code of 1999, 1999 PA 276, MCL 487. See Michigan Laws 487.3102
• Bureau: means the office of financial and insurance services in the department of consumer and industry services. See Michigan Laws 487.3102
• Commissioner: means the commissioner of the office of financial and insurance services. See Michigan Laws 487.3102
• 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.
• Member: means a person holding a savings account of a mutual savings bank. See Michigan Laws 487.3103
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Person: means an individual, corporation, limited liability company, governmental entity, partnership, limited liability partnership, or other legal entity. See Michigan Laws 487.3103
• 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.
• Savings bank: means a state banking corporation organized or reorganized under this act. See Michigan Laws 487.3103
• 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
• United States: shall be construed to include the district and territories. See Michigan Laws 8.3o