Michigan Laws > Chapter 390 > Act 273 of 1986 – Michigan Educational Opportunity Grant Program
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws > Chapter 390 > Act 273 of 1986 - Michigan Educational Opportunity Grant Program
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Authority: means the Michigan higher education assistance authority created by Act No. See Michigan Laws 390.1401
- Commissioner: means the director. See Michigan Laws 500.102
- Contract: A legal written agreement that becomes binding when signed.
- Domestic insurer: means an insurer domiciled in this state. See Michigan Laws 500.4801
- Fair value: means the following:
(i) For cash, the amount of the cash. See Michigan Laws 500.4801Fiscal 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. Fully funded: means that, with respect to any exposure attributed to a protected cell, the fair value of the protected cell assets, on the date on which the insurance securitization is effected, equals or exceeds the maximum possible exposure attributable to the protected cell with respect to such exposures. See Michigan Laws 500.4801 General account: means the assets and liabilities of a protected cell company other than protected cell assets and protected cell liabilities. See Michigan Laws 500.4801 Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. MEOG: means a Michigan educational opportunity grant established under section 2. See Michigan Laws 390.1401 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: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Protected cell: means an identified pool of assets and liabilities of a protected cell company segregated and insulated by means of this chapter from the remainder of the protected cell company's assets and liabilities. See Michigan Laws 500.4801 Protected cell account: means a specifically identified bank or custodial account established by a protected cell company for the purpose of segregating the protected cell assets of 1 protected cell from the protected cell assets of other protected cells and from the assets of the protected cell company's general account. See Michigan Laws 500.4801 Protected cell assets: means all assets, contract rights, and general intangibles, identified with and attributable to a specific protected cell of a protected cell company. See Michigan Laws 500.4801 Protected cell company: means a domestic insurer or captive insurer that has 1 or more protected cells. See Michigan Laws 500.4801 Protected cell company insurance securitization: means the issuance of debt instruments, the proceeds from which support the exposures attributed to the protected cell, by a protected cell company where repayment of principal or interest, or both, to investors pursuant to the transaction terms is contingent upon the occurrence or nonoccurrence of an event with respect to which the protected cell company is exposed to loss under insurance or reinsurance contracts it has issued. See Michigan Laws 500.4801 Protected cell liabilities: means all liabilities and other obligations identified with and attributable to a specific protected cell of a protected cell company. See Michigan Laws 500.4801 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 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. 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 Trustee: A person or institution holding and administering property in trust. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o