Michigan Laws > Chapter 397 > Act 265 of 1988 – District Library Financing Act
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws > Chapter 397 > Act 265 of 1988 - District Library Financing Act
- Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
- 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
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means that term as defined in section 2 of the district library establishment act. See Michigan Laws 397.282
- Commissioner: means the director. See Michigan Laws 500.102
- 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.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Delinquency proceeding: means a proceeding instituted against an insurer for the purpose of liquidating, rehabilitating, reorganizing, or conserving such insurer, and a summary proceeding under section 8109 or 8110. See Michigan Laws 500.8103
- Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
- District: means that term as defined in section 2 of the district library establishment act. See Michigan Laws 397.282
- District library: means a library established pursuant to the district library establishment act or a library considered to be established pursuant to the district library establishment act under section 6 of that act. See Michigan Laws 397.282
- 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
- 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
- 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.
- Fiduciary: A trustee, executor, or administrator.
- Foreign guaranty association: means any similar entities now in existence or hereafter created by the legislature of any other state. See Michigan Laws 500.8103
- 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
- Formal delinquency proceeding: means any liquidation or rehabilitation proceeding. See Michigan Laws 500.8103
- Fraud: Intentional deception resulting in injury to another.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Guaranty association: means the Michigan property and casualty guaranty association, the worker's compensation self-insurance security fund, the Michigan life and health insurance guaranty association, and any other similar entity now or hereafter created by the legislature of this state for the payment of claims of insolvent insurers. See Michigan Laws 500.8103
- 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
- insolvent: means :
(i) For an insurer issuing only assessable fire insurance policies:
(A) The inability to pay an obligation within 30 days after it becomes payable. See Michigan Laws 500.8103Insurer: 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 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 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. 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 Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Municipality: means that term as defined in section 2 of the district library establishment act. See Michigan Laws 397.282 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. Participating: means that term as defined in section 2 of the district library establishment act. See Michigan Laws 397.282 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. Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402 Receiver: means receiver, liquidator, rehabilitator, or conservator as the context requires. See Michigan Laws 500.8103 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. State: means a state, district, or territory of the United States. See Michigan Laws 500.8103 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. Transfer: shall include the sale and every other and different mode, direct or indirect, of disposing of or of parting with property or with an interest in property or with the possession of property or of fixing a lien upon property or upon an interest in property, absolutely or conditionally, voluntarily, by or without judicial proceedings. See Michigan Laws 500.8103 Trustee: A person or institution holding and administering property in trust. Trusteed assets: means the assets of an alien insurer and U. See Michigan Laws 500.8103 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o