Michigan Laws > Chapter 440 > Act 174 of 1962 > Article 1 > Part 1 – Short Title, Construction, Application and Subject Matter of the Act
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Terms Used In Michigan Laws > Chapter 440 > Act 174 of 1962 > Article 1 > Part 1 - Short Title, Construction, Application and Subject Matter of the Act
- 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.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Delivery: means either of the following:
(i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201Donor: The person who makes a gift. Economic development project: means land and existing or planned improvements suitable for use by an industrial or commercial enterprise, or housing development, or the protection of the environment, including, but not limited to, groundwater or surface water. See Michigan Laws 124.21 Fraud: Intentional deception resulting in injury to another. 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. Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Local unit: means a city, township, or village. See Michigan Laws 124.21 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l 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