Part 1 Subject Matters and Definitions
Part 2 Issue and Acceptance of Payment Order
Part 3 Execution of Sender’s Payment Order by Receiving Bank
Part 4 Payment
Part 5 Miscellaneous Provisions

Terms Used In Michigan Laws > Chapter 440 > Act 174 of 1962 > Article 4A - Funds Transfers

  • Accession: means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. See Michigan Laws 440.9102
  • Accessory: means any accessory, equipment, additional part or replacement part for a vehicle for which a certificate of title is required to be issued under this act. See Michigan Laws 257.1a
  • Account debtor: means a person obligated on an account, chattel paper, or general intangible. See Michigan Laws 440.9102
  • Active service: means service, including active state service and special duty required by law, regulation, or pursuant to order of the governor. See Michigan Laws 32.505
  • Administrator: means the secretary of state or any individual designated by the secretary of state to act in his or her place. See Michigan Laws 257.1302
  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • advisor: means an individual who has entered into a volunteer agreement with the department to serve as a nondeployable advisor in the Michigan cyber civilian corps. See Michigan Laws 18.222
  • Advisory board: means the Michigan cyber civilian corps advisory board created under section 9. See Michigan Laws 18.222
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • Agricultural lien: means an interest, other than a security interest, in farm products that meets all of the following requirements:
  (i) The interest secures payment or performance of an obligation for 1 or more of the following:
  (A) Goods or services furnished in connection with a debtor's farming operation. See Michigan Laws 440.9102
  • 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.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • 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
  • Armory: means a building, facility, or the lots and grounds used by an army, navy, or air unit of the national guard or organized militia as a home station or for military training. See Michigan Laws 32.505
  • Arrest: Taking physical custody of a person by lawful authority.
  • Art: means an original, visual creation of quality executed in any size or shape, in any media, using any kind or combination of materials. See Michigan Laws 18.71
  • As-extracted collateral: means 1 or more of the following:
    •   (i) Oil, gas, or other minerals that are subject to a security interest that is created by a debtor having an interest in the minerals before extraction and attaches to the minerals as extracted. See Michigan Laws 440.9102
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Authorized account: means a deposit account of a customer in a bank designated by the customer as a source of payment of payment orders issued by the customer to the bank. See Michigan Laws 440.4605
  • Bank: means a person engaged in the business of banking and includes a savings bank, savings and loan association, credit union, and trust company. See Michigan Laws 440.4605
  • Bank: means an organization that is engaged in the business of banking. See Michigan Laws 440.9102
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Beneficiary: means the person to be paid by the beneficiary's bank. See Michigan Laws 440.4603
  • Bequest: Property gifted by will.
  • Borrower: means either of the following:
    •   (i) The city, village, township, or county operating under this act. See Michigan Laws 125.651
  • Branch: includes a separately incorporated foreign branch of a bank. See Michigan Laws 440.1201
  • Business activity: means that term as defined in section 3(2) of the former single business tax act, 1975 PA 228, or in section 105 of the Michigan business tax act, 2007 PA 36, MCL 208. See Michigan Laws 125.651
  • Buyer in ordinary course of business: means a person that buys goods in good faith, without knowledge that the sale violates the rights of another person in the goods, and in the ordinary course from a person, other than a pawnbroker, in the business of selling goods of that kind. See Michigan Laws 440.1201
  • Cash proceeds: means proceeds that are money, checks, deposit accounts, or the like. See Michigan Laws 440.9102
  • Certificate of title: means a certificate of title with respect to which a statute provides for the security interest in question to be indicated on the certificate as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. See Michigan Laws 440.9102
  • Chattel paper: means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. See Michigan Laws 440.9102
  • Chief information officer: means the individual within the department designated by the governor as the chief information officer for this state. See Michigan Laws 18.222
  • citation: means a complaint or notice upon which a police officer shall record an occurrence involving 1 or more vehicle law violations by the person cited. See Michigan Laws 257.727c
  • Client: means a municipal, educational, nonprofit, or critical infrastructure organization that has requested and is using the rapid response assistance of the Michigan cyber civilian corps under the direction of the department. See Michigan Laws 18.222
  • Collateral: means the property subject to a security interest or agricultural lien. See Michigan Laws 440.9102
  • Commander-in-chief: means the governor of this state. See Michigan Laws 32.505
  • Commission: means the housing commission created under this act. See Michigan Laws 125.651
  • Commission: means the commission of natural resources. See Michigan Laws 324.301
  • Committee: means the committee on art in public places. See Michigan Laws 18.71
  • Commodity account: means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. See Michigan Laws 440.9102
  • Commodity contract: means a commodity futures contract, an option on a commodity futures contract, a commodity option, or another contract if the contract or option is 1 of the following:
    •   (i) Traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws. See Michigan Laws 440.9102
  • Commodity customer: means a person for which a commodity intermediary carries a commodity contract on its books. See Michigan Laws 440.9102
  • Commodity intermediary: means 1 of the following:
    •   (i) A person that is registered as a futures commission merchant under federal commodities law. See Michigan Laws 440.9102
  • Communicate: means 1 or more of the following:
    •   (i) To send a written or other tangible record. See Michigan Laws 440.9102
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Concurrent resolution: A legislative measure, designated "S. Con. Res." and numbered consecutively upon introduction, generally employed to address the sentiments of both chambers, to deal with issues or matters affecting both houses, such as a concurrent budget resolution, or to create a temporary joint committee. Concurrent resolutions are not submitted to the President/Governor and thus do not have the force of law.
  • Consignee: means a merchant to which goods are delivered in a consignment. See Michigan Laws 440.9102
  • Consignment: means a transaction, regardless of its form, in which a person delivers goods to a merchant for the purpose of sale and that meets all of the following:
    •   (i) The merchant deals in goods of that kind under a name other than the name of the person making delivery, is not an auctioneer, and is not generally known by its creditors to be substantially engaged in selling the goods of others. See Michigan Laws 440.9102
  • Consignor: means a person that delivers goods to a consignee in a consignment. See Michigan Laws 440.9102
  • Consumer: means an individual who enters into a transaction primarily for personal, family, or household purposes. See Michigan Laws 440.1201
  • Consumer goods: means goods that are used or bought for use primarily for personal, family, or household purposes. See Michigan Laws 440.9102
  • Continuation statement: means an amendment of a financing statement which identifies, by its file number, the initial financing statement to which it relates and indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement. See Michigan Laws 440.9102
  • Contract: means a written or oral agreement, or a similar understanding or arrangement, in which a person agrees that another person will perform work, labor, diagnosis, repair, reconditioning, replacement, adjustment, or alteration, directly or indirectly, on a motor vehicle. See Michigan Laws 257.1302
  • Contract: A legal written agreement that becomes binding when signed.
  • Controlled substance: means that term as defined in section 7104 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 32.505
  • Convicted: means 1 of the following:
    •   (i) Having a judgment of conviction or a probation order entered in any court having jurisdiction over criminal offenses, including, but not limited to, a tribal court or a military court. See Michigan Laws 28.722
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • Creditor: includes a general creditor, a secured creditor, a lien creditor, and any representative of creditors, including an assignee for the benefit of creditors, a trustee in bankruptcy, a receiver in equity, and an executor or administrator of an insolvent debtor's or assignor's estate. See Michigan Laws 440.1201
  • Critical infrastructure: means systems and assets, whether physical or virtual, so vital to the United States or this state that the incapacity or destruction of that system or asset would have a debilitating impact on security, economic security, public health or safety, or any combination of these as determined by the department. See Michigan Laws 18.222
  • Custodial authority: means 1 or more of the following apply:
    •   (i) The actor was a member of the same household as the victim. See Michigan Laws 28.722
  • Customer: means the owner or operator of a motor vehicle. See Michigan Laws 257.1302
  • Customer: means a person, including a bank, having an account with a bank or from whom a bank has agreed to receive payment orders. See Michigan Laws 440.4605
  • Cybersecurity incident: means an event occurring on or conducted through a computer network that actually or imminently jeopardizes the integrity, confidentiality, or availability of computers, information or communications systems or networks, physical or virtual infrastructure controlled by computers or information systems, or information resident on any of these. See Michigan Laws 18.222
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Debtor: means 1 of the following:
    •   (i) A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor. See Michigan Laws 440.9102
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Delivery: means either of the following:
    •   (i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201
  • Department: means the department of state. See Michigan Laws 257.1302
  • Department: means the department of management and budget. See Michigan Laws 18.71
  • Department: means the department of technology, management, and budget. See Michigan Laws 18.222
  • Department: means the department of state police. See Michigan Laws 28.722
  • Department: means the director of the department of natural resources or his or her designee to whom the director delegates a power or duty by written instrument. See Michigan Laws 324.301
  • Department of natural resources: means the principal state department created in section 501. See Michigan Laws 324.301
  • Deposit account: means a demand, time, savings, passbook, or similar account maintained with a bank. See Michigan Laws 440.9102
  • Director: means the director of the department of management and budget or the designated representative of the director. See Michigan Laws 18.71
  • Director: means the director of the department of natural resources. See Michigan Laws 324.301
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Document: means a document of title or a receipt of the type described in section 7201(2). See Michigan Laws 440.9102
  • Document of title: means a record that in the regular course of business or financing is treated as adequately evidencing that the person in possession or control of the record is entitled to receive, control, hold, and dispose of the record and the goods the record covers and that purports to be issued by or addressed to a bailee and to cover goods in the bailee's possession which are either identified or are fungible portions of an identified mass. See Michigan Laws 440.1201
  • Donor: The person who makes a gift.
  • Electronic chattel paper: means chattel paper evidenced by a record or records consisting of information stored in an electronic medium. See Michigan Laws 440.9102
  • Employee: means an individual who is self-employed or works for any other entity as a full-time or part-time employee, contractual provider, or volunteer, regardless of whether he or she is financially compensated. See Michigan Laws 28.722
  • Encumbrance: means a right, other than an ownership interest, in real property. See Michigan Laws 440.9102
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Equipment: means goods other than inventory, farm products, or consumer goods. See Michigan Laws 440.9102
  • 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
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Estimate: means a written statement that itemizes as closely as possible the price for labor, by showing the labor price per hour, the number of hours required to perform the work, and the price of parts necessary for a specific repair. See Michigan Laws 257.1302
  • 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.
  • Ex officio: Literally, by virtue of one's office.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Farm products: means goods, other than standing timber, with respect to which the debtor is engaged in a farming operation and which are 1 of the following:
    •   (i) Crops grown, growing, or to be grown, including crops produced on trees, vines, and bushes, and aquatic goods produced in aquacultural operations. See Michigan Laws 440.9102
  • Fault: means a default, breach, or wrongful act or omission. See Michigan Laws 440.1201
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Felony: means that term as defined in section 1 of chapter I of the code of criminal procedure, 1927 PA 174, MCL 761. See Michigan Laws 28.722
  • File number: means the number assigned to an initial financing statement pursuant to section 9519(1). See Michigan Laws 440.9102
  • Filing office: means an office designated in section 9501 as the place to file a financing statement. See Michigan Laws 440.9102
  • Filing-office rule: means a rule adopted pursuant to section 9526. See Michigan Laws 440.9102
  • Financing statement: means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement. See Michigan Laws 440.9102
  • firearm: except as otherwise specifically defined in statute, includes any weapon which will, is designed to, or may readily be converted to expel a projectile by action of an explosive. See Michigan Laws 8.3t
  • Fiscal 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.
  • Fixture filing: means the filing of a financing statement covering goods that are or are to become fixtures and satisfying section 9502(1) and (2). See Michigan Laws 440.9102
  • Fixtures: means goods that have become so related to particular real property that an interest in them arises under real property law. See Michigan Laws 440.9102
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
  • Fund: means the state art in public places fund. See Michigan Laws 18.71
  • Funds transfer: means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. See Michigan Laws 440.4604
  • Funds-transfer system: means a wire transfer network, automated clearinghouse, or other communication system of a clearinghouse or other association of banks through which a payment order by a bank may be transmitted to the bank to which the order is addressed. See Michigan Laws 440.4605
  • Game: has the meaning given that term in part 401. See Michigan Laws 324.43504
  • Game and fish protection account: means the game and fish protection account of the Michigan conservation and recreation legacy fund provided for in section 2010. See Michigan Laws 324.43504
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • General intangible: means any personal property, including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter-of-credit rights, letters of credit, money, and oil, gas, or other minerals before extraction. See Michigan Laws 440.9102
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Good faith: except as otherwise provided in article 5, means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Michigan Laws 440.1201
  • Goods: means all things that are movable when a security interest attaches. See Michigan Laws 440.9102
  • Governing body: means in the case of a city, the council or commission of the city; in the case of a village, the council, commission, or board of trustees of the village; in the case of a township, the township board; and in the case of a county, the board of supervisors or county commissioners. See Michigan Laws 125.651
  • Governmental unit: means a subdivision, agency, department, county, parish, municipality, or other unit of the government of the United States, a state, or a foreign country. See Michigan Laws 440.9102
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Health-care-insurance receivable: means an interest in or claim under a policy of insurance which is a right to payment of a monetary obligation for health-care goods or services provided. See Michigan Laws 440.9102
  • Holder: means any of the following:
    •   (i) A person in possession of a negotiable instrument that is payable either to bearer or to an identified person that is the person in possession. See Michigan Laws 440.1201
  • 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
  • Incorporating unit: means the city, village, township, or county that creates a commission. See Michigan Laws 125.651
  • 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
  • Indigent: means an individual to whom 1 or more of the following apply:
    •   (i) He or she has been found by a court to be indigent within the last 6 months. See Michigan Laws 28.722
  • Institution of higher education: means 1 or more of the following:
    •   (i) A public or private community college, college, or university. See Michigan Laws 28.722
  • Instrument: means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in ordinary course of business is transferred by delivery with any necessary indorsement or assignment. See Michigan Laws 440.9102
  • Intermediary bank: means a receiving bank other than the originator's bank or the beneficiary's bank. See Michigan Laws 440.4604
  • Inventory: means goods, other than farm products, that meet 1 of the following:
    •   (i) Are leased by a person as lessor. See Michigan Laws 440.9102
  • Investment property: means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract, or commodity account. See Michigan Laws 440.9102
  • 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
  • Legacy: A gift of property made by will.
  • Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
  • Letter-of-credit right: means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. See Michigan Laws 440.9102
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Lien creditor: means 1 or more of the following:
    •   (i) A creditor that has acquired a lien on the property involved by attachment, levy, or the like. See Michigan Laws 440.9102
  • Line of duty: as used in this act means an act performed by a member of the state military establishment in obedience to or in conformity with a law, rule, regulation, order, command or custom of the military service or an act performed which is not in violation of a law, rule, regulation, order, command or custom of the military service, or that will not bring discredit to the military service. See Michigan Laws 32.521
  • Listed offense: means a tier I, tier II, or tier III offense. See Michigan Laws 28.722
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Local law enforcement agency: means the police department of a municipality. See Michigan Laws 28.722
  • Manufactured home: means a structure, transportable in 1 or more sections, which, in the traveling mode, is 8 body feet or more in width or 40 body feet or more in length, or when erected on site, is 320 or more square feet, and which is built on a permanent chassis and designed to be used as a dwelling with or without a permanent foundation when connected to the required utilities, and includes the plumbing, heating, air-conditioning, and electrical systems contained therein. See Michigan Laws 440.9102
  • Manufactured-home transaction: means a secured transaction that creates a purchase-money security interest in a manufactured home, other than a manufactured home held as inventory, or in which a manufactured home, other than a manufactured home held as inventory, is the primary collateral. See Michigan Laws 440.9102
  • martial rule: means the exercise of partial or complete military control over domestic territory in time of emergency because of public necessity. See Michigan Laws 32.505
  • Michigan cyber civilian corps: means the program established by this act under which civilian volunteers who have expertise in addressing cybersecurity incidents may volunteer at the invitation of the department to provide rapid response assistance to a municipal, educational, nonprofit, or critical infrastructure organization in need of expert assistance during a cybersecurity incident. See Michigan Laws 18.222
  • Michigan cyber civilian corps volunteer: means an individual who has entered into a volunteer agreement with the department to serve as a deployable volunteer in the Michigan cyber civilian corps. See Michigan Laws 18.222
  • Michigan national guard: means the army national guard and the air national guard. See Michigan Laws 32.505
  • Military: means a reference to all components of the state military establishment. See Michigan Laws 32.505
  • Military establishment: means the organized militia of this state, including the employees and equipment assigned or necessary to carry out the provisions of this act. See Michigan Laws 32.505
  • Minor: means a victim of a listed offense who was less than 18 years of age at the time the offense was committed. See Michigan Laws 28.722
  • Money: means a medium of exchange authorized or adopted by a domestic or foreign government. See Michigan Laws 440.1201
  • month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
  • Mortgage: means a consensual interest in real property, including fixtures, which secures payment or performance of an obligation. See Michigan Laws 440.9102
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Motor vehicle: means a vehicle that is self-propelled, a vehicle that is propelled by electric power, a motorcycle, or a trailer as those terms are defined in the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 257.1302a
  • motor vehicle repair facility: means a place of business that is required to register under this act and that, for compensation, is engaged in the business of performing, or employs individuals who perform, maintenance, diagnosis, vehicle body work, or repair service, or, beginning July 1, 2016, BAIID service, on a motor vehicle. See Michigan Laws 257.1302
  • New debtor: means a person that becomes bound as debtor under section 9203(4) by a security agreement previously entered into by another person. See Michigan Laws 440.9102
  • New value: means money, money's worth in property, services, or new credit, or release by a transferee of an interest in property previously transferred to the transferee. See Michigan Laws 440.9102
  • Oath: A promise to tell the truth.
  • oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 8.3k
  • 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.
  • Officer: means a commissioned officer and a warrant officer, unless a distinction between commissioned officer and warrant officer is clearly evident. See Michigan Laws 32.505
  • Ordinance: means either of the following:
    •   (i) An ordinance of a city, village, township, or county. See Michigan Laws 125.651
  • Organization: means a person other than an individual. See Michigan Laws 440.1201
  • Original debtor: means , except as used in section 9310(3), a person that, as debtor, entered into a security agreement to which a new debtor has become bound under section 9203(4). See Michigan Laws 440.9102
  • Originator: means the sender of the first payment order in a funds transfer. See Michigan Laws 440.4604
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Payment intangible: means a general intangible under which the account debtor's principal obligation is a monetary obligation. See Michigan Laws 440.9102
  • Payment order: means an instruction of a sender to a receiving bank, transmitted orally, electronically, or in writing, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if the following apply:
    •   (i) The instruction does not state a condition to payment to the beneficiary other than time of payment. See Michigan Laws 440.4603
  • Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. See Michigan Laws 440.1201
  • Person: means an individual, corporation, limited liability company, partnership, association, or any other legal entity. See Michigan Laws 257.1302a
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 324.301
  • Personal property: All property that is not real property.
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • private enterprise: means a business which provides goods or services and which is not a governmental entity. See Michigan Laws 17.51
  • Probate: Proving a will
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Proceeds: means , except as used in section 9609(2), 1 or more of the following property:
    •   (i) Whatever is acquired upon the sale, lease, license, exchange, or other disposition of collateral. See Michigan Laws 440.9102
  • Promissory note: means an instrument that evidences a promise to pay a monetary obligation, does not evidence an order to pay, and does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds. See Michigan Laws 440.9102
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Public organic record: means a record that is available to the public for inspection and is any of the following:
    •   (i) A record consisting of the record initially filed with or issued by a state or the United States to form or organize an organization and any record filed with or issued by the state or the United States which amends or restates the initial record. See Michigan Laws 440.9102
  • Purchase: means taking by sale, lease, discount, negotiation, mortgage, pledge, lien, security interest, issue or reissue, gift, or any other voluntary transaction creating an interest in property. See Michigan Laws 440.1201
  • Purchaser: means a person that takes by purchase. See Michigan Laws 440.1201
  • Quorum: The number of legislators that must be present to do business.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Receiving bank: means the bank to which the sender's instruction is addressed. See Michigan Laws 440.4603
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Michigan Laws 440.1201
  • record owner: means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form. See Michigan Laws 440.9102
  • Registered organization: means an organization organized solely under the law of a single state or the United States by the filing of a public organic record with, the issuance of a public organic record by, or the enactment of legislation by the state or the United States. See Michigan Laws 440.9102
  • Registering authority: means the local law enforcement agency or sheriff's office having jurisdiction over the individual's residence, place of employment, or institution of higher learning, or the nearest department post designated to receive or enter sex offender registration information within a registration jurisdiction. See Michigan Laws 28.722
  • Registration jurisdiction: means each of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the United States Virgin Islands, American Samoa, and the Indian tribes within the United States that elect to function as a registration jurisdiction. See Michigan Laws 28.722
  • 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.
  • Repair: means the reconditioning, adjustment, alteration, maintenance, or diagnosis of the operating condition of a motor vehicle, with or without the replacement of any component or subassembly of a motor vehicle, for compensation or under the terms of a warranty. See Michigan Laws 257.1302a
  • Representative: means a person empowered to act for another, including an agent, an officer of a corporation or association, and a trustee, executor, or administrator of an estate. See Michigan Laws 440.1201
  • Residence: as used in this act , for registration and voting purposes means that place at which a person habitually sleeps, keeps his or her personal effects, and has a regular place of lodging. See Michigan Laws 28.722
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Right: includes remedy. See Michigan Laws 440.1201
  • Rule: means a rule promulgated pursuant to the administrative procedures act of 1969, 1969 PA 306, MCL 24. See Michigan Laws 324.301
  • seal: shall be construed to include any of the following:
    •   (a) The impression of the seal on the paper alone. See Michigan Laws 8.3n
  • Secured party: means 1 or more of the following:
    •   (i) A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding. See Michigan Laws 440.9102
  • Security agreement: means an agreement that creates or provides for a security interest. See Michigan Laws 440.9102
  • Security interest: means an interest in personal property or fixtures which secures payment or performance of an obligation. See Michigan Laws 440.1201
  • Sender: means the person giving the instruction to the receiving bank. See Michigan Laws 440.4603
  • Service of process: The service of writs or summonses to the appropriate party.
  • 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.
  • shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c
  • Signed: includes any symbol executed or adopted by a party with present intention to adopt or accept a writing. See Michigan Laws 440.1201
  • Special duty: means military service in support of the full-time operation of the state military establishment for a period of not less than 1 day if ordered by competent authority. See Michigan Laws 32.505
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 440.9102
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 440.1201
  • 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
  • Statute: A law passed by a legislature.
  • Student: means an individual enrolled on a full- or part-time basis in a public or private educational institution, including, but not limited to, a secondary school, trade school, professional institution, or institution of higher education. See Michigan Laws 28.722
  • Supporting obligation: means a letter-of-credit right or secondary obligation that supports the payment or performance of an account, chattel paper, a document, a general intangible, an instrument, or investment property. See Michigan Laws 440.9102
  • Tangible chattel paper: means chattel paper evidenced by a record or records consisting of information that is inscribed on a tangible medium. See Michigan Laws 440.9102
  • Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201
  • Termination statement: means an amendment of a financing statement that identifies, by its file number, the initial financing statement to which it relates and indicates either that it is a termination statement or that the identified financing statement is no longer effective. See Michigan Laws 440.9102
  • termination statement: as used in this act mean those terms as defined in the uniform commercial code, 1962 PA 174, MCL 440. See Michigan Laws 257.58b
  • Testator: A male person who leaves a will at death.
  • 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.
  • Township: means a township having a population over 100. See Michigan Laws 125.651
  • Transmitting utility: means a person primarily engaged in the business of 1 of the following:
    •   (i) Operating a railroad, subway, street railway, or trolley bus. See Michigan Laws 440.9102
  • Trustee: A person or institution holding and administering property in trust.
  • 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
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Vehicle: means that term as defined in section 79 of the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 28.722
  • Venue: The geographical location in which a case is tried.
  • Vital resource: means a public or private building, facility, property, or location that the governor considers necessary to protect the public health, safety, and welfare of the citizens of this state. See Michigan Laws 32.505
  • Volunteer agreement: means the contract entered into between the department and a Michigan cyber civilian corps volunteer or advisor under section 4. See Michigan Laws 18.222
  • Warranty: means a guarantee given by a motor vehicle repair facility, in writing or by implication, of the merchantability, of the integrity of the subject of a contract, or of the responsibility of the person that makes the warranty for the replacement or repair of defective parts or services, or both, assuring performance, product, or conditions as promised or declared by the person that makes the warranty. See Michigan Laws 257.1302a
  • writing: includes printing, typewriting, or any other intentional reduction to tangible form. See Michigan Laws 440.1201