Michigan Laws > Chapter 440 > Act 174 of 1962 > Article 5 – Letters of Credit
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Terms Used In Michigan Laws > Chapter 440 > Act 174 of 1962 > Article 5 - Letters of Credit
- Adviser: means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another adviser to notify the beneficiary that a letter of credit has been issued, confirmed, or amended. See Michigan Laws 440.5102
- Aftermarket crash part: means a replacement part for a nonmechanical sheet metal part or plastic part that constitutes part of the exterior of a motor vehicle, including, but not limited to, an inner or outer panel. See Michigan Laws 257.1362
- Agent: means an individual who, for compensation or valuable consideration, is employed either directly or indirectly by a dealer. See Michigan Laws 257.1351
- Aggrieved party: means a party entitled to resort to a remedy. See Michigan Laws 440.1201
- 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.
- Applicant: means a person at whose request or for whose account a letter of credit is issued. See Michigan Laws 440.5102
- 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 440.1201
- 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.
- 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 a person who under the terms of a letter of credit is entitled to have its complying presentation honored. See Michigan Laws 440.5102
- Branch: includes a separately incorporated foreign branch of a bank. See Michigan Laws 440.1201
- Confirmer: means a nominated person who undertakes, at the request or with the consent of the issuer, to honor a presentation under a letter of credit issued by another. See Michigan Laws 440.5102
- Consumer: means 1 or more of the following:
(i) A person who purchases or leases a new motor vehicle for personal, family, or household use and not for the purpose of selling or leasing the new motor vehicle to another person. See Michigan Laws 257.1401Contract: 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. 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. Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Dealer: means any person that engages in the ordinary course of repeated and recurrent transactions of buying or receiving used motor vehicle parts from persons other than a licensee. See Michigan Laws 257.1351 Delivery: means either of the following:
(i) With respect to an electronic document of title, a voluntary transfer of control. See Michigan Laws 440.1201Document: means a draft or other demand, document of title, investment security, certificate, invoice, or other record, statement, or representation of fact, law, right, or opinion that is not oral which is both of the following:
(i) Presented in a written or other medium permitted by the letter of credit or, unless prohibited by the letter of credit, by the standard practice referred to in section 5108(5). See Michigan Laws 440.5102Document 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 End-user: means that term as defined in section 16901 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 257.1351 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. Executor: A male person named in a will to carry out the decedent 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 Fraud: Intentional deception resulting in injury to another. Genuine: means free of forgery or counterfeiting. See Michigan Laws 440.1201 Good faith: means honesty in fact in the conduct or transaction concerned. See Michigan Laws 440.5102 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 440.1201Installer: means an individual who replaces or repairs parts of a motor vehicle. See Michigan Laws 257.1362 Insurer: means an insurance company authorized to transact property, fire, or casualty insurance in this state and an agent of the insurer and includes an insurance association, pool, or facility created under the insurance code of 1956, Act No. See Michigan Laws 257.1362 Issuer: means a bank or other person that issues a letter of credit, but does not include an individual who makes an engagement for personal, family, or household purposes. See Michigan Laws 440.5102 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. Late model vehicle: means a motor vehicle manufactured in the current model year or the 5 model years immediately preceding the current model year. See Michigan Laws 257.1351 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 Lease price: means the actual vehicle sales price paid by the lessor including any cash payment by the consumer and the sum equal to any allowance for any trade-in but excludes debt from any other transaction as well as any manufacturer to consumer discount, rebate, or incentive appearing in the agreement or contract that the consumer received or that was applied to reduce the purchase or lease cost. See Michigan Laws 257.1401 Lessee: means a person who, under a lease, acquires the right to possession and use of a new motor vehicle. See Michigan Laws 257.1401 Lessor: means a person who, under a lease, transfers the right to possession and use of a new motor vehicle. See Michigan Laws 257.1401 Letter of credit: means a definite undertaking that satisfies the requirements of section 5104 by an issuer to a beneficiary at the request or for the account of an applicant or, in the case of a financial institution, to itself or for its own account, to honor a documentary presentation by payment or delivery of an item of value. See Michigan Laws 440.5102 Licensee: means a person that is licensed under section 248 of the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 257.1351 Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Local police agency: means the police agency of a city, village, or township, or if none, the county sheriff. See Michigan Laws 257.1351 Major component part: means any of the following subassemblies of a motor vehicle regardless of its actual market value: front end assembly, including fenders, grills, hood, bumper, and related parts; engine; transmission; T-tops; rear clip assembly, including quarter panels and floor panel assembly; or doors. See Michigan Laws 257.1351 Manufacturer: means a person who manufactures, assembles, or is a distributor of new motor vehicles and includes an agent of a manufacturer but does not include a new motor vehicle dealer. See Michigan Laws 257.1401 Mechanic trainee: means an individual who desires to become a motor vehicle mechanic, a specialty mechanic, or a master mechanic and receives a permit from the administrator under this act. See Michigan Laws 257.1302a Money: means a medium of exchange authorized or adopted by a domestic or foreign government. See Michigan Laws 440.1201 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: means a motor vehicle as defined in section 33 of the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 257.1351 Motor vehicle: means a self-propelled device by which a person or property may be transported upon a public highway. See Michigan Laws 257.1362 Motor vehicle: means a motor vehicle as defined in section 33 of the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 257.1401 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 Motor vehicle repair facility: means a place of business that engages in the business of performing or employing persons who perform maintenance, diagnosis, or repair service on a motor vehicle for compensation. See Michigan Laws 257.1351 New motor vehicle: means a motor vehicle that is purchased or leased in this state or purchased or leased by a resident of this state and is covered by a manufacturer's express warranty at the time of purchase or lease. See Michigan Laws 257.1401 New motor vehicle dealer: means a person or that person's agent who holds a dealer agreement for the sale of new motor vehicles, who is engaged in the business of purchasing, leasing, selling, exchanging, or dealing in new motor vehicles, and who has an established place of business in this state. See Michigan Laws 257.1401 Nominated person: means both of the following:
(i) A person whom the issuer designates or authorizes to pay, accept, negotiate, or otherwise give value under a letter of credit. See Michigan Laws 440.5102Obligation: 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. 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. 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: means an individual, corporation, limited liability company, partnership, association, or other legal entity. See Michigan Laws 257.1351 Person: means a natural person, a sole proprietorship, partnership, corporation, association, unit or agency of government, trust, estate, or other legal entity. See Michigan Laws 257.1401 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Presentation: means delivery of a document to an issuer or nominated person for honor or giving of value under a letter of credit. See Michigan Laws 440.5102 Presenter: means a person making a presentation as or on behalf of a beneficiary or nominated person. See Michigan Laws 440.5102 Purchase price: means the actual vehicle sales price listed on the buyer's order including any cash payment by the consumer and the sum equal to any allowance for any trade-in but excludes debt from any other transaction as well as any manufacturer to consumer discount, rebate, or incentive appearing in the agreement or contract that the consumer received or that was applied to reduce the purchase cost. See Michigan Laws 257.1401 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 440.5102 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 Remedy: means any remedial right to which an aggrieved party is entitled with or without resort to a tribunal. See Michigan Laws 440.1201 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 Repair facility: means any motor vehicle dealer, garage, body repair shop, or other commercial entity that undertakes the repair or replacement of parts that generally constitute the exterior of a motor vehicle. See Michigan Laws 257.1362 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 Resident of this state: means as follows:
(i) For an individual, an individual who is a legal resident of this state. See Michigan Laws 257.1401Restitution: 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 Scrap tire hauler: means that term as defined in section 16901 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 257.1351 Scrap tire processor: means that term as defined in section 16901 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 257.1351 Security interest: means an interest in personal property or fixtures which secures payment or performance of an obligation. See Michigan Laws 440.1201 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. Signed: includes any symbol executed or adopted by a party with present intention to adopt or accept a writing. See Michigan Laws 440.1201 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 Successor of a beneficiary: means a person who succeeds to substantially all of the rights of a beneficiary by operation of law, including a corporation with or into which the beneficiary has been merged or consolidated, an administrator, executor, personal representative, trustee in bankruptcy, debtor in possession, liquidator, and receiver. See Michigan Laws 440.5102 Term: means a portion of an agreement that relates to a particular matter. See Michigan Laws 440.1201 tire wheel or rim: includes a tire wheel or rim on which a tire is mounted. See Michigan Laws 257.1351 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 Used motor vehicle part: means any of the following:
(i) A major component part, dashboard, radio, stereo, or seat of a late model motor vehicle for which a certificate of title and registration plate have been issued to a consumer or dealer. See Michigan Laws 257.1351