Subpart 1 Default and Enforcement of Security Interest
Subpart 2 Noncompliance With Article

Terms Used In Michigan Laws > Chapter 440 > Act 174 of 1962 > Article 9 > Part 6 - Default

  • Account debtor: means a person obligated on an account, chattel paper, or general intangible. See Michigan Laws 440.9102
  • accounting for: means a record that meets all of the following requirements:
  (i) Authenticated by a secured party. See Michigan Laws 440.9102
  • 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.
  • 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.
  • 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
  • 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.
  • 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.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • Bank: means an organization that is engaged in the business of banking. See Michigan Laws 440.9102
  • 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
  • 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
  • Claimant: means a victim or intervenor who is injured, or any other person eligible for an award under section 4(1) or 5(1), who files a claim under this act. See Michigan Laws 18.351
  • Collateral: means the property subject to a security interest or agricultural lien. See Michigan Laws 440.9102
  • Commission: means the Hispanic/Latino commission of Michigan created in section 2. See Michigan Laws 18.301
  • Commission: means the crime victim services commission. See Michigan Laws 18.351
  • Commission: means the commission of natural resources. See Michigan Laws 324.301
  • 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.
  • 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
  • Consumer obligor: means an obligor who is an individual and who incurred the obligation as part of a transaction entered into primarily for personal, family, or household purposes. See Michigan Laws 440.9102
  • Consumer transaction: means a transaction in which an individual incurs an obligation primarily for personal, family, or household purposes, a security interest secures the obligation, and the collateral is held or acquired primarily for personal, family, or household purposes. See Michigan Laws 440.9102
  • Consumer-goods transaction: means a consumer transaction in which an individual incurs an obligation primarily for personal, family, or household purposes and a security interest in consumer goods secures the obligation. See Michigan Laws 440.9102
  • 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.
  • Crime: means an act that is 1 of the following:
    •    (i) A crime under the laws of this state or the United States that causes an injury within this state. See Michigan Laws 18.351
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Dating relationship: means frequent, intimate associations primarily characterized by the expectation of affectional involvement. See Michigan Laws 18.351.amended
  • 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
  • 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.
  • 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
  • Dependent: A person dependent for support upon another.
  • Dependent: means an individual principally dependent on another for support. See Michigan Laws 18.351.amended
  • 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 office of Hispanic/Latino affairs. See Michigan Laws 18.301
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Equipment: means goods other than inventory, farm products, or consumer goods. See Michigan Laws 440.9102
  • 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.
  • 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.
  • 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
  • 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 324.43701
  • 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
  • Gas: means a mixture of hydrocarbons and nonhydrocarbons in a gaseous state which may or may not be associated with oil and includes liquids resulting from the condensation of those hydrocarbons and nonhydrocarbons. See Michigan Laws 324.43701
  • 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 the board, by whatever name known, charged with governing the municipality. See Michigan Laws 125.1252
  • 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.
  • 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
  • Household member: means an individual who resides in the same dwelling unit as a victim or intervenor. See Michigan Laws 18.351.amended
  • 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
  • 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
  • Industrial building: means a building or structure suitable for, and intended for or incidental to, use as a factory, mill, shop, processing plant, assembly plant, fabricating plant, warehouse, research and development facility, an engineering, architectural, or design facility, or a tourist and resort facility. See Michigan Laws 125.1252
  • Industrial machinery and equipment: means such machinery and equipment, including water and air pollution control equipment and solid waste disposal facilities, other than vehicular equipment, as shall be necessary, suitable, intended for, or incidental to the use to which the industrial building in or near which the machinery or equipment shall be situated is to be put. See Michigan Laws 125.1252
  • Intervenor: means a person who goes to the aid of one who has become a victim of a crime and who suffers personal physical injury. See Michigan Laws 18.351
  • 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.
  • Juror: A person who is on the jury.
  • 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.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Majority leader: see Floor Leaders
  • 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
  • Mineral: means an inorganic substance that can be extracted from the earth, except for oil or gas, and includes rock, metal ores, and mineral water. See Michigan Laws 324.43701
  • 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.
  • Municipality: means a county, city, incorporated village, township, or port district. See Michigan Laws 125.1252
  • Noncash proceeds: means proceeds other than cash proceeds. See Michigan Laws 440.9102
  • Nongame fish and wildlife: means fish or wild animals that are unconfined and not ordinarily taken for sport, fur, or food, and the habitat that supports them. See Michigan Laws 324.43901
  • 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.
  • Obligor: means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral, owes payment or other performance of the obligation, has provided property other than the collateral to secure payment or other performance of the obligation, or is otherwise accountable in whole or in part for payment or other performance of the obligation. See Michigan Laws 440.9102
  • Office: means the office of Hispanic/Latino affairs as created in section 4. See Michigan Laws 18.301
  • 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
  • Oil: means natural crude oil or petroleum and other hydrocarbons, regardless of gravity, which are produced at the well in liquid form by ordinary production methods and which are not the result of condensation of gas after it leaves the underground reservoir. See Michigan Laws 324.43701
  • Other services necessary: means recognized medical treatment, convalescent aids, supplies, and other equipment needed by the victim because of physical incapacity sustained as a direct result of the crime. See Michigan Laws 18.351.amended
  • Out-of-pocket loss: means the unreimbursed and unreimbursable expenses or indebtedness reasonably incurred for medical care, psychological counseling, replacement services, any nonmedical remedial treatment rendered in accordance with a recognized religious method of healing, or other services necessary as a result of the injury upon which a claim is based. See Michigan Laws 18.351
  • 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: 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 injury: means either of the following injuries:
    •   (i) Actual bodily harm, including pregnancy or death. See Michigan Laws 18.351.amended
  • Personal physical injury: means actual bodily harm and includes pregnancy. See Michigan Laws 18.351
  • Personal property: All property that is not real property.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Pollution control facilities: means water and air pollution control equipment and solid waste disposal facilities or any of them. See Michigan Laws 125.1252
  • Presentence report: A report prepared by a court's probation officer, after a person has been convicted of an offense, summarizing for the court the background information needed to determine the appropriate sentence. Source: U.S. Courts
  • 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
  • Proposal: means a record authenticated by a secured party which includes the terms on which the secured party is willing to accept collateral in full or partial satisfaction of the obligation it secures pursuant to sections 9620, 9621, and 9622. See Michigan Laws 440.9102
  • 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 utility: means a person, firm, or corporation engaged in the manufacture, production, generation, or distribution of electricity, steam heat, gas, or any combination thereof, for sale to the public. See Michigan Laws 125.1252
  • 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.
  • 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
  • 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.
  • Replacement services: means homemaking tasks, child care, transportation, and other services previously performed by the victim that, because of the victim's injury, must temporarily or permanently be performed by a person other than the victim. See Michigan Laws 18.351
  • 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
  • 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
  • Secondary obligor: means an obligor to the extent that the obligor's obligation is secondary or the obligor has a right of recourse with respect to an obligation secured by collateral against the debtor, another obligor, or property of either. See Michigan Laws 440.9102
  • 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
  • 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
  • Solid waste disposal facilities: includes any and all buildings, plants, structures, equipment, or facilities and their appurtenances, together with lands or interest in lands therefor or a portion thereof, which qualify as solid waste disposal facilities under section 103(c)(4) of the federal internal revenue code. See Michigan Laws 125.1252
  • 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: 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.
  • Subpoena: A command to a witness to appear and give testimony.
  • Support: means actual monetary payments made by a victim or intervenor to or for a person principally dependent on the victim or intervenor. See Michigan Laws 18.351
  • 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
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • 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.
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Trust fund: means the Michigan game and fish protection trust fund established in section 41 of article IX of the state constitution of 1963 and provided for in section 43702. See Michigan Laws 324.43701
  • Trust fund: means the Michigan nongame fish and wildlife trust fund established in section 42 of article IX of the state constitution of 1963 and provided for in section 43902. See Michigan Laws 324.43901
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
  • Victim: means a person who suffers a personal physical injury as a direct result of a crime. See Michigan Laws 18.351
  • Victim advocate: work with prosecutors and assist the victims of a crime.
  • 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
  • Water and air pollution control equipment: includes buildings, plants, structures, facilities, and equipment and their appurtenances, together with lands or interest in lands therefor or a portion thereof, used or to be used as a change in manufacturing, production, generation, transmission, or distribution process to prevent, reduce, recover, remove, disperse, neutralize, control, or eliminate air or water pollution. See Michigan Laws 125.1252
  • Wildlife and fisheries: includes any member of the wild animal kingdom, including any mammal, bird, fish, reptile, amphibian, or invertebrate found in this state at any point in its natural life cycle. See Michigan Laws 324.43504
  • writing: includes printing, typewriting, or any other intentional reduction to tangible form. See Michigan Laws 440.1201