Terms Used In Michigan Laws > Chapter 445 > Act 211 of 1989 - Reporting Adverse Information About Cosigner

• Adverse information: means information indicating that the cosigner has not complied with the contractual provisions of an obligation. See Michigan Laws 445.271
• Collection action: means requesting a cosigner to pay all or part of the obligation. See Michigan Laws 445.271
• 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.
• Cosigner: means a natural person who renders himself or herself liable for the obligation of another person without compensation. See Michigan Laws 445.271
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• 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.
• Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. ^{Source: OCC}
• Forbearance: A means of handling a delinquent loan. A
• grantee: may be construed as including every person to whom any such interest or estate passes in like manner. See Michigan Laws 8.3e
• 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.
• Obligation: means an indebtedness incurred by an individual for personal, family, or household purposes. See Michigan Laws 445.271
• 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, firm, partnership, association, or corporation. See Michigan Laws 445.271
• Primary obligor: means a person, other than a cosigner, who signs an obligation as a debtor. See Michigan Laws 445.271
• 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