Michigan Laws > Chapter 445 > Act 67 of 2012 – Nonrecourse Mortgage Loan Act
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Terms Used In Michigan Laws > Chapter 445 > Act 67 of 2012 - Nonrecourse Mortgage Loan Act
- 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.
- Citation: means a written complaint or notice to appear in court upon which a law enforcement officer records the occurrence or existence of 1 or more state civil infractions by the person cited. See Michigan Laws 600.8801
- Civil infraction: means an act or omission that is prohibited by a law and is not a crime under that law or that is prohibited by an ordinance, as defined in section 8701, and is not a crime under that ordinance, and for which civil sanctions may be ordered. See Michigan Laws 600.113
- Civil infraction action: means a civil action in which the defendant is alleged to be responsible for a civil infraction. See Michigan Laws 600.113
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
- 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.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- 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.
- 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
- judgment: as used in this act , includes decree. See Michigan Laws 600.112
- 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.
- Law enforcement officer: means any of the following:
(i) A sheriff or deputy sheriff. See Michigan Laws 600.8801Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Nonrecourse carveout: means a specific exception, if any, to the nonrecourse provisions set forth in the loan documents for a nonrecourse loan that has the effect of creating, if specified events occur, personal liability of the borrower or a guarantor or other surety of the loan for all or some amounts owed to the lender. See Michigan Laws 445.1592 Nonrecourse loan: means a commercial loan secured by a mortgage on real property located in this state and evidenced by loan documents that meet any of the following:
(i) Provide that the lender will not enforce the liability or obligation of the borrower by an action or proceeding in which a money judgment is sought against the borrower. See Michigan Laws 445.1592Nonrecourse provisions: means 1 or more of the provisions described in subdivision (b)(i) to (v), whether or not the loan is subject to a nonrecourse carveout or carveouts. See Michigan Laws 445.1592 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. person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Plaintiff: The person who files the complaint in a civil lawsuit. Post closing solvency covenant: means any provision of the loan documents for a nonrecourse loan, whether expressed as a covenant, representation, warranty, or default, that relates solely to the solvency of the borrower, including, without limitation, a provision requiring that the borrower maintain adequate capital or have the ability to pay its debts, with respect to any period of time after the date the loan is initially funded. See Michigan Laws 445.1592 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. 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 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 State civil infraction: means a civil infraction involving either of the following:
(i) A violation of state law that is designated by statute as a state civil infraction. See Michigan Laws 600.113Statute: A law passed by a legislature. Venue: The geographical location in which a case is tried.