Michigan Laws > Chapter 450 > Act 284 of 1972 > Chapter 3 – Capital Structure and Corporate Finance
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Terms Used In Michigan Laws > Chapter 450 > Act 284 of 1972 > Chapter 3 - Capital Structure and Corporate Finance
- Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
- 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.
- Affiliate: means a person, other than an individual or governmental entity, to which any of the following apply:
(i) A credit union directly or indirectly owns or controls a majority of the person's voting shares or other voting ownership interests. See Michigan Laws 490.102agencies: shall be deemed to include those officers, boards, commissions and other bodies created by public corporations or by the federal government, which are authorized to act in their own names. See Michigan Laws 280.551 Agricultural processing facility: means 1 or more facilities or operations that transform, package, sort, or grade livestock or livestock products, agricultural commodities, or plants or plant products, excluding forest products, into goods that are used for intermediate or final consumption including goods for nonfood use, and surrounding property. See Michigan Laws 125.2683 Alien credit union: means a credit union that is organized under the laws of a country other than the United States. See Michigan Laws 490.102 Allegation: something that someone says happened. 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. annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 8.3d Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year. 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. Applicant: means an individual and the spouse of that individual if that spouse intends to occupy the property with the individual. See Michigan Laws 125.2702 Application: means a request under the Convention by an obligee or obligor, or on behalf of a child, made through a central authority for assistance from another central authority. See Michigan Laws 552.2701 Appraisal: A determination of property value. 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 Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Associate board member: means an individual appointed by a credit union board to the position described in section 342(10). See Michigan Laws 490.102 Attachment: A procedure by which a person's property is seized to pay judgments levied by the court. Authority: means a brownfield redevelopment authority created under this act. See Michigan Laws 125.2652 Bank: means a bank that is organized under the laws of this state, any other state, the District of Columbia, or a territory or protectorate of the United States, or a national banking association chartered by the federal government under the national bank act, 12 USC 21 to 216d, and whose deposits are insured by an agency of the federal government. See Michigan Laws 490.102 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. Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels. Baseline environmental assessment: means that term as defined in part 201 or 213. See Michigan Laws 125.2652 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 benefits: shall be deemed to mean advantages resulting from a project to public corporations, the inhabitants of public corporations, and property within public corporations. See Michigan Laws 280.551 Blighted: means property that meets any of the following criteria as determined by the governing body:
(i) Has been declared a public nuisance in accordance with a local housing, building, plumbing, fire, or other related code or ordinance. See Michigan Laws 125.2652Board: means the board of directors of an empowerment zone development corporation. See Michigan Laws 125.2565 Board: means the board of directors of an enterprise community development corporation. See Michigan Laws 125.2605 Board: means the governing body of an authority. See Michigan Laws 125.2652 Board: means the state administrative board created in 1921 PA 2, MCL 17. See Michigan Laws 125.2683 board: shall be deemed to mean the water management board of a water management district. See Michigan Laws 280.551 Board member: means a member of a board of directors, board of trustees, or similar governing body of an organization. See Michigan Laws 490.102 Border crossing facility: means a business that is 1 or more of the following as determined by the board of the Michigan strategic fund:
(i) That was located in a qualified border local governmental unit as defined in section 8g and was displaced or otherwise negatively affected by the development of the international border crossing and is unable to recover from the displacement or negative effect without the establishment of a renaissance zone. See Michigan Laws 125.2683Borrower: means a member who obtains a loan from a credit union. See Michigan Laws 490.102 Branch: means , except as otherwise provided in this subdivision, an office or other place of business at which a credit union receives deposits, pays checks, or lends money. See Michigan Laws 490.102 Brownfield plan: means a plan that meets the requirements of section 13 and section 13b and is adopted under section 14. See Michigan Laws 125.2652 Captured taxable value: means the amount in 1 year by which the current taxable value of an eligible property subject to a brownfield plan, including the taxable value or assessed value, as appropriate, of the property for which specific taxes are paid in lieu of property taxes, exceeds the initial taxable value of that eligible property. See Michigan Laws 125.2652 Central authority: means the entity designated by the United States or a foreign country described in section 102(e)(iv) to perform the functions specified in the Convention. See Michigan Laws 552.2701 Chief executive officer: means the mayor or city manager of a city, the president of a village, the supervisor of a township, or the county executive of a county or, if a county does not have a county executive, the chairperson of the county board of commissioners. See Michigan Laws 125.2565 Chief executive officer: means the mayor or city manager of a city, the president of a village, the supervisor of a township, or the county executive of a county or, if a county does not have a county executive, the chairperson of the county board of commissioners. See Michigan Laws 125.2605 Chief executive officer: means the mayor of a city, the village manager of a village, the township supervisor of a township, or the county executive of a county or, if the county does not have an elected county executive, the chairperson of the county board of commissioners. See Michigan Laws 125.2652 Child: means an individual, whether over or under the age of majority, who is or is alleged to be owed a duty of support by the individual's parent or who is or is alleged to be the beneficiary of a support order directed to the parent. See Michigan Laws 552.2102 Child-support order: means a support order for a child, including a child who has attained the age of majority under the law of the issuing state or foreign country. See Michigan Laws 552.2102 Code: means all or a part of the mobile home code promulgated under section 5. See Michigan Laws 125.2302 Combined brownfield plan: means a brownfield plan that also includes the information necessary to submit the plan to the department or Michigan strategic fund under section 15(20). See Michigan Laws 125.2652 commission: shall be deemed to mean the water management commission of a water management district. See Michigan Laws 280.551 Commission: means the manufactured housing commission. See Michigan Laws 125.2302 Commissioner: means the director. See Michigan Laws 490.102 Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action. 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. Construction period tax capture revenues: means funds equal to the amount of income tax levied and imposed in a calendar year upon wages paid to individuals physically present and working within the eligible property for the construction, renovation, or other improvement of eligible property that is an eligible activity within a transformational brownfield plan. See Michigan Laws 125.2652 Contract: A legal written agreement that becomes binding when signed. Convention: means the Convention on the International Recovery of Child Support and Other Forms of Family Maintenance, concluded at The Hague on November 23, 2007. See Michigan Laws 552.2102 Convention support order: means a support order of a tribunal of a foreign country described in section 102(e)(iv). See Michigan Laws 552.2701 Conviction: A judgement of guilt against a criminal defendant. Corporate credit union: means a credit union whose field of membership consists primarily of other credit unions. See Michigan Laws 490.102 Corporation: means an empowerment zone development corporation organized under this act. See Michigan Laws 125.2565 Corporation: means an enterprise community development corporation organized under this act. See Michigan Laws 125.2605 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. Corrective action: means that term as defined in part 111 or part 213. See Michigan Laws 125.2652 Counterclaim: A claim that a defendant makes against a plaintiff. County drain: means any drain, irrespective of size, carrying drainage water or sewage or both originating in 1 county, and includes drains located, established and constructed by a county drain commissioner or drainage board, by a city, village or township. See Michigan Laws 280.461 county drain commissioner: means the elected county drain commissioner or the person or persons designated to perform the duties of the elected county drain commissioner as provided in section 21 and 21a. See Michigan Laws 280.4 Credit union: means a domestic or foreign credit union. See Michigan Laws 490.102 Credit union board: means a board of directors, board of trustees, or other governing body of a credit union. See Michigan Laws 490.102 Credit union service organization: means a corporation or other legal entity that is engaged primarily in providing 1 or more of the products or services described in section 407 to credit unions or their members, that a domestic credit union may organize, invest in, or lend to under section 401(2)(gg), and that may or may not be controlled by 1 or more credit unions. See Michigan Laws 490.102 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Debt management: means that term as defined in section 2 of the debt management act, 1975 PA 148, MCL 451. See Michigan Laws 490.102 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. Department: means the department of labor. See Michigan Laws 125.2502 Department: means the department of environment, Great Lakes, and energy. See Michigan Laws 125.2652 Department: means the department of insurance and financial services. See Michigan Laws 490.102 Department: means the department of licensing and regulatory affairs, except as follows:
(i) Department means the department of state in all of the following circumstances:
(A) As used in section 5(1) with respect to rules promulgated under section 5(1)(h). See Michigan Laws 125.2302Department specific activities: means baseline environmental assessments, due care activities, response activities, and other environmentally related actions that are eligible activities and are identified as a part of a brownfield plan that are in addition to the minimum due care activities required by part 201, including, but not limited to:
(i) Response activities that are more protective of the public health, safety, and welfare and the environment than required by section 20107a, 20114, or 21304c of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 125.2652Dependent: A person dependent for support upon another. Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial. Development plan: means a written plan that addresses the criteria in section 7 and includes all of the following:
(i) A map of the proposed renaissance zone that indicates the geographic boundaries, the total area, and the present use and conditions generally of the land and structures within those boundaries. See Michigan Laws 125.2683Direct request: means a petition filed by an individual in a tribunal of this state in a proceeding involving an obligee, obligor, or child residing outside the United States. See Michigan Laws 552.2701 Director: means the director of labor or his or her designee. See Michigan Laws 125.2502 Director: means the director of the department. See Michigan Laws 490.102 Director of agriculture: means the director of the state department of agriculture. See Michigan Laws 280.511 director of agriculture: shall be deemed to mean the director of agriculture of the state of Michigan. See Michigan Laws 280.551 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Domestic credit union: means a cooperative, nonprofit entity organized under this act for the purposes of encouraging thrift among its members, providing a variety of financial services to its members, and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. See Michigan Laws 490.102 drain: whenever used in this act , shall include the main stream or trunk and all tributaries or branches of any creek or river, any watercourse or ditch, either open or closed, any covered drain, any sanitary or any combined sanitary and storm sewer or storm sewer or conduit composed of tile, brick, concrete, or other material, any structures or mechanical devices, that will properly purify the flow of such drains, any pumping equipment necessary to assist or relieve the flow of such drains and any levee, dike, barrier, or a combination of any or all of same constructed, or proposed to be constructed, for the purpose of drainage or for the purification of the flow of such drains, but shall not include any dam and flowage rights used in connection therewith which is used for the generation of power by a public utility subject to regulation by the public service commission. See Michigan Laws 280.3 Due care activities: means those response activities identified as part of a brownfield plan that are necessary to allow the owner or operator of an eligible property in the plan to comply with the requirements of section 20107a or 21304c of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 125.2652 Duty of support: means an obligation imposed or imposable by law to provide support for a child, spouse, or former spouse, including an unsatisfied obligation to provide support. See Michigan Laws 552.2102 Economic opportunity zone: means 1 or more parcels of property that meet all of the following:
(i) That together are 40 or more acres in size. See Michigan Laws 125.2652Elected county executive: means the elected county executive in a county organized under 1966 PA 293, MCL 45. See Michigan Laws 125.2683 Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC Eligibility record date: means a record date that is 1 year or more before the adoption of a plan of conversion by a credit union board and is set forth in a plan of conversion for determining eligible members of a converting credit union. See Michigan Laws 490.102 eligible activity: means 1 or more of the following:
(i) For all eligible properties, eligible activities include all of the following:
(A) Department specific activities. See Michigan Laws 125.2652Eligible property: means , except as otherwise provided in this subdivision, property for which eligible activities are identified under a brownfield plan that was used or is currently used for commercial, industrial, public, or residential purposes, including personal property located on the property, to the extent included in the brownfield plan, and that is 1 or more of the following:
(i) Is in a qualified local governmental unit and is a facility or a site or property as those terms are defined in part 213, historic resource, functionally obsolete, or blighted and includes parcels that are adjacent or contiguous to that property if the development of the adjacent and contiguous parcels is estimated to increase the captured taxable value of that property. See Michigan Laws 125.2652employer: means that term as defined in section 8 of the income tax act of 1967, 1967 PA 281, MCL 206. See Michigan Laws 125.2652 Empowerment zone: means an area designated as an empowerment zone by the United States department of housing and urban development. See Michigan Laws 125.2565 Empowerment zone coordinating council: means a community-based partnership initiated by the chief executive officer of a municipality with a population of 900,000 or more to do all of the following:
(i) Develop a strategic plan in accordance with 24 C. See Michigan Laws 125.2565Enterprise community: means an area designated as an enterprise community by the United States department of housing and urban development or the United States department of agriculture. See Michigan Laws 125.2605 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. Environmental insurance: means liability insurance for environmental contamination and cleanup that is not otherwise required by state or federal law. See Michigan Laws 125.2652 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. 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. Executor: A male person named in a will to carry out the decedent Extradition: The formal process of delivering an accused or convicted person from authorities in one state to authorities in another state. Facility: means that term as defined in part 201. See Michigan Laws 125.2652 Federal credit union: means a credit union that is organized under the laws of the United States. See Michigan Laws 490.102 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 Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it. Fiduciary: A trustee, executor, or administrator. Field of membership: means that term as established under section 352. See Michigan Laws 490.102 Financial institution: means a credit union, bank, savings bank, or savings and loan association. See Michigan Laws 490.102 Fiscal year: means the fiscal year of the authority. See Michigan Laws 125.2652 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. 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 Foreign country: means a country, including a political subdivision thereof, other than the United States, that authorizes the issuance of support orders and 1 or more of the following:
(i) That has been declared under the law of the United States to be a foreign reciprocating country. See Michigan Laws 552.2102Foreign credit union: means a credit union organized under the laws of another state or territory of the United States or a federal credit union. See Michigan Laws 490.102 Foreign support agreement: means an agreement for support in a record that is enforceable as a support order in the country of origin, has been formally drawn up or registered as an authentic instrument by a foreign tribunal, has been authenticated by, or concluded, registered, or filed with, a foreign tribunal, and may be reviewed and modified by a foreign tribunal. See Michigan Laws 552.2701 Foreign support order: means a support order of a foreign tribunal. See Michigan Laws 552.2102 Foreign tribunal: means a court, administrative agency, or quasi-judicial entity of a foreign country that is authorized to establish, enforce, or modify support orders or to determine parentage of a child. See Michigan Laws 552.2102 Forest products processing facility: means 1 or more facilities or operations that transform, package, sort, recycle, or grade forest or paper products into goods that are used for intermediate or final use or consumption or for the creation of biomass or alternative fuels through the utilization of forest products or forest residue, and surrounding property. See Michigan Laws 125.2683 Former mill: means a former mill that has not been used for industrial purposes for the immediately preceding 2 years, that is not located in a qualified local governmental unit, that is a facility or is a site or a property as those terms are defined in part 213, functionally obsolete, or blighted, and that is located within 15 miles of a river that is a federal superfund site listed under the comprehensive environmental response, compensation and liability act of 1980, 42 USC 9601 to 9675, and that is located in a municipality with a population of less than 10,000. See Michigan Laws 125.2652 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 Functionally obsolete: means that the property is unable to be used to adequately perform the function for which it was intended due to a substantial loss in value resulting from factors such as overcapacity, changes in technology, deficiencies or superadequacies in design, or other similar factors that affect the property itself or the property's relationship with other surrounding property. See Michigan Laws 125.2652 Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Governing body: means the body in which the legislative powers of a municipality are vested. See Michigan Laws 125.2565 Governing body: means the body in which the legislative powers of a municipality are vested. See Michigan Laws 125.2605 Governing body: means the elected body having legislative powers of a municipality creating an authority under this act. See Michigan Laws 125.2652 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. Hearsay: Statements by a witness who did not see or hear the incident in question but heard about it from someone else. Hearsay is usually not admissible as evidence in court. Heating cable: means cable designed to be secured to pipes and vessels to reduce their likelihood of freezing or to facilitate the flow of viscous liquids. See Michigan Laws 125.2502 Historic resource: means that term as defined in section 90a of the Michigan strategic fund act, 1984 PA 270, MCL 125. See Michigan Laws 125.2652 Home state: means the state or foreign country in which a child lived with a parent or a person acting as parent for at least 6 consecutive months immediately preceding the time of filing of a petition or comparable pleading for support and, if a child is less than 6 months old, the state or foreign country in which the child lived from birth with any of them. See Michigan Laws 552.2102 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 Income: includes earnings or other periodic entitlements to money from any source and any other property subject to withholding for support under the law of this state. See Michigan Laws 552.2102 Income tax: means the tax levied and imposed under part 1 of the income tax act of 1967, 1967 PA 281, MCL 206. See Michigan Laws 125.2652 Income tax capture revenues: means , with respect to each eligible property subject to a transformational brownfield plan, funds equal to the amount for each tax year by which the aggregate income tax from individuals residing within the eligible property subject to a transformational brownfield plan exceeds the initial income tax value. See Michigan Laws 125.2652 Income-withholding order: means an order or other legal process directed to an obligor's employer or other debtor, as defined by the support and parenting time enforcement act, 1982 PA 295, MCL 552. See Michigan Laws 552.2102 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 cleaning: means cleaning or removal of contaminants from within a structure necessary to achieve the intended use of the property. See Michigan Laws 125.2652 Infrastructure improvements: means a street, road, sidewalk, parking facility, pedestrian mall, alley, bridge, sewer, sewage treatment plant, property designed to reduce, eliminate, or prevent the spread of identified soil or groundwater contamination, drainage system, waterway, waterline, water storage facility, rail line, utility line or pipeline, transit-oriented development, transit-oriented property, or other similar or related structure or improvement, together with necessary easements for the structure or improvement, owned or used by a public agency or functionally connected to similar or supporting property owned or used by a public agency, or designed and dedicated to use by, for the benefit of, or for the protection of the health, welfare, or safety of the public generally, whether or not used by a single business entity, provided that any road, street, or bridge shall be continuously open to public access and that other property shall be located in public easements or rights-of-way and sized to accommodate reasonably foreseeable development of eligible property in adjoining areas. See Michigan Laws 125.2652 Initial income tax value: means , with respect to each eligible property subject to a transformational brownfield plan, the aggregate amount of income tax less credits under sections 255, 265, 266, and chapter 9 of the income tax act of 1967, 1967 PA 281, MCL 206. See Michigan Laws 125.2652 Initial taxable value: means the taxable value of an eligible property identified in and subject to a brownfield plan at the time the resolution adding that eligible property in the brownfield plan is adopted, as shown either by the most recent assessment roll for which equalization has been completed at the time the resolution is adopted or, if provided by the brownfield plan, by the next assessment roll for which equalization will be completed following the date the resolution adding that eligible property in the brownfield plan is adopted. See Michigan Laws 125.2652 Initial withholding tax value: means , with respect to each eligible property subject to a transformational brownfield plan, the amount of income tax withheld under part 3 of the income tax act of 1967, 1967 PA 281, MCL 206. See Michigan Laws 125.2652 Initiating tribunal: means the tribunal of a state or foreign country from which a petition or comparable pleading is forwarded or in which a petition or comparable pleading is filed for forwarding to another state or foreign country. See Michigan Laws 552.2102 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Insolvent: means a credit union that meets either of the following:
(i) It is not able to pay its debts and other obligations, including those related to member shares, as they become due. See Michigan Laws 490.102Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes. Intercounty drain: means any drain, irrespective of size, carrying drainage water or sewage originating in more than 1 county, and includes drains located, established and constructed by a county drain commissioner or drainage board, by a city, village or township. See Michigan Laws 280.511 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Issuing state: means the state in which a tribunal issues a support order or a judgment determining parentage of a child. See Michigan Laws 552.2102 Issuing tribunal: means the tribunal of a state or foreign country that issues a support order or a judgment determining parentage of a child. See Michigan Laws 552.2102 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. Land bank fast track authority: means an authority created under the land bank fast track act, 2003 PA 258, MCL 124. See Michigan Laws 125.2652 Law: includes decisional and statutory law and rules and regulations having the force of law. See Michigan Laws 552.2102 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 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. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Local government: means a county or municipality. See Michigan Laws 125.2302 Local governmental unit: means a county, city, village, township, or, for taxes levied after 2009, any other taxing jurisdiction that levies an ad valorem property tax. See Michigan Laws 125.2683 Local governmental unit: means a county, city, village, or township. See Michigan Laws 125.2702 Local taxes: means all taxes levied other than taxes levied for school operating purposes. See Michigan Laws 125.2652 Membership share: means a share of a domestic credit union equal in amount to the par value of the credit union's shares that is credited to an account of a member by the credit union, is required as a condition of membership in the credit union, and is subject to any withdrawal restriction or other standards established by the domestic credit union for membership shares. See Michigan Laws 490.103 Michigan strategic fund: means the Michigan strategic fund created under the Michigan strategic fund act, 1984 PA 270, MCL 125. See Michigan Laws 125.2652 Mixed-use: means a real estate project with planned integration of some combination of retail, office, residential, or hotel uses. See Michigan Laws 125.2652 Mobile home: means a structure that is transportable in 1 or more sections, built on a 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 in the structure. See Michigan Laws 125.2302 Mobile home dealer: means a person other than a manufacturer engaged in the business of buying mobile homes for resale, exchange, lease, or rent or offering mobile homes for sale, lease, rent, or exchange to customers. See Michigan Laws 125.2302 Mobile home park: means a parcel or tract of land under the control of a person upon which 3 or more mobile homes are located on a continual, nonrecreational basis and which is offered to the public for that purpose regardless of whether a charge is made for the parcel or tract of land, together with any building, structure, enclosure, street, equipment, or facility used or intended for use incident to the occupancy of a mobile home. See Michigan Laws 125.2302 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: The written agreement pledging property to a creditor as collateral for a loan. Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money. Multimodal commerce: means the movement of products or services via 2 or more of the following:
(i) Air. See Michigan Laws 125.2683Municipality: means a city, village, or township. See Michigan Laws 125.2302 Municipality: means a county, city, village, or township. See Michigan Laws 125.2565 Municipality: means a county, city, village, or township. See Michigan Laws 125.2605 Municipality: means all of the following:
(i) A city. See Michigan Laws 125.2652Mutual savings bank: means a savings bank that is not authorized by its articles of incorporation to issue capital stock. See Michigan Laws 490.103 Net worth: means the sum of a credit union's undivided earnings and reserves. See Michigan Laws 490.103 Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose. Nonprofit community organization: means an organization exempt from taxation under section 501(c)(3) of the internal revenue code of 1986 with experience in housing issues and that contracts with a local governmental unit to administer an urban homestead program under this act. See Michigan Laws 125.2702 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. Obligee: means 1 or more of the following:
(i) An individual to whom a duty of support is or is alleged to be owed or in whose favor a support order or a judgment determining parentage of a child has been issued. See Michigan Laws 552.2102Obligor: means an individual about whom 1 of the following is true, or the estate of a decedent about whom 1 of the following was true before the individual's death:
(i) Owes or is alleged to owe a duty of support. See Michigan Laws 552.2102Officer: means the chairperson of the board, the vice-chairperson of the board, the secretary, the treasurer, the general manager, an individual whose title is "president" an assistant treasurer, or an assistant secretary of a credit union, or any other individual who is specifically designated as an officer of a credit union by the credit union board. See Michigan Laws 490.103 Official: means a member of a credit union board or an officer, member of a credit committee or supervisory committee, or member of any other committee performing functions similar to a credit committee or supervisory committee, of a credit union. See Michigan Laws 490.103 Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC Outside this state: means a location in another state or a country other than the United States, whether or not the country is a foreign country. See Michigan Laws 552.2102 Oversight: Committee review of the activities of a Federal agency or program. Owned by or under the control of: means that a land bank fast track authority or a qualified local unit of government has 1 or more of the following:
(i) An ownership interest in the property. See Michigan Laws 125.2652Partnership: 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, partnership, association, trust, or corporation, or any other legal entity or combination of legal entities. See Michigan Laws 125.2302 Person: means an individual, partnership, corporation, association, or other legal entity. See Michigan Laws 125.2502 Person: means an individual, partnership, corporation, association, limited liability company, governmental entity, or other legal entity. See Michigan Laws 125.2683 Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Michigan Laws 552.2102 Person: means an individual, corporation, partnership, limited liability company, association, governmental entity, or any other legal entity. See Michigan Laws 490.103 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Personal property: All property that is not real property. Plaintiff: The person who files the complaint in a civil lawsuit. 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. Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer. Principal place of business: means the place where a domestic credit union keeps its principal records. See Michigan Laws 490.103 Probable cause: A reasonable ground for belief that the offender violated a specific law. 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. project: shall be deemed to mean any flood control or drainage project petitioned for or undertaken under the provisions of this chapter in any water management district or subdistrict. See Michigan Laws 280.551 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Public corporation: includes this state, counties, cities, villages, townships, metropolitan districts and authorities created by or pursuant to state statutes. See Michigan Laws 280.461 Public corporation: includes this state, counties, cities, villages, townships, metropolitan districts and authorities created by or pursuant to state statutes. See Michigan Laws 280.511 public corporation: shall be deemed to include the state of Michigan, counties, cities, villages, townships, metropolitan districts and authorities created by or pursuant to state statutes. See Michigan Laws 280.551 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Qualified facility: means a landfill facility area of 15 or more contiguous acres that is located in a city and that contains, contained, or is adjacent to a landfill, a material recycling facility, or an asphalt plant that is no longer in operation. See Michigan Laws 125.2652 Qualified local governmental unit: means that term as defined in the obsolete property rehabilitation act, 2000 PA 146, MCL 125. See Michigan Laws 125.2652 Qualified local governmental unit: means either of the following:
(i) A county. See Michigan Laws 125.2683Quorum: 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 552.2102 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 Recovery zone: means a tool and die renaissance recovery zone created in section 8d. See Michigan Laws 125.2683 Register: means to record in a tribunal of this state a support order or judgment determining parentage of a child issued in another state or a foreign country. See Michigan Laws 552.2102 Registering tribunal: means a tribunal in which a support order or judgment determining parentage of a child is registered. See Michigan Laws 552.2102 Release: means that term as defined in part 201 or part 213. See Michigan Laws 125.2652 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. Renaissance zone: means a geographic area designated under this act. See Michigan Laws 125.2683 Renewable energy facility: means a facility that creates energy, fuels, or chemicals directly from the wind, the sun, trees, grasses, biosolids, algae, agricultural commodities, processed products from agricultural commodities, or residues from agricultural processes, wood or forest processes, food production and processing, or the paper products industry. See Michigan Laws 125.2683 Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. Residential rental property: means that term as defined in section 7ff of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 125.2683 Responding state: means a state in which a petition or comparable pleading for support or to determine parentage of a child is filed or to which a petition or comparable pleading is forwarded for filing from another state or a foreign country. See Michigan Laws 552.2102 Responding tribunal: means the authorized tribunal in a responding state or foreign country. See Michigan Laws 552.2102 Response activity: means either of the following:
(i) Response activity as that term is defined in part 201. See Michigan Laws 125.2652Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Review board: means the renaissance zone review board created in section 5. See Michigan Laws 125.2683 Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC Rural area: means an area that lies outside of the boundaries of an urban area. See Michigan Laws 125.2683 Savings and loan association: means a savings association that is organized under the laws of this state, a savings and loan association, building and loan association, or homestead association that is organized under the laws of any other state, the District of Columbia, or a territory or protectorate of the United States, or a federal savings association organized under the home owners' loan act, 12 USC 1461 to 1470, and whose deposits are insured by an agency of the federal government. See Michigan Laws 490.103 Savings bank: means a savings bank that is organized under the laws of this state, any other state, the District of Columbia, a territory or protectorate of the United States, or of the United States, and whose deposits are insured by an agency of the federal government. See Michigan Laws 490.103 seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nSeasonal mobile home park: means a parcel or tract of land under the control of a person upon which 3 or more mobile homes are located on a continual or temporary basis but occupied on a temporary basis only, and which is offered to the public for that purpose regardless of whether a charge is made for the parcel or tract of land, together with any building, enclosure, street, equipment, or facility used or intended for use incident to the occupancy of a mobile home. See Michigan Laws 125.2302 Secured party: means that term as defined in section 9102 of the uniform commercial code, 1962 PA 174, MCL 440. See Michigan Laws 125.2302 Security interest: means that term as defined in section 1201 of the uniform commercial code, 1962 PA 174, MCL 440. See Michigan Laws 125.2302 Senior management employee: means any individual who is designated as a senior policy-making employee of a credit union by the board of the credit union. See Michigan Laws 490.103 Service center: means a place of business of a credit union, other than the principal place of business or a branch, where the credit union may transact business authorized by the credit union board. See Michigan Laws 490.103 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 Specific taxes: means a tax levied under 1974 PA 198, MCL 207. See Michigan Laws 125.2652 Spousal-support order: means a support order for a spouse or former spouse of the obligor. See Michigan Laws 552.2102 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 552.2102 State: means this state. See Michigan Laws 280.461 State: means this state. See Michigan Laws 280.511 state: shall be deemed to mean the state of Michigan. See Michigan Laws 280.551 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 brownfield redevelopment fund: means the state brownfield redevelopment fund created in section 8a. See Michigan Laws 125.2652 Statute: A law passed by a legislature. Stock savings and loan association: means a savings and loan association that is authorized by its articles of incorporation to issue capital stock. See Michigan Laws 490.103 Stock savings bank: means a savings bank that is authorized by its articles of incorporation to issue capital stock. See Michigan Laws 490.103 Strategic plan: means a plan agreed to by this state and a municipality concerning an empowerment zone that includes both of the following:
(i) Certification of the authority to adopt a strategic plan in an application for nomination as an empowerment zone under applicable federal regulations. See Michigan Laws 125.2565Strategic plan: means a plan agreed to by this state and a municipality concerning an enterprise community that includes both of the following:
(i) Certification of the authority to adopt a strategic plan in an application for nomination as an enterprise community under applicable federal regulations. See Michigan Laws 125.2605subdistrict: shall be deemed to mean the area comprising that portion of a water management district in which a project is petitioned for under the provisions of this chapter, which project benefits only 1 or more public corporations within the water management district. See Michigan Laws 280.551 Subpoena: A command to a witness to appear and give testimony. Substantial interest: means 1 or more of the following:
(i) Owning real property or a business located in the empowerment zone. See Michigan Laws 125.2565Substantial interest: means 1 or more of the following:
(i) Owning real property or a business located in the enterprise community. See Michigan Laws 125.2605Summons: Another word for subpoena used by the criminal justice system. Support enforcement agency: means a public official or governmental entity or private agency authorized to do 1 or more of the following:
(i) Seek enforcement of support orders or laws relating to the duty of support. See Michigan Laws 552.2102Support order: means a judgment, decree, order, decision, or directive, whether temporary, final, or subject to modification, issued in a state or foreign country for the benefit of a child, a spouse, or a former spouse, that provides for monetary support, health care, arrearages, retroactive support, or reimbursement for financial assistance provided to an individual obligee in place of child support. See Michigan Laws 552.2102 Targeted redevelopment area: means not fewer than 40 and not more than 500 contiguous parcels of real property located in a qualified local governmental unit and designated as a targeted redevelopment area by resolution of the governing body and approved by the Michigan strategic fund. See Michigan Laws 125.2652 Tax increment revenues: means the amount of ad valorem property taxes and specific taxes attributable to the application of the levy of all taxing jurisdictions upon the captured taxable value of each parcel of eligible property subject to a brownfield plan and personal property located on that property, regardless of whether those taxes began to be levied after the brownfield plan was adopted. See Michigan Laws 125.2652 Taxable value: means the value determined under section 27a of the general property tax act, 1893 PA 206, MCL 211. See Michigan Laws 125.2652 Taxes levied for school operating purposes: means all of the following:
(i) The taxes levied by a local school district for operating purposes. See Michigan Laws 125.2652Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held. Termination statement: means that term as defined in section 9102 of the uniform commercial code, 1962 PA 174, MCL 440. See Michigan Laws 125.2302 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. Transformational brownfield plan: means a brownfield plan that meets the requirements of section 13c and is adopted under section 14a and, as designated by resolution of the governing body and approved by the Michigan strategic fund, will have a transformational impact on local economic development and community revitalization based on the extent of brownfield redevelopment and growth in population, commercial activity, and employment that will result from the plan. See Michigan Laws 125.2652 Transit-oriented development: means infrastructure improvements that are located within 1/2 mile of a transit station or transit-oriented property that promotes transit ridership or passenger rail use as determined by the board and approved by the municipality in which it is located. See Michigan Laws 125.2652 Transit-oriented property: means property that houses a transit station in a manner that promotes transit ridership or passenger rail use. See Michigan Laws 125.2652 Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Tribunal: means a court, administrative agency, or quasi-judicial entity authorized to establish, enforce, or modify support orders or to determine parentage of a child. See Michigan Laws 552.2102 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 Urban area: means an urbanized area as determined by the economics and statistics administration, United States bureau of the census according to the 1990 census. See Michigan Laws 125.2683 Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House. wages: means that term as defined in section 3401 of the internal revenue code of 1986, 26 USC 3401. See Michigan Laws 125.2652 water management district: shall be deemed to mean the area comprising all or part of 3 or more contiguous counties within a single drainage basin in which a project is petitioned for or undertaken under the provisions of this chapter, and shall include such counties and all public corporations within such area as shall be subject to assessment for the cost of such project. See Michigan Laws 280.551 Withholding tax capture revenues: means , with respect to each eligible property subject to a transformational brownfield plan, the amount for each calendar year by which the income tax withheld under part 3 of the income tax act of 1967, 1967 PA 281, MCL 206. See Michigan Laws 125.2652 Work plan: means a plan that describes each individual activity to be conducted to complete eligible activities and the associated costs of each individual activity. See Michigan Laws 125.2652 Writ of certiorari: An order issued by the Supreme Court directing the lower court to transmit records for a case for which it will hear on appeal. Zone: means , for an authority established before June 6, 2000, a brownfield redevelopment zone designated under this act. See Michigan Laws 125.2652