Terms Used In Michigan Laws > Chapter 450 > Act 284 of 1972 > Chapter 7 - Corporate Combinations and Dispositions

• Acknowledgment form: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
• Administrative expenses: means the costs described in section 9(2). See Michigan Laws 285.313
• Administrative premium: means the amount of money charged to and collected from a producer under section 10. See Michigan Laws 285.313
• 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.
• Alternative fuel: means a fuel composed of biomass or another fuel that does not have petroleum as a base or a blend of a nonpetroleum-based fuel and a petroleum-based fuel. See Michigan Laws 285.341
• 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
• 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.
• Authority: means the farm produce insurance authority created in section 5. See Michigan Laws 285.313
• Biodiesel: means a fuel composed of mono-alkyl esters of long chain fatty acids derived from vegetable oils or animal fats and, in accordance with standards specified by the American society for testing and materials, designated B100, and meeting the requirements of D6751, as approved by the department. See Michigan Laws 285.341
• Board: means the board of directors of the authority described in section 7. See Michigan Laws 285.313
• Breeder seed: means seed or plant propagating material directly controlled by the originating or, in certain cases, the sponsoring plant breeder or institution, and which provides the source of foundation seed. See Michigan Laws 286.71
• Certified seed: means the progeny of foundation, registered or certified seed if designated foundation and plant propagating materials that are so handled as to maintain satisfactory genetic identity and purity and have met certification standards required by this act and have been approved and certified by the director upon the advice of official seed certifying agencies. See Michigan Laws 286.71
• Claimant: means a producer who makes a claim for reimbursement from the fund under section 15. See Michigan Laws 285.313
• Commission: means the commission of agriculture and rural development. See Michigan Laws 285.362
• Contract: A legal written agreement that becomes binding when signed.
• Cooperative association: means that term as defined in 12 USC 1141j. See Michigan Laws 285.313
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the Michigan department of agriculture. See Michigan Laws 285.341
• Department: means the department of agriculture and rural development. See Michigan Laws 285.362
• Department: means the department of agriculture and rural development. See Michigan Laws 285.313
• 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.
• Depositor: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
• Director: means the director of the department or his or her designee. See Michigan Laws 285.313
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• 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.
• 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}
• Ethanol: means a substance that meets the American society for testing and materials standard in effect on the effective date of this act as the D4806 specification for denatured fuel grade ethanol for blending with gasoline. See Michigan Laws 285.341
• 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.
• Facility: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Farm produce: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
• Fiduciary: A trustee, executor, or administrator.
• Financial institution: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
• Financial loss: means the loss to a producer who is not paid in full for farm produce that the producer sold to a grain dealer and delivered under the terms of the sales contract, after deducting any outstanding charges against the farm produce. See Michigan Laws 285.313
• 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.
• 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}
• Fund: means the farm produce insurance fund created in section 9. See Michigan Laws 285.313
• Grain dealer: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
• Grain dealers act: means the grain dealers act, 1939 PA 141, MCL 285. See Michigan Laws 285.313
• 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}
• 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}
• 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.
• 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.
• Licensee: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
• Lien: A claim against real or personal property in satisfaction of a debt.
• Livestock: means that term as it is defined in section 3 of the animal industry act, 1988 PA 466, MCL 287. See Michigan Laws 285.362
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Net proceeds: means the sale price of farm produce, less usual and customary charges and costs of sale of the farm produce. See Michigan Laws 285.313
• 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.
• 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: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• Person: means an individual, corporation, limited liability company, partnership, association, cooperative association or other cooperative organization, or other legal entity. See Michigan Laws 285.313
• 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.
• Price later agreement: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Producer: means a person that owns, rents, leases, or operates a farm on land and who has an interest in and receives all or any part of the proceeds from the sale and delivery in Michigan of farm produce produced from the land to a grain dealer licensed under the grain dealers act. See Michigan Laws 285.313
• Producer premium: means the amount of money charged to and collected from a producer under section 11. See Michigan Laws 285.313
• Producer security activities: means any action by the director under section 22 of the grain dealers act, MCL 285. See Michigan Laws 285.313
• program: means the program for reimbursement of claims described in this act. See Michigan Laws 285.313
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Quorum: The number of legislators that must be present to do business.
• 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.
• Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
• Sale: means transfer of title. See Michigan Laws 285.313
• Seed: means the seed or propagating materials of cereals, grain crops, vegetable crops, oil crops, fiber crops, forage crops, grasses, legumes, turf species, tuberous crops, and other crops used in agricultural products which are produced or processed for the purpose of being sold, offered or exposed for sale, for planting, sowing or seeding processes within this state. See Michigan Laws 286.71
• 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.
• 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.
• Storage loss: means a loss to a depositor resulting from the failure of a licensee that has not fully satisfied its storage obligation to the depositor, net of any outstanding charges against the farm produce. See Michigan Laws 285.313
• Subpoena: A command to a witness to appear and give testimony.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• 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.
• United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
• Valid claim: means a claim arising from a failure of a licensee that occurs after the effective date of this act, is found valid by the department, and is approved by the board, less all credits and offsets associated with farm produce delivered and sold in this state by a producer to the licensee or to a location in this state designated in advance of the delivery. See Michigan Laws 285.313
• Warehouse receipt: means that term as defined in section 2 of the grain dealers act, MCL 285. See Michigan Laws 285.313