Michigan Laws > Chapter 451 > Act 551 of 2008 – Uniform Securities Act
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Terms Used In Michigan Laws > Chapter 451 > Act 551 of 2008 - Uniform Securities Act
- Acquittal:
- Judgement that a criminal defendant has not been proved guilty beyond a reasonable doubt.
- A verdict of "not guilty."
- Administrator: means the office of financial and insurance regulation of the department of energy, labor, and economic growth. See Michigan Laws 451.2102
- 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.
- Agent: means an individual other than a broker-dealer who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities or represents an issuer in effecting or attempting to effect purchases or sales of the issuer's securities. See Michigan Laws 451.2102
- 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.
- Animal control officer: means a county animal control officer as described in section 29a and 29b of the dog law of 1919, 1919 PA 339, MCL 287. See Michigan Laws 287.1002
- Animal control officer: means a county animal control officer as described in section 29a and 29b of the dog law of 1919, 1919 PA 339, MCL 287. See Michigan Laws 287.1102
- animal protection shelter: means an animal control shelter or animal protection shelter, respectively, registered with the department under section 6 of 1969 PA 287, MCL 287. See Michigan Laws 287.1002
- animal protection shelter: means an animal control shelter or animal protection shelter, respectively, registered with the department under section 6 of 1969 PA 287, MCL 287. See Michigan Laws 287.1102
- 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.
- 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
- Arraignment: A proceeding in which an individual who is accused of committing a crime is brought into court, told of the charges, and asked to plead guilty or not guilty.
- 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.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- 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 any of the following:
(i) A banking institution organized under the laws of the United States. See Michigan Laws 451.2102Bankruptcy: 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. Biosecurity: means measures, actions, or precautions taken to prevent the transmission of disease in, among, or between free-ranging and privately owned cervidae species. See Michigan Laws 287.952 Broker-dealer: means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. See Michigan Laws 451.2102 Business plan: means a written document of intent that a person submits to the department that defines the methods, protocols, or procedures that the person intends on implementing to be in compliance with this act. See Michigan Laws 287.952 Cervidae livestock facility: means a privately owned cervidae livestock operation on privately controlled lands capable of holding cervidae species. See Michigan Laws 287.952 Cervidae livestock operation: means an operation that contains 1 or more privately owned cervidae species involving the producing, growing, propagating, using, harvesting, transporting, exporting, importing, or marketing of cervidae species or cervidae products under an appropriate registration. See Michigan Laws 287.952 Cervidae products: means any products, co-products, or by-products of cervidae, including antler, antler velvet, meat, or any part of the animal. See Michigan Laws 287.952 Cervidae species: means members of the cervidae family including, but not limited to, deer, elk, moose, reindeer, and caribou. See Michigan Laws 287.952 Civil forfeiture: The loss of ownership of property used to conduct illegal activity. Commodity exchange act: means the commodity exchange act, 7 USC 1 to 27f. See Michigan Laws 451.2103 common enterprise: means an enterprise in which the fortunes of the investor are interwoven with those of either the person offering the investment, a third party, or other investors. See Michigan Laws 451.2102c 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. 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. 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. defraud: include , but are not limited to, common law deceit. See Michigan Laws 451.2102 Department: means the Michigan department of natural resources. See Michigan Laws 287.952 Department: means the department of agriculture. See Michigan Laws 287.992 Department: means the department of agriculture and rural development. See Michigan Laws 287.1002 Department: means the department of agriculture and rural development. See Michigan Laws 287.1102 Dependent: A person dependent for support upon another. Depository institution: means a bank; or a savings institution, trust company, credit union, or similar institution that is organized or chartered under the laws of a state or of the United States, authorized to receive deposits, and supervised and examined by an official or agency of a state or the United States if its deposits or share accounts are insured to the maximum amount authorized by federal statute by the federal deposit insurance corporation, the national credit union share insurance fund, or a successor authorized by federal law; or a bank that does not receive deposits because of a limitation in its charter, articles of incorporation, or articles of association. See Michigan Laws 451.2102 Director: means the director of the Michigan department of natural resources or his or her designee. See Michigan Laws 287.952 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Dismissal: The dropping of a case by the judge without further consideration or hearing. Source: Dog: means an animal of the species Canisfamiliaris or Canislupusfamiliaris. See Michigan Laws 287.1002 Electronic signatures in global and national commerce act: means the electronic signatures in global and national commerce act, 15 USC 7001 to 7031. See Michigan Laws 451.2103 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. Executor: A male person named in a will to carry out the decedent Expert on wolf-dog cross identification: means an individual who has, cumulatively, no fewer than 10 years of training and field experience in wolf and wolf-dog cross behavioral and morphological characteristics and who is recognized as an expert at the state and national levels by others in the same field. See Michigan Laws 287.1002 Facility: means an indoor or outdoor cage, pen, or similar enclosure where a wolf-dog cross is kept. See Michigan Laws 287.1002 Facility: means an indoor or outdoor cage, pen, or similar enclosure where a large carnivore is kept. See Michigan Laws 287.1102 Federal covered investment adviser: means a person registered under the investment advisers act of 1940. See Michigan Laws 451.2102 Federal covered security: means a security that is, or upon completion of a transaction will be, a covered security under section 18(b) of the securities act of 1933, 15 USC 77r, or rules or regulations adopted under that provision. See Michigan Laws 451.2102 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 felony: when used in this act, shall be construed to mean an offense for which the offender, on conviction may be punished by death, or by imprisonment in state prison. See Michigan Laws 750.7 Fiduciary: A trustee, executor, or administrator. Filing: means the receipt under this act of a record by the administrator or a designee of the administrator. See Michigan Laws 451.2102 Finder: means a person who, for consideration, participates in the offer to sell, sale, or purchase of securities by locating, introducing, or referring potential purchasers or sellers. See Michigan Laws 451.2102 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. flushed: means to move or chase from a cervidae livestock facility. See Michigan Laws 287.952 Fraud: Intentional deception resulting in injury to another. Fund: means the animal welfare fund created in section 3. See Michigan Laws 287.992 Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. grantee: may be construed as including every person to whom any such interest or estate passes in like manner. See Michigan Laws 8.3e Guaranteed: means guaranteed as to payment of all principal and all interest. See Michigan Laws 451.2102 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 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Institutional investor: means any of the following, whether acting for itself or for others in a fiduciary capacity:
(i) A depository institution or international banking institution. See Michigan Laws 451.2102aInsurance company: means a company organized as an insurance company whose primary business is writing insurance or reinsuring risks underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a state. See Michigan Laws 451.2102a Insured: means insured as to payment of all principal and all interest. See Michigan Laws 451.2102a Internal revenue code: means the internal revenue code of 1986, 26 USC 1 to 9833. See Michigan Laws 451.2103 International banking institution: means an international financial institution of which the United States is a member and whose securities are exempt from registration under the securities act of 1933. See Michigan Laws 451.2102a Intestate: Dying without leaving a will. Intrastate offering exemption: means the exemption described in section 202a or any other exemption from federal securities regulation under 15 USC 77c(a)(11) and SEC rule 147, 17 C. See Michigan Laws 451.2451 Investment adviser: means a person that, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities or that, for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities. See Michigan Laws 451.2102a Investment adviser representative: means an individual employed by or associated with an investment adviser or federal covered investment adviser and who makes any recommendations or otherwise gives investment advice regarding securities, manages accounts or portfolios of clients, determines which recommendation or advice regarding securities should be given, provides investment advice or holds himself or herself out as providing investment advice, receives compensation to solicit, offer, or negotiate for the sale of or for selling investment advice, or supervises employees who perform any of the foregoing. See Michigan Laws 451.2102a Issuer: means a person that issues or proposes to issue a security, subject to the following:
(i) The issuer of a voting trust certificate, collateral trust certificate, certificate of deposit for a security, or share in an investment company without a board of directors or individuals performing similar functions, is the person performing the acts and assuming the duties of depositor or manager pursuant to the trust or other agreement or instrument under which the security is issued. See Michigan Laws 451.2102aJurisdiction: (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. Large carnivore: means either of the following:
(i) Any of the following cats of the Felidae family, whether wild or captive bred, including a hybrid cross with such a cat:
(A) A lion. See Michigan Laws 287.1102Law enforcement officer: means a person appointed by the state or a local governmental unit who is responsible for the enforcement of the criminal laws of this state. See Michigan Laws 287.952 Law enforcement officer: means :
(i) A sheriff or sheriff's deputy. See Michigan Laws 287.1002Law enforcement officer: means :
(i) A sheriff or sheriff's deputy. See Michigan Laws 287.1102Lease: 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. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Livestock: means that term as defined in section 3 of the animal industry act, 1988 PA 466, MCL 287. See Michigan Laws 287.1002 Livestock: means those species of animals used for human food and for fiber or those species of animals used for service to humans. See Michigan Laws 287.1102 Local unit: means a city, village, township, or county. See Michigan Laws 287.1002 Local unit: means a city, village, township, or county. See Michigan Laws 287.1102 market or exchange: includes an online market or exchange or any other market or exchange operated through a web portal. See Michigan Laws 451.2451 Michigan investment market: means a person that is a broker-dealer, is exempt from federal registration under section 15(a)(1) of the securities exchange act of 1934, 15 USC 78o, and provides a market or exchange at which transactions in securities that are sold or offered for sale in this state under an intrastate offering exemption take place. See Michigan Laws 451.2451 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. National housing act: means the national housing act, 12 USC 1701 to 1750g. See Michigan Laws 451.2103 nonissuer distribution: means a transaction or distribution not directly or indirectly for the benefit of the issuer. See Michigan Laws 451.2102b 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. Offer to purchase: includes an attempt or offer to obtain, or solicitation of an offer to sell, a security or interest in a security for value. See Michigan Laws 451.2102b Online: means functioning on or over the internet. See Michigan Laws 451.2451 Owner: means the person who owns or is responsible for a cervidae livestock operation. See Michigan Laws 287.952 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. Permit: means a permit issued under section 4. See Michigan Laws 287.1002 Permit: means a permit issued under section 4. See Michigan Laws 287.1102 Permitting agency: means the agency of a local unit that issues permits under section 4. See Michigan Laws 287.1002 Permitting agency: means the agency of a local unit that issues permits under section 4. See Michigan Laws 287.1102 Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, limited liability partnership, association, joint venture, or government; a governmental subdivision, agency, or instrumentality; a public corporation; or any other legal or commercial entity. See Michigan Laws 451.2102b Person: means an individual, corporation, limited liability corporation, partnership, association, joint venture, or other legal entity. See Michigan Laws 287.952 Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 287.1002 Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 287.1102 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Personal identifying information: means any information used to locate or accurately categorize an individual, household, or business. See Michigan Laws 451.2451 Personal property: All property that is not real property. Pet shop: means a pet shop licensed by the department under section 3 of 1969 PA 287, MCL 287. See Michigan Laws 287.1002 Pet shop: means a pet shop licensed by the department under section 3 of 1969 PA 287, MCL 287. See Michigan Laws 287.1102 Plaintiff: The person who files the complaint in a civil lawsuit. Predecessor act: means former 1964 PA 265. See Michigan Laws 451.2102b Price amendment: means the amendment to a registration statement filed under the securities act of 1933 or, if an amendment is not filed, the prospectus or prospectus supplement filed under the securities act of 1933 that includes a statement of the offering price, underwriting and selling discounts or commissions, amount of proceeds, conversion rates, call prices, and other matters dependent upon the offering price. See Michigan Laws 451.2102b Probable cause: A reasonable ground for belief that the offender violated a specific law. 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 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 451.2102b Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Release: means to cause or allow an animal to become located outside the perimeter fence of a cervidae livestock facility not under the direct control of the owner. See Michigan Laws 287.952 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. 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. Resident of this state: means 1 of the following, as applicable:
(i) If a person is an individual, his or her principal residence is located in this state. See Michigan Laws 451.2451Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Sale: includes every contract of sale, contract to sell, or disposition of, a security or interest in a security for value, and "offer to sell" includes every attempt or offer to dispose of, or solicitation of an offer to purchase, a security or interest in a security for value. See Michigan Laws 451.2102c Securities and exchange commission: means the United States securities and exchange commission. See Michigan Laws 451.2102c Security: means a note; stock; treasury stock; security future; bond; debenture; evidence of indebtedness; certificate of interest or participation in a profit-sharing agreement; collateral trust certificate; preorganization certificate or subscription; transferable share; investment contract; voting trust certificate; certificate of deposit for a security; fractional undivided interest in oil, gas, or other mineral rights; put, call, straddle, option, or privilege on a security, certificate of deposit, or group or index of securities, including an interest in or based on the value of that put, call, straddle, option, or privilege on that security, certificate of deposit, or group or index of securities; put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency; an investment in a viatical or life settlement agreement; or, in general, an interest or instrument commonly known as a "security"; or a certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. See Michigan Laws 451.2102c Self-regulatory organization: means a national securities exchange registered under the securities exchange act of 1934, a national securities association of broker-dealers registered under the securities exchange act of 1934, a clearing agency registered under the securities exchange act of 1934, or the municipal securities rule-making board established under the securities exchange act of 1934. See Michigan Laws 451.2102c Service: means to include securities issued by a person in or on a market or exchange for sale or to assist in facilitating securities transactions in or on a market or exchange. See Michigan Laws 451.2451 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: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 451.2102c 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 animal anticruelty laws: means the laws and standards provided for the adequate care of animals in chapter IX of the Michigan penal code, 1931 PA 328, MCL 750. See Michigan Laws 287.992 Statute: A law passed by a legislature. Subpoena: A command to a witness to appear and give testimony. Testate: To die leaving a will. Testify: Answer questions in court. Testimony: Evidence presented orally by witnesses during trials or before grand juries. Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Trustee: A person or institution holding and administering property in trust. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Veterinarian: means a person licensed to practice veterinary medicine under article 15 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 287.1002 Veterinarian: means a person licensed to practice veterinary medicine under article 15 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 287.1102 Web portal: means an online entity through which persons are able to effect transactions in securities. See Michigan Laws 451.2451 Wolf: means an animal of the species Canisrufus or Canislupus, but does not include an animal of the species Canislupusfamiliaris. See Michigan Laws 287.1002 Wolf-dog cross: means a canid resulting from the breeding of any of the following:
(i) A wolf with a dog. See Michigan Laws 287.1002Writ: A formal written command, issued from the court, requiring the performance of a specific act.