Michigan Laws > Chapter 460 > Act 347 of 1921 – Guaranty Deposits
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§ 460.651 | Guaranty deposit; approval of terms and conditions |
§ 460.652 | Rules |
Terms Used In Michigan Laws > Chapter 460 > Act 347 of 1921 - Guaranty Deposits
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Felony: means a violation of a penal law of this state for which the offender, upon conviction, may be punished by imprisonment for more than 1 year or an offense expressly designated by law to be a felony. See Michigan Laws 761.1
- 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
- Juvenile: means a person within the jurisdiction of the circuit court under section 606 of the revised judicature act of 1961, 1961 PA 236, MCL 600. See Michigan Laws 761.1
- 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
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.