Michigan Laws > Chapter 487 > Act 354 of 1996 – Savings Bank Act
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Terms Used In Michigan Laws > Chapter 487 > Act 354 of 1996 - Savings Bank Act
- Active business operations: means all business operations that are not inactive business operations. See Michigan Laws 129.292
- 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 corporation, business trust, limited liability company, association, or an organization to which 1 or more of the following apply:
(i) A savings bank, directly or indirectly, owns or controls either a majority of its voting shares or more than 50% of the number of shares voted for the election of its directors, trustees, or other persons exercising similar functions at the preceding election, or controls in any manner the election of a majority of its directors, trustees, or other persons exercising similar functions. See Michigan Laws 487.3102Agency office: means a place at which the business of a savings bank is conducted other than by regularly employed personnel of the savings bank, as provided under section 417(6). See Michigan Laws 487.3102 Agent: means an agent or attorney in fact acting under a written power of attorney and within the scope of his, her, or its authority. See Michigan Laws 700.2901 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. Ancillary facility: means any revolving credit agreement, agreement establishing a line of credit or letter of credit, reimbursement agreement, interest rate exchange or similar agreement, currency exchange agreement, interest rate floor or cap, options, puts or calls to hedge payment, currency, rate, spread or similar exposure, or similar agreements, investment agreements, float agreements, forward agreements or other investment arrangements, insurance contract, surety bond, commitment to purchase or sell securities, purchase or sale agreements or commitments or other contracts or agreements and other security agreements approved by the authority, including without limitation any arrangements referred to in this act. See Michigan Laws 129.263 Animals: means cattle, horses, sheep, or swine. See Michigan Laws 322.581 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 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. Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal. Application: means a written request to the probate register for an order of informal probate or informal appointment under part 3 of article III. See Michigan Laws 700.1103 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 Articles: means articles of incorporation, all amendments to articles of incorporation, and agreements of consolidation and merger. See Michigan Laws 487.3102 Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Association: means a federal savings association organized under section 5 of the home owners' loan act, chapter 64, 48 Stat. See Michigan Laws 487.3102 Attorney: means , if appointed to represent a child under the provisions referenced in section 5213, an attorney serving as the child's legal advocate in the manner defined and described in section 13a of chapter XIIA of the probate code of 1939, 1939 PA 288, MCL 712A. See Michigan Laws 700.1103 Authority: means the Michigan tobacco settlement finance authority created under section 4. See Michigan Laws 129.263 Authorized individual: means an individual who by section 2959 or by the laws of the United States, including members of the diplomatic and consular service of the United States designated by foreign service regulations, is empowered to supervise the execution of international wills. See Michigan Laws 700.2951 Bank: means a state banking corporation organized or reorganized under the provisions of the banking code of 1999, 1999 PA 276, MCL 487. See Michigan Laws 487.3102 Bank holding company: means a stock or mutual company as defined in the bank holding company act of 1956, chapter 240, 70 Stat. See Michigan Laws 487.3102 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. 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 Beneficiary: includes , but is not limited to, the following:
(i) In relation to a trust, a person that is a trust beneficiary as defined in section 7103. See Michigan Laws 700.1103Beneficiary designation: means the naming in a governing instrument of a beneficiary of an insurance or annuity policy, of an account with POD designation, of a security registered in beneficiary form (TOD), of a pension, profit-sharing, retirement, or similar benefit plan, or of another nonprobate transfer at death. See Michigan Laws 700.1103 Benefited parties: means persons, firms, or corporations that enter into ancillary facilities with the authority according to the provisions of this act. See Michigan Laws 129.263 Bond: means a bond, note, or other obligation issued by the authority under this act. See Michigan Laws 129.263 Bottomland: means the land area of a water body that lies below the ordinary high-water mark and that may or may not be covered by water. See Michigan Laws 324.95232 Branch: means a place of business, other than the principal office of a savings bank, at which the savings bank transacts business that may be conducted at its principal office. See Michigan Laws 487.3102 Bureau: means the office of financial and insurance services in the department of consumer and industry services. See Michigan Laws 487.3102 Business operations: means engaging in commerce in any form with a state sponsor of terror, including by acquiring, developing, maintaining, owning, selling, possessing, leasing, or operating equipment, facilities, personnel, products, services, personal property, real property, or any other apparatus of business or commerce. See Michigan Laws 129.292 Capital: means the stated par value of issued and outstanding unimpaired common stock and the stated par value of issued and outstanding unimpaired preferred stock. See Michigan Laws 487.3102 Claim: includes , but is not limited to, in respect to a decedent's or protected individual's estate, a liability of the decedent or protected individual, whether arising in contract, tort, or otherwise, and a liability of the estate that arises at or after the decedent's death or after a conservator's appointment, including funeral and burial expenses and costs and expenses of administration. See Michigan Laws 700.1103 Code: means the United States internal revenue code of 1986, as amended, and any successor provision of law. See Michigan Laws 129.263 Commissioner: means the commissioner of the office of financial and insurance services. See Michigan Laws 487.3102 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. Company: means any sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company, or other entity or business association, including all wholly owned subsidiaries, majority-owned subsidiaries, parent companies, or affiliates of those entities or business associations, that exists for profit-making purposes. See Michigan Laws 129.292 Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Compliance review committee: means both of the following:
(i) One or more persons assigned by management or appointed by the board of directors or other governing body of a depository institution, or of a subsidiary of a depository institution, or of a service corporation or other service entity of a depository institution, for the purposes set forth in section 339. See Michigan Laws 487.3102Compliance review documents: means documents prepared in connection with a review or evaluation conducted by or for a compliance review committee. See Michigan Laws 487.3102 Conservator: means a person appointed by a court to manage a protected individual's estate. See Michigan Laws 700.1103 Consolidated organization: means an organization that results from a consolidation of consolidating organizations. See Michigan Laws 487.3102 Consolidated savings bank: means a savings bank that results from a consolidation between a savings bank and 1 or more banks, out-of-state banks, national banks, associations, or savings banks. See Michigan Laws 487.3102 Consolidating organizations: means any combination of banks, out-of-state banks, national banks, associations, savings banks, or state or federal credit unions that have consolidated or are in the process of consolidation as provided in section 701 or 702. See Michigan Laws 487.3102 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. Court: means the probate court or, when applicable, the family division of circuit court. See Michigan Laws 700.1103 Critical health problem: means any of the following:
(i) Lead poisoning. See Michigan Laws 325.72Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Decedent: A deceased person. Deed: The legal instrument used to transfer title in real property from one person to another. Department: means the department of natural resources and environment. See Michigan Laws 322.581 Department: means the department of natural resources. See Michigan Laws 324.95151 Department: means the department of natural resources. See Michigan Laws 324.95161 Department: means the department of public health created and operating under section 425 to 427 of Act No. See Michigan Laws 325.72 Department: means the department of treasury. See Michigan Laws 325.851 Depository institution: means a bank, out-of-state bank, national bank, association, savings bank, cooperative bank, industrial bank, or credit union organized under the laws of this state, another state, the District of Columbia, the United States, or a territory or protectorate of the United States. See Michigan Laws 487.3102 Descendant: means , in relation to an individual, all of his or her descendants of all generations, with the relationship of parent and child at each generation being determined by the definitions of child and parent contained in this act. See Michigan Laws 700.1103 Devisee: means a person designated in a will to receive a devise. See Michigan Laws 700.1103 Director: means a director, trustee, or other person holding a similar position with respect to an organization whether incorporated or unincorporated. See Michigan Laws 487.3102 Director: means the director of the department of natural resources and environment. See Michigan Laws 322.581 Director: means the state director of public health or a person designated by the director to act in place of the director. See Michigan Laws 325.72 Disclaimable interest: includes , but is not limited to, property, the right to receive or control property, and a power of appointment. See Michigan Laws 700.2901 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Dividend reinvestment plan: means a plan that is offered solely to existing shareholders of the savings bank and which allows the shareholders to reinvest dividends received under section 316 in stock of the savings bank and that may allow additional cash amounts to be contributed by the shareholders participating in the reinvestment plan. See Michigan Laws 487.3102 Dog: includes a domesticated dog and a dog used for hunting. See Michigan Laws 324.95161 Donee: The recipient of a gift. Donor: The person who makes a gift. Dredging: means the removal of sediments from bottomland. See Michigan Laws 324.95232 Dredging costs: means the costs associated with dredging that were incurred after February 1, 2013, including costs of removal, disposal, and testing of sediments, and the costs associated with obtaining necessary permits required to conduct dredging. See Michigan Laws 324.95232 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 Eligible marina: means a privately owned, commercial facility in this state that meets all of the following requirements:
(i) Extends into or over the Great Lakes, their connecting waters, or an inland lake or stream. See Michigan Laws 324.95232Equitable: 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. Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this act as the property is originally constituted and as it exists throughout administration. See Michigan Laws 700.1104 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 Exempt property: means property of a decedent's estate that is described in section 2404. See Michigan Laws 700.1104 Facility: means a governmental or private agency, department, institution, clinic, laboratory, hospital, or a health maintenance organization, association, or other similar unit designated by the director. See Michigan Laws 325.72 Family allowance: means the allowance prescribed in section 2403. See Michigan Laws 700.1104 Federal bankruptcy code: means the federal bankruptcy code, 11 USC 101 to 1330. See Michigan Laws 129.263 Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC Federal reserve act: means the federal reserve act, chapter 6, 38 Stat. See Michigan Laws 487.3102 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 Fiduciary: A trustee, executor, or administrator. Fiduciary: includes , but is not limited to, an agent, a conservator, a guardian if no conservator has been appointed, a guardian ad litem, a personal representative, a trustee, a probate court acting through a protective order under this act, and a temporary, successor, or foreign fiduciary. See Michigan Laws 700.2901 Fiduciary: means a trustee, executor, administrator, guardian, conservator, agent, receiver, trustee in bankruptcy, assignee for creditors, or any holder of a similar position of trust. See Michigan Laws 487.3102 Fiduciary: means any of the following:
(i) The Michigan legislative retirement system board of trustees for the Tier 1 retirement plan available under the Michigan legislative retirement system act, 1957 PA 261, MCL 38. See Michigan Laws 129.292Fiduciary power: means a management power relating to the administration or management of assets similar to those powers granted to a personal representative in section 3715 and a trustee in section 7816 and 7817, and granted by law to a fiduciary or conferred upon a fiduciary in a governing instrument. See Michigan Laws 700.2901 Financial institution: means a state or national bank, a state or federally chartered savings and loan association, a state or federally chartered savings bank, a state or federally chartered credit union, or other regulated lending institution whose deposits are insured by an agency of the United States government, that maintains a principal office or branch office in this state under the laws of this state or the United States. See Michigan Laws 324.95232 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 other than the United States and includes a colony, dependency, or possession of a country other than the United States. See Michigan Laws 487.3102 Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC Formal proceedings: means proceedings conducted before a judge with notice to interested persons. See Michigan Laws 700.1104 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 toxic substance loan repayment fund established in section 4. See Michigan Laws 325.851 Funeral establishment: means that term as defined in section 1801 of the occupational code, 1980 PA 299, MCL 339. See Michigan Laws 700.1104 Funeral representative: means an individual designated to have the right and power to make decisions about funeral arrangements and the handling, disposition, or disinterment of a decedent's body, including, but not limited to, decisions about cremation, and the right to possess cremated remains of the decedent as provided in section 3206. See Michigan Laws 700.1104 Funeral representative designation: means a written document executed and with the effect as described in section 3206 to 3206b. See Michigan Laws 700.1104 General personal representative: means a personal representative other than a special personal representative. See Michigan Laws 700.1104 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: shall be construed to mean, in the case of a county, the board of supervisors; in the case of a city, the council, common council, commission or other body having legislative powers; in the case of a village, the council, common council, commission, board of trustees or other body having legislative powers; in the case of a township, the township board; in the case of a metropolitan district, the legislative body of the district; and in the case of an authority, the body in which is lodged general governing powers. See Michigan Laws 323.101 Governing instrument: means a deed, assignment, bill of sale, will, trust, beneficiary designation, contract, instrument creating or exercising a power of appointment or a power of attorney, or another instrument under which property devolves, a property right is created, or a contract right is created. See Michigan Laws 700.2901 grantee: may be construed as including every person to whom any such interest or estate passes in like manner. See Michigan Laws 8.3e 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. Heir: means , except as controlled by section 2720, a person, including the surviving spouse or the state, that is entitled under the statutes of intestate succession to a decedent's property. See Michigan Laws 700.1104 Homestead allowance: means the allowance prescribed in section 2402. See Michigan Laws 700.1104 Impairment: means a condition in which the value of the savings bank's assets is less than the aggregate amount of the savings bank's liabilities to creditors and depositors, less its capital, if the savings bank is a stock savings bank, or a condition in which the value of the savings bank's assets is less than the aggregate amount of the savings bank's liabilities to creditors and members, if the savings bank is a mutual savings bank. See Michigan Laws 487.3102 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 Inactive business operations: means the mere continued holding or renewal of rights to property previously operated for the purpose of generating revenues but not presently deployed for that purpose. See Michigan Laws 129.292 Incapacitated individual: means an individual who is impaired by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, or other cause, not including minority, to the extent of lacking sufficient understanding or capacity to make or communicate informed decisions. See Michigan Laws 700.1105 Incorporator: means a person who signed the original articles of incorporation. See Michigan Laws 487.3102 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 Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies. Informal proceedings: means proceedings for probate of a will or appointment of a personal representative conducted by the probate register without notice to interested persons. See Michigan Laws 700.1105 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Inland lake or stream: means that term as it is defined in section 30101 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 324.95232 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 International will: means a will executed in conformity with this part. See Michigan Laws 700.2951 Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit. Intestate: Dying without leaving a will. Investment: means 1 or more of the following:
(i) A commitment or contribution of funds or property. See Michigan Laws 129.312Iran: means any agency or instrumentality of Iran. See Michigan Laws 129.312 Iran linked business: means either of the following:
(i) A person engaging in investment activities in the energy sector of Iran, including a person that provides oil or liquefied natural gas tankers or products used to construct or maintain pipelines used to transport oil or liquefied natural gas for the energy sector of Iran. See Michigan Laws 129.312Issue: means an individual's descendant. See Michigan Laws 700.1105 Joint property: means property that is owned by 2 or more persons with rights of survivorship, and includes a tenancy by the entireties in real property, a tenancy in personal property as provided in section 1 of 1927 PA 212, MCL 557. See Michigan Laws 700.2901 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 Letters: includes , but is not limited to, letters testamentary, letters of guardianship, letters of administration, and letters of conservatorship. See Michigan Laws 700.1105 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. Livestock: means those species of animals used for human food or fiber or those species of animals used for service to humans. See Michigan Laws 324.95151 Loan production office: means an office of the savings bank at which only activities related to money lending are conducted, which is not the principal office or a branch or an agency office or an office of an affiliated depository institution. See Michigan Laws 487.3103 Marina dredging loan: means a loan or the refinancing of all or a portion of a loan made to the owner of an eligible marina for dredging costs necessitated by low water levels to accommodate the use of the marina by recreational watercraft. See Michigan Laws 324.95232 Master settlement agreement: means the settlement agreement and related documents entered into on November 23, 1998, and incorporated into a consent decree and final judgment entered into on December 7, 1998, in Kelley Ex Rel. See Michigan Laws 129.263 Member: means a person holding a savings account of a mutual savings bank. See Michigan Laws 487.3103 Messenger service: means a service such as a courier service or an armored car service that picks up from or delivers to customers of 1 or more depository institutions or 1 or more affiliates of a depository institution cash, currency, checks, drafts, securities, or other items relating to transactions between or involving a depository institution or affiliate of a depository institution and those customers, or that transfers cash, currency, checks, drafts, securities, or other items or documents between depository institutions or affiliates of depository institutions. See Michigan Laws 487.3103 Minor: means an individual who is less than 18 years of age. See Michigan Laws 700.1106 Minority leader: See Floor Leaders Mobile branch: means a branch in which the location of the physical structure of the branch is moved from time to time. See Michigan Laws 487.3103 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. Mutual savings bank: means a savings bank for which the articles of incorporation do not authorize the issuance of common or preferred stock. See Michigan Laws 487.3103 National bank: means a bank chartered by the federal government under the national bank act, chapter 106, 13 Stat. See Michigan Laws 487.3103 National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC Net income: means the remainder of all earnings from operations plus actual recoveries on loans and investments and other assets, after deducting from the total all operating expenses, actual losses, accrued dividends on preferred stock, if any, and all taxes. See Michigan Laws 487.3103 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. 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. 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 Operating expenses: means the reasonable operating expenses of the authority, including without limitation the cost of preparation of accounting and other reports, costs of maintenance of the ratings on the bonds, insurance premiums, and costs of authority meetings or other required activities of the authority, counsel fees, including the fees of the attorney general, and fees and expenses incurred for consultants and fiduciaries and any other costs described in section 4(12). See Michigan Laws 129.263 Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions. Ordinary high-water mark: means either of the following:
(i) For an inland lake or stream, that term as it is defined in section 30101 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 324.95232Out-of-state bank: means a banking corporation or savings bank organized under the laws of another state, the District of Columbia, or a territory of the United States whose principal office is located in a state other than this state, the District of Columbia, a territory or a protectorate of the United States, and whose deposits are insured by the federal deposit insurance corporation. See Michigan Laws 487.3103 Outstanding: means , when used with respect to bonds, all bonds other than bonds that shall have been paid in full at maturity or that may be considered not outstanding under the applicable authority resolution, trust indenture or trust agreement authorizing the issuance of the bonds and when used with respect to ancillary facilities, all ancillary facilities other than ancillary facilities that have been paid in full or that may be considered not outstanding under such ancillary facilities. See Michigan Laws 129.263 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. Patient advocate: means an individual designated to exercise powers concerning another individual's care, custody, and medical or mental health treatment or authorized to make an anatomical gift on behalf of another individual, or both, as provided in section 5506. See Michigan Laws 700.1106 Payor: means a trustee, insurer, business entity, employer, government, governmental subdivision or agency, or other person authorized or obligated by law or a governing instrument to make payments. See Michigan Laws 700.1106 Person: means any of the following:
(i) An individual, corporation, company, limited liability company, business association, partnership, society, trust, or any other nongovernmental entity, organization, or group. See Michigan Laws 129.312Person: includes an entity and an individual, but does not include a fiduciary, an estate, or a trust. See Michigan Laws 700.2901 Person: means an individual, corporation, limited liability company, governmental entity, partnership, limited liability partnership, or other legal entity. See Michigan Laws 487.3103 Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 324.95232 Person: means an individual or an organization. See Michigan Laws 700.1106 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 or general partnership, association, joint venture, limited liability company, or a governmental entity, including this state. See Michigan Laws 129.263 Personal property: All property that is not real property. Personal representative: includes , but is not limited to, an executor, administrator, successor personal representative, and special personal representative, and any other person, other than a trustee of a trust subject to article VII, who performs substantially the same function under the law governing that person's status. See Michigan Laws 700.1106 Petition: means a written request to the court for an order after notice. See Michigan Laws 700.1106 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. Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way. Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents. Probate: Proving a will Proceeding: includes an application and a petition, and may be an action at law or a suit in equity. See Michigan Laws 700.1106 Program: means the marina dredging loan origination program established under this act. See Michigan Laws 324.95232 Property: means anything that may be the subject of ownership. See Michigan Laws 700.2901 Property: means anything that may be the subject of ownership, and includes both real and personal property or an interest in real or personal property. See Michigan Laws 700.1106 Protected individual: means a minor or other individual for whom a conservator has been appointed or other protective order has been made as provided in part 4 of article V. See Michigan Laws 700.1106 public corporation: shall be construed to mean any county, city, village, township or metropolitan district, of the state of Michigan, or any authority created by or pursuant to an act of the legislature. See Michigan Laws 323.101 Public entity: means this state or an agency or authority of this state, school district, community college district, intermediate school district, city, village, township, county, public authority, or public airport authority. See Michigan Laws 129.312 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 financial institution: means a financial institution that has a physical location in this state or whose principal office is located in this state, or both. See Michigan Laws 324.95232 Qualifying statute: means that term as defined in the master settlement agreement, which is 1999 PA 244, MCL 445. See Michigan Laws 129.263 Quorum: 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. 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 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. Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Savings bank: means a state banking corporation organized or reorganized under this act. See Michigan Laws 487.3103 Scrutinized company: means , except for a company described in subdivision (i), and for a social development company or a company that only meets the criteria of this subdivision because an independently owned franchisee of that company is a scrutinized company, any company that has business operations that involve contracts with or provision of supplies or services to a state sponsor of terror; companies in which a state sponsor of terror has any direct or indirect equity share, consortiums, or projects commissioned by a state sponsor of terror; or companies involved in consortiums and projects commissioned by a state sponsor of terror and 1 or more of the following:
(i) More than 10% of the company's total revenues or assets are directly invested in or earned from or significantly contributed to a state sponsor of terror and the company has failed to take substantial action. See Michigan Laws 129.292seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nSecurity: includes , but is not limited to, a note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease, collateral trust certificate, transferable share, voting trust certificate, or interest in a regulated investment company or other entity generally referred to as a mutual fund or, in general, an interest or instrument commonly known as a security, or a certificate of interest or participation for, a temporary or interim certificate, receipt, or certificate of deposit for, or any warrant or right to subscribe to or purchase any of the items listed in this subdivision. See Michigan Laws 700.1107 Service entity: means a stock corporation, mutual company, limited liability company, limited liability partnership, or limited partnership in which a savings bank has invested under section 410. See Michigan Laws 487.3103 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 Shareholder: means the registered owner of any share or shares of capital stock of a savings bank. See Michigan Laws 487.3103 Social development company: means a company licensed by the United States department of treasury pursuant to the federal trade sanction reform and export enhancement act of 2000, P. See Michigan Laws 129.292 Special personal representative: means a personal representative as described by section 3614 to 3618. See Michigan Laws 700.1107 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: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 700.1107 State sponsor of terror: means , subject to section 10 as to applicability, any country determined by the United States Secretary of State to have repeatedly provided support for acts of international terrorism. See Michigan Laws 129.292 State treasurer: means the state treasurer of this state or his or her designee who shall be designated by a written instrument signed by the state treasurer and maintained in a permanent file and whose signature shall have the same force and effect as the signature of the state treasurer for all purposes under this act. See Michigan Laws 129.263 Statute: A law passed by a legislature. Stock savings bank: means a savings bank for which the articles of incorporation authorize the issuance of capital stock. See Michigan Laws 487.3103 Subpoena: A command to a witness to appear and give testimony. Subsidiary: means a corporation, mutual company, limited liability company, limited liability partnership, or limited partnership, the controlling interests of which are more than 50% owned by 1 or more federally insured depository institutions, and in which a savings bank has an ownership interest, membership interest, or other legally enforceable interest which has the indicia of ownership. See Michigan Laws 487.3103 Substantial action: means adopting, publicizing, and implementing a formal plan to cease scrutinized business operations within 1 year and to refrain from any new business operations. See Michigan Laws 129.292 Successor: means a person, other than a creditor, who is entitled to property of a decedent under the decedent's will or this act. See Michigan Laws 700.1107 Supervised administration: means the proceedings described in part 5 of article III. See Michigan Laws 700.1107 Surplus: means the amount paid for issued and outstanding common and preferred stock in excess of the stated par value, plus any amount of transferred undivided profits, and any additional amounts paid in or contributed to increase total capital. See Michigan Laws 487.3103 Survive: means that an individual neither predeceases an event, including the death of another individual, nor is considered to predecease an event under section 2104 or 2702. See Michigan Laws 700.1107 Testacy proceeding: means a proceeding to establish a will or determine intestacy. See Michigan Laws 700.1107 Testate: To die leaving a will. Testator: A male person who leaves a will at death. Testator: includes an individual of either gender. See Michigan Laws 700.1107 Testify: Answer questions in court. Testimony: Evidence presented orally by witnesses during trials or before grand juries. Total capital: means an amount equal to any capital, plus any surplus, undivided profits, and instruments of indebtedness authorized under section 310. See Michigan Laws 487.3103 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. Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Trust: means a fiduciary relationship with respect to property that subjects the person who holds title to the property to equitable duties to deal with the property for the benefit of another person, which fiduciary relationship arises as a result of a manifestation of an intention to create it. See Michigan Laws 700.2901 Trust: includes , but is not limited to, an express trust, private or charitable, with additions to the trust, wherever and however created. See Michigan Laws 700.1107 Trust office: means an office of a savings bank at which trust services are performed and at which deposits are not accepted, checks are not paid, and money is not lent. See Michigan Laws 487.3103 Trustee: A person or institution holding and administering property in trust. Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by the court. See Michigan Laws 700.1107 TSRs: means the portion, which may include any or all, of this state's tobacco receipts sold to the authority under this act and any sale agreement. See Michigan Laws 129.263 Undivided profits: means the amount of retained earnings and any additional amounts held in capital reserve accounts of the savings bank. See Michigan Laws 487.3103 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Value: means the present worth of all rights to future benefits arising from ownership. See Michigan Laws 487.3103 Venue: The geographical location in which a case is tried. Ward: means an individual for whom a guardian is appointed. See Michigan Laws 700.1108