Terms Used In Michigan Laws > Chapter 600 > Act 236 of 1961 > Chapter 30 - Limitation of Successor Asbestos-Related Liability

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authorized participant: means an individual who has a valid internet sports betting account with a sports betting operator and is at least 21 years of age. See Michigan Laws 432.403
• Board: means the Michigan gaming control board created under section 4 of the Michigan Gaming Control and Revenue Act, 1996 IL 1, MCL 432. See Michigan Laws 432.403
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• 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.
• 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.
• Fraud: Intentional deception resulting in injury to another.
• 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}
• Internet: means the international computer network of interoperable packet-switched data networks, inclusive of additional technological platforms, such as mobile, satellite, and other electronic distribution channels. See Michigan Laws 432.403
• Internet sports betting: means operating, conducting, or offering for play sports betting through the internet. See Michigan Laws 432.403
• Internet sports betting account: means an electronic ledger in which all of the following types of transactions relative to an authorized participant are recorded: