2006 Michigan Compiled Laws - Mich. Comp. Laws § 570.372 Definitions.

Act 362 of 1998

570.372 Definitions.

Sec. 2.

As used in this act:

(a) "Boat" and "vessel" mean boat and vessel as those words are defined in sections 80101 and 80104 of the natural resources and environmental protection act, 1994 PA 451, MCL 324.80101 and 324.80104.

(b) "Default" means the failure to pay obligations incurred for labor, materials, supplies, or the storage of a boat, boat motor, or boat trailer.

(c) "Facility" means a marina, boatyard, boat or yacht club, or marine repair facility that provides, as part of its commercial operation, for the storage or repair of boats, boat motors, boat cradles, or boat trailers.

(d) "Fair market value" means the value of the property as determined by the current issue of a nationally recognized used vessel guide at the time of the notice to the property owner and any lienholder under section 5(5)(a).

(e) "Lienholder" or "lienholder of record" means a person who claims an interest in or lien on the property pursuant to a financing statement, title, registration, or other marine documentation filed with the secretary of state, a register of deeds, or other public filing.

(f) "Person" means an individual, association, partnership, limited liability company, corporation, boat or yacht club, governmental entity, or other legal entity.

(g) "Property" means a boat, boat motor, boat cradle, or boat trailer in storage at a facility.

History: 1998, Act 362, Imd. Eff. Oct. 20, 1998

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