Michigan § 445.271 - Definitions.
Full text of Michigan Michigan Compiled Laws § 445.271 — Definitions., with citation guidance and answers to common questions.
§ 445.271. Definitions.
As used in this act:
"Adverse information" means information indicating that the cosigner has not complied with the contractual provisions of an obligation.
"Collection action" means requesting a cosigner to pay all or part of the obligation.
"Cosigner" means a natural person who renders himself or herself liable for the obligation of another person without compensation. The term includes a person whose signature is requested as a condition to granting credit to another person, or as a condition for forbearance on collection of another person's obligation that is in default. The term does not include a spouse whose signature is required on a credit obligation to perfect a security interest under state law, or a person who has executed a guarantee. A person who does not receive goods, services, or money in return for a credit obligation does not receive compensation within the meaning of this definition. A person is a cosigner within the meaning of this act whether or not he or she is designated as a cosigner on a credit obligation.
"Obligation" means an indebtedness incurred by an individual for personal, family, or household purposes.
"Person" means an individual, firm, partnership, association, or corporation.
"Primary obligor" means a person, other than a cosigner, who signs an obligation as a debtor.
Frequently Asked Questions About Michigan § 445.271
What does Michigan Compiled Laws § 445.271 cover?
Section 445.271 ("Definitions.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 445.271?
A common citation format is "Michigan Compiled Laws § 445.271" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 445.271 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.