Terms Used In Arizona Laws > Title 32 > Chapter 9 > Article 1 - Administration

• Claim: means an obligation for the payment of money or its equivalent and a sum or sums owed, due or asserted to be owed or due to another, for which a person is employed to demand payment and collect or enforce such payment, and includes:

  (a) Obligations for the payment of money to another, in the form of conditional sales agreements, notwithstanding the personal property sold thereunder, for which payment is claimed or may be or is repossessed in lieu of payment. See Arizona Laws 32-1001

• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the 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.
• Department: means the department of insurance and financial institutions. See Arizona Laws 32-1001
• Deputy director: means the deputy director of the financial institutions division of the department of insurance and financial institutions. See Arizona Laws 32-1001
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Financial institution: means a person who does business under any other law of this state or law of another state or the United States relating to banks, trust companies, savings and loan associations, credit unions and savings banks. See Arizona Laws 32-1001
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• 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.
• 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.
• Person: means an individual, firm, partnership, association or corporation. See Arizona Laws 32-1001
• Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
• 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}
• United States: includes the District of Columbia and the territories. See Arizona Laws 1-215