CFR > Title 13 > Chapter I > Part 107 > Subpart G > Structuring Licensee’s Financing of Eligible Small Businesses: Types of Financing
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Terms Used In CFR > Title 13 > Chapter I > Part 107 > Subpart G > Structuring Licensee's Financing of Eligible Small Businesses: Types of Financing
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Donee: The recipient of a gift.
- 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.
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
- 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
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
- you: as used in this part 107 means a Licensee or license applicant, as appropriate, unless otherwise noted. See 13 CFR 107.40