§ 1 Short title
§ 5 Definitions
§ 10 Purchaser required to arbitrate claim
§ 15 Review Committee
§ 20 Filing and serving of complaint
§ 25 Filing and serving of answer
§ 30 Referral of complaint to Review Committee
§ 35 Seed Arbitration Council
§ 40 Powers of the Council
§ 45 Investigation and report of Council
§ 50 Delegated investigation
§ 55 Administrative hearing
§ 60 Failure of parties to participate in proceedings
§ 65 Legal representation
§ 70 Arbitration
§ 75 Inapplicability of Uniform Arbitration Act and Health Care …
§ 80 Rules

Terms Used In Illinois Compiled Statutes > 710 ILCS 25 - Seed Arbitration Act

  • Amortization: Paying off a loan by regular installments.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC