Maine Revised Statutes > Title 31 > Chapter 17 – Uniform Partnership Act
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maine Revised Statutes > Title 31 > Chapter 17 - Uniform Partnership Act
- Affordable housing: means a decent, safe and sanitary dwelling, apartment or other living accommodation for a household whose income does not exceed 120% of the median income for the area as defined by the United States Department of Housing and Urban Development under the United States Housing Act of 1937, Public Law 75-412, 50 Stat. See Maine Revised Statutes Title 30-A Sec. 5246
- Amenities: means items of street furniture, signs and landscaping, including, but not limited to, plantings, benches, trash receptacles, street signs, sidewalks and pedestrian malls. See Maine Revised Statutes Title 30-A Sec. 5246
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- auction: means the offering of cattle, sheep, swine, goats, equines, domesticated cervids, poultry and other animals raised for food or fiber for sale by means of exchanges between an auctioneer and bidders. See Maine Revised Statutes Title 7 Sec. 1452
- Authority: means the Maine State Housing Authority. See Maine Revised Statutes Title 30-A Sec. 5246
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Business: includes every trade, occupation and profession. See Maine Revised Statutes Title 31 Sec. 1001
- Captured assessed value: means the amount, as a percentage or stated sum, of increased assessed value that is utilized from year to year to finance the project costs contained within the affordable housing development program. See Maine Revised Statutes Title 30-A Sec. 5246
- Cervid: means a member of the cervidae family and hybrids, including deer, elk, caribou, reindeer and related species, specified by the commissioner by rule with the written concurrence of the Commissioner of Inland Fisheries and Wildlife. See Maine Revised Statutes Title 7 Sec. 1333
- Commercial large game shooting area: means an enclosed area in which large game are kept and a fee is charged to pursue and kill or pursue and attempt to kill large game. See Maine Revised Statutes Title 7 Sec. 1341
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Continuance: Putting off of a hearing ot trial until a later time.
- Corporation: means a corporation created under the Maine Business Corporation Act, predecessor law or comparable law of another jurisdiction. See Maine Revised Statutes Title 31 Sec. 1091
- Current assessed value: means the assessed value of the district certified by the municipal assessor as of April 1st of each year that the affordable housing development district remains in effect. See Maine Revised Statutes Title 30-A Sec. 5246
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Director: means the Director of the Maine State Housing Authority. See Maine Revised Statutes Title 30-A Sec. 5246
- Distribution: means a transfer of money or other property from a partnership to a partner in the partner's capacity as a partner or to the partner's transferee. See Maine Revised Statutes Title 31 Sec. 1001
- district: means a specified area within the corporate limits of a municipality that has been designated as provided under sections 5247 and 5250 to be developed under an affordable housing development program and financed under section 5250?A. See Maine Revised Statutes Title 30-A Sec. 5246
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiduciary: A trustee, executor, or administrator.
- Financial plan: means a statement of the project costs and sources of revenue required to accomplish the affordable housing development program. See Maine Revised Statutes Title 30-A Sec. 5246
- 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
- Foreign limited liability partnership: means a partnership that:
A. See Maine Revised Statutes Title 31 Sec. 1001Fraud: Intentional deception resulting in injury to another. General partner: means a partner in a partnership, a general partner in a limited partnership, a general partner in a limited liability partnership and a general partner in a limited liability limited partnership. See Maine Revised Statutes Title 31 Sec. 1091 Increased assessed value: means the valuation amount by which the current assessed value of an affordable housing development district exceeds the original assessed value of the district. See Maine Revised Statutes Title 30-A Sec. 5246 Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC Large game: means domesticated cervids, domesticated boar and domesticated bison. See Maine Revised Statutes Title 7 Sec. 1341 Lien: A claim against real or personal property in satisfaction of a debt. Limited liability company: means a limited liability company created under the Maine Limited Liability Company Act, predecessor law or comparable law of another jurisdiction. See Maine Revised Statutes Title 31 Sec. 1091 Limited liability limited partnership: means a limited partnership whose certificate of limited partnership states that the limited partnership is a limited liability limited partnership. See Maine Revised Statutes Title 31 Sec. 1091 Limited liability partnership: means a partnership that has registered as a limited liability partnership pursuant to section 821 and does not have a similar statement in effect in any other jurisdiction. See Maine Revised Statutes Title 31 Sec. 1001 Limited partner: means a limited partner in a limited partnership and a limited partner in a limited liability partnership. See Maine Revised Statutes Title 31 Sec. 1091 Limited partnership: means a limited partnership created under the Uniform Limited Partnership Act, predecessor law or comparable law of another jurisdiction. See Maine Revised Statutes Title 31 Sec. 1091 Maintenance and operation: means all activities necessary to maintain affordable housing after development and all activities necessary to operate the affordable housing, including, but not limited to, informational, promotional, safety and surveillance activities. See Maine Revised Statutes Title 30-A Sec. 5246 Member: means a person reflected in the required records of a limited liability company as the owner of some governance rights of a membership interest in the limited liability company. See Maine Revised Statutes Title 31 Sec. 1091 Municipal legislative body: means :
A. See Maine Revised Statutes Title 30-A Sec. 2001Municipal officers: means :
A. See Maine Revised Statutes Title 30-A Sec. 2001Municipality: means a city or town, except as provided in chapter 225. See Maine Revised Statutes Title 30-A Sec. 2001 Original assessed value: means the assessed value of an affordable housing development district as of March 31st of the tax year preceding the year in which it was designated, and, for affordable housing development districts designated on or after April 1, 2014, "original assessed value" means the taxable assessed value of an affordable housing development district as of March 31st of the tax year preceding the year in which it was designated by the municipality or plantation. See Maine Revised Statutes Title 30-A Sec. 5246 Partner: includes both a general partner and a limited partner. See Maine Revised Statutes Title 31 Sec. 1091 Partnership: means an association of 2 or more persons to carry on as co-owners a business for profit formed under section 1022, predecessor law or comparable law of another jurisdiction. See Maine Revised Statutes Title 31 Sec. 1001 Partnership: means a partnership formed under section 1022 or any predecessor law. See Maine Revised Statutes Title 31 Sec. 1091 Partnership agreement: means the agreement, whether written, oral or implied, among the partners concerning the partnership, including amendments to the partnership agreement. See Maine Revised Statutes Title 31 Sec. 1001 Partnership at will: means a partnership in which the partners have not agreed to remain partners until the expiration of a definite term or the completion of a particular undertaking. See Maine Revised Statutes Title 31 Sec. 1001 Person: means an individual, corporation, limited liability company, business trust, estate, trust, partnership, association, joint venture, government, governmental subdivision, agency or instrumentality or any other legal or commercial entity. See Maine Revised Statutes Title 31 Sec. 1001 Person: means an individual, partnership, corporation or other legal entity. See Maine Revised Statutes Title 7 Sec. 1341 program: means a statement of means and objectives designed to encourage the development and maintenance of affordable housing within an affordable housing development district. See Maine Revised Statutes Title 30-A Sec. 5246 Project costs: means any expenditures or monetary obligations incurred or expected to be incurred that are authorized by section 5249, subsection 1 and included in an affordable housing development program. See Maine Revised Statutes Title 30-A Sec. 5246 Property: means all property, real, personal or mixed, tangible or intangible or any interest therein. See Maine Revised Statutes Title 31 Sec. 1001 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Real estate: means land and structures attached to it. See Maine Revised Statutes Title 30-A Sec. 2001 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. Sewage: means the water-carried wastes created in and carried or to be carried away from any structure together with any surface or ground water or household and industrial waste that is present. See Maine Revised Statutes Title 30-A Sec. 2001 Shareholder: means the person in whose name the units into which proprietary interests in a corporation are divided are registered in the records of the corporation or the beneficiary owner of such units to the extent of the rights granted by a nominee certificate on file with a corporation. See Maine Revised Statutes Title 31 Sec. 1091 Sinking fund: means a fund created for the purpose of paying a debt. See Maine Revised Statutes Title 30-A Sec. 2001 State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or any territory or insular possession subject to the jurisdiction of the United States. See Maine Revised Statutes Title 31 Sec. 1001 State paper: means the newspaper designated by the Legislature, in which advertisements and notices are required to be published. See Maine Revised Statutes Title 1 Sec. 72 Statement: means a statement of dissociation under section 1074, a statement of dissolution under section 1085, a statement of merger under section 1097, a statement electing to be governed by this chapter prior to July 1, 2006 or an amendment or cancellation of any of the foregoing. See Maine Revised Statutes Title 31 Sec. 1001 Summons: Another word for subpoena used by the criminal justice system. Tax increment: means real property taxes assessed by a municipality, in excess of any state, county or special district tax, upon the increased assessed value of property in the affordable housing development district. See Maine Revised Statutes Title 30-A Sec. 5246 Tax shifts: means the effect on a municipality's state revenue sharing, education subsidies and county tax obligations that results from the designation of an affordable housing development district and the capture of increased assessed value. See Maine Revised Statutes Title 30-A Sec. 5246 Tax year: means the period of time beginning on April 1st and ending on the succeeding March 31st. See Maine Revised Statutes Title 30-A Sec. 5246 Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent Testimony: Evidence presented orally by witnesses during trials or before grand juries. Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident. Transfer: includes an assignment, conveyance, lease, mortgage, deed and encumbrance. See Maine Revised Statutes Title 31 Sec. 1001 Writ: A formal written command, issued from the court, requiring the performance of a specific act.