Terms Used In North Carolina General Statutes > Chapter 7A > Article 18 - District Court Practice and Procedure Generally

• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affiliate: means a person or corporation that controls, is controlled by, or is under common control with an association. See North Carolina General Statutes 54B-4
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Application: means the completed package of the application to organize a State association, establish a branch office or conversion of structure of a savings and loan association which the Commissioner of Banks considers in making his recommendation. See North Carolina General Statutes 54B-4
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Associate: when used to indicate a relationship with any person, means (i) any corporation or organization (other than the applicant or a majority-owned subsidiary of the applicant) of which such person is an officer or partner or is, directly or indirectly, the beneficial owner of ten percent (10%) or more of any class of equity securities, (ii) any trust or other estate in which such person has a substantial beneficial interest or as to which such person serves as trustee or in a similar fiduciary capacity, and (iii) any relative or spouse who lives in the same house as that person, or any relative of that person's spouse who lives in the same house as that person, or who is a director or officer of the applicant or any of its parents or subsidiaries. See North Carolina General Statutes 54B-4
• Association: includes a State association or a federal association unless limited by use of the words "State" or "federal. See North Carolina General Statutes 54B-4
• Association: means a mutual or capital stock savings and loan association, building and loan association or savings bank chartered under the laws of any one of the states or under the laws of the United States. See North Carolina General Statutes 54B-48.2
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• 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}
• Branch office: means an office of an association other than its principal office which renders savings and loan services. See North Carolina General Statutes 54B-4
• Capital stock: means securities which represent ownership of a stock association. See North Carolina General Statutes 54B-4
• Certificate of approval: means a document signed by the Commissioner of Banks informing the North Carolina Secretary of State that the Commission has approved the certificate of incorporation of a proposed association. See North Carolina General Statutes 54B-4
• Certified copy: means a copy of an original document or paper which has been signed by the person or persons who certify such document to be an exact copy of the original. See North Carolina General Statutes 54B-4
• Chambers: A judge's office.
• Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
• Commission: means the State Banking Commission of the Department of Commerce. See North Carolina General Statutes 54B-4
• Commissioner: means the Commissioner of Banks authorized pursuant to Article 2 of Chapter 53C of the N. See North Carolina General Statutes 54B-4
• Commissioner of Banks: means the Commissioner of Banks. See North Carolina General Statutes 54B-48.2
• 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.
• Company: means that which is set forth in the Federal Savings and Loan Holding Company Act, 12 U. See North Carolina General Statutes 54B-48.2
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Conflict of interest: means a matter before the board of directors in which one or more of the directors, officers or employees has a direct or indirect financial interest in its outcome. See North Carolina General Statutes 54B-4
• Conformed copies: means photocopies or carbon copies or other mechanical reproductions of an original document or paper. See North Carolina General Statutes 54B-4
• Contract: A legal written agreement that becomes binding when signed.
• Control: means the power, directly or indirectly, to direct the management or policies of an association or to vote twenty-five percent (25%) or more of any class of voting securities for an association. See North Carolina General Statutes 54B-4
• Control: means that which is set forth in the Federal Savings and Loan Holding Company Act, 12 U. See North Carolina General Statutes 54B-48.2
• 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.
• Court of competent jurisdiction: means a court in North Carolina which is qualified to hear the case at hand. See North Carolina General Statutes 54B-4
• Court reporter: A person who makes a word-for-word record of what is said in court and produces a transcript of the proceedings upon request.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Deposits: means all demand, time, and savings deposits, without regard to the location of the depositor: Provided, however, that "deposits" shall not include any deposits by associations. See North Carolina General Statutes 54B-48.2
• Dividends on withdrawable accounts: means the consideration paid by an association to a holder of a withdrawable account for the use of his money. See North Carolina General Statutes 54B-4
• Division: means the Savings Institutions Division of the North Carolina Department of Commerce. See North Carolina General Statutes 54B-4
• Docket: A log containing brief entries of court proceedings.
• Entrance fee per withdrawable account: means the amount to be paid by each person, firm or corporation when he or it pledges to a proposed mutual association to deposit funds in a withdrawable account. See North Carolina General Statutes 54B-4
• 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.
• Examination and investigation: means a supervisory inspection of an association or proposed association which may include inspection of every relevant piece of information including subsidiary or affiliated businesses. See North Carolina General Statutes 54B-4
• Executor: A male person named in a will to carry out the decedent
• 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.
• Federal association: means a corporation or association organized and operated under the provisions of federal law and regulation to conduct a savings and loan business. See North Carolina General Statutes 54B-4
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• Financial institution: means a person, firm or corporation engaged in the business of receiving, soliciting or accepting money or its equivalent on deposit and/or lending money or its equivalent. See North Carolina General Statutes 54B-4
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
• General reserve: means appropriated or restricted funds in the form of cash or investments to be used solely for the purpose of absorbing losses. See North Carolina General Statutes 54B-4
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Guaranty association: means a mutual deposit guaranty association which is a corporation organized under this Chapter or its predecessor and operated under the provisions of Article 12 of this Chapter. See North Carolina General Statutes 54B-4
• 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.
• in writing: may be construed to include printing, engraving, lithographing, and any other mode of representing words and letters: Provided, that in all cases where a written signature is required by law, the same shall be in a proper handwriting, or in a proper mark. See North Carolina General Statutes 12-3
• 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}
• Initial pledges for withdrawable accounts: means those pledges of funds by persons who promise to a proposed mutual association to deposit such amount if and when such proposed association becomes established. See North Carolina General Statutes 54B-4
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Interim association: means an association formed to facilitate the acquisition of one hundred percent (100%) of the voting shares of an existing stock association by a newly-formed association or an existing savings and loan holding company or to facilitate any other transaction the Commissioner of Banks may approve. See North Carolina General Statutes 54B-4
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Legal tender: coins, dollar bills, or other currency issued by a government as official money. ^{Source: U.S. Mint}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Liquidity fund: means that portion of the assets of an association which is required to be held in readily marketable form. See North Carolina General Statutes 54B-4
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Members: means withdrawable account holders and borrowers in a State mutual association. See North Carolina General Statutes 54B-4
• Minimum amount of consideration: means the amount of money a stock association shall be required to have received on the sale of its stock, before it shall commence business. See North Carolina General Statutes 54B-4
• Minimum amount on deposit in withdrawable accounts: means the amount of money which a mutual association must have on hand prior to its commencement of business. See North Carolina General Statutes 54B-4
• month: shall be construed to mean a calendar month, unless otherwise expressed; and the word "year" a calendar year, unless otherwise expressed; and the word "year" alone shall be equivalent to the expression "year of our Lord. See North Carolina General Statutes 12-3
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mutual association: means all mutual savings and loan associations owned by members of the association, and organized under the provisions of this Chapter or its predecessor for the primary purpose of promoting thrift and home financing. See North Carolina General Statutes 54B-4
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Net worth: means an association's total assets less total liabilities. See North Carolina General Statutes 54B-4
• North Carolina association: means an association organized under the laws of the State of North Carolina or under the laws of the United States and that:

  a. See North Carolina General Statutes 54B-48.2

• 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.
• Original incorporators: means the organizers of a State association responsible for the business of a proposed association from the filing of the application to the Commission's final decision on such application. See North Carolina General Statutes 54B-4
• 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.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plan of conversion: means a detailed outline of the procedure of the conversion of an association from one to another regulatory authority or from one to another form of ownership. See North Carolina General Statutes 54B-4
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Principal office: means the office which houses the headquarters of an association. See North Carolina General Statutes 54B-4
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
• Proposed association: means an entity in organizational procedures prior to the Commission's final decision on its charter application. See North Carolina General Statutes 54B-4
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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}
• Registered agent: means the person named in the certificate of incorporation upon whom service of legal process shall be deemed binding upon the association. See North Carolina General Statutes 54B-4
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• Rules and regulations: means those regulatory procedures and guidelines issued by the Commissioner of Banks and approved by the Commission. See North Carolina General Statutes 54B-4
• savings and loan association: when used in the General Statutes, shall mean an association and shall be interchangeable. See North Carolina General Statutes 54B-4
• Savings and loan holding company: means any company which directly or indirectly controls an association or controls any other company which is a savings and loan holding company. See North Carolina General Statutes 54B-48.2
• seal: shall be construed to include an impression of such official seal, made upon the paper alone, as well as an impression made by means of a wafer or of wax affixed thereto. See North Carolina General Statutes 12-3
• Service corporation: means a corporation operating under the provision of Article 8 of this Chapter which engages in activities determined by the Commissioner of Banks by rules and regulations to be incidental to the conduct of a savings and loan business as provided in this Chapter or activities which further or facilitate the corporate purposes of an association, or which furnishes services to an association or subsidiaries of an association, the voting stock of which is owned directly or indirectly by one or more associations. See North Carolina General Statutes 54B-4
• Service of process: The service of writs or summonses to the appropriate party.
• 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.
• Southern Region association: means an association other than a North Carolina association organized under the laws of one of the Southern Region states or under the laws of the United States and that:

  a. See North Carolina General Statutes 54B-48.2

• Southern Region savings and loan holding company: means a savings and loan holding company that:

  a. See North Carolina General Statutes 54B-48.2

• Southern Region states: means the states of Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia, and the District of Columbia. See North Carolina General Statutes 54B-48.2
• Specific reserve account: means an account held by an association as a loss reserve for coverage on specific loans and investments. See North Carolina General Statutes 54B-4
• State: means any state of the United States and the District of Columbia. See North Carolina General Statutes 54B-48.2
• state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
• State association: means a corporation or association organized under this Chapter or its predecessor and operated under the provisions of this Chapter to conduct the savings and loan business; or a corporation organized under the provisions of the predecessors to this Chapter and operated under the provisions of this Chapter; or a corporation organized under the provisions of federal law and so converted as to be operated under the provisions of this Chapter. See North Carolina General Statutes 54B-4
• Statute: A law passed by a legislature.
• Stock association: means any corporation or company owned by holders of capital stock and organized under the provisions of this Chapter for the primary purpose of promoting thrift and home financing. See North Carolina General Statutes 54B-4
• Subpoena: A command to a witness to appear and give testimony.
• Subscriptions: means the promise to purchase capital stock in a stock association and payment of a portion of the selling price. See North Carolina General Statutes 54B-4
• Subsidiary: means that which is set forth in the Federal Savings and Loan Holding Company Act, 12 U. See North Carolina General Statutes 54B-48.2
• Summons: Another word for subpoena used by the criminal justice system.
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• This State: means the State of North Carolina. See North Carolina General Statutes 54B-4
• Total assets: means the aggregate amount of assets of any and every kind held by an association. See North Carolina General Statutes 54B-4
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee: A person or institution holding and administering property in trust.
• United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
• Venue: The geographical location in which a case is tried.
• Voluntary dissolution: means the dissolution and liquidation of an association initiated by its ownership. See North Carolina General Statutes 54B-4
• Withdrawable accounts: means accounts in which a customer or member places funds with an association which may be withdrawn by the account holder. See North Carolina General Statutes 54B-4