Terms Used In Tennessee Code > Title 35 > Chapter 6 > Part 4 > Receipts Normally Apportioned

• Accounting period: means a calendar year unless another twelve-month period is selected by a fiduciary. See Tennessee Code 35-6-102
• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means the Tennessee insurance guaranty association. See Tennessee Code 4-31-803
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Authority: means the Tennessee local development authority, a public agency and instrumentality of the state, created by this chapter, or if such authority shall be abolished, the board, body, commission or agency succeeding to the principal functions thereof or to which the powers and duties granted or imposed upon the authority shall be given by law. See Tennessee Code 4-31-102
• Bond: means any bond authorized and issued pursuant to this chapter. See Tennessee Code 4-31-102
• Bonds: means all bonds, notes or other obligations issued by the authority under this part. See Tennessee Code 4-31-803
• claims: means a covered claim as defined in §. See Tennessee Code 4-31-803
• Contract: A legal written agreement that becomes binding when signed.
• Decedent: A deceased person.
• Donor: The person who makes a gift.
• 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.
• 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.
• Income: means money or property that a fiduciary receives as current return from a principal asset. See Tennessee Code 35-6-102
• Income interest: means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion. See Tennessee Code 35-6-102
• 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}
• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
• Month: means a calendar month. See Tennessee Code 1-3-105
• Net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period. See Tennessee Code 35-6-102
• Note: means any note authorized and issued pursuant to this chapter. See Tennessee Code 4-31-102
• 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.
• Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation, or any other legal or commercial entity. See Tennessee Code 35-6-102
• Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
• Principal: means property held in trust for distribution to a remainder beneficiary when the trust terminates. See Tennessee Code 35-6-102
• Property: includes both personal and real property. See Tennessee Code 1-3-105
• 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).
• State: means the state of Tennessee. See Tennessee Code 4-31-102
• State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• 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.
• Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See Tennessee Code 35-6-102
• Trustee: A person or institution holding and administering property in trust.
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105