Terms Used In Vermont Statutes > Title 6 > Chapter 33 - Potatoes

• Admitted assets: means assets permitted to be reported as admitted assets on the annual statutory financial statement of the insurer for the next preceding year or as shown by a current financial statement. See
• Agency: means the Agency of Transportation. See
• Altered: means a major physical change in the highway such as a change in width from a single lane to two lanes. See
• 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.
• 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.
• Appraisal: A determination of property value.
• appraised value: when used in connection with real estate shall refer to appraisals made or examined and approved by an insurer or its agents. See
• Asset-backed security: means a security or other instrument, excluding a mutual fund, evidencing an interest in, or the right to receive payments from, or payable from distributions on, an admitted asset, a pool of admitted assets, or specifically divisible cash flows which are legally transferred to a trust or another special purpose bankruptcy-remote business entity, on the following conditions:

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bicycle: means every pedal-driven device propelled by human power having two or more wheels on which a person may ride, including a so-called pedal vehicle that may have an enclosed cab. See
• Blended learning: means a formal education program in which content and instruction are delivered both in a traditional classroom setting and through virtual learning. See
• Board: means the Transportation Board. See
• Business concern: means a corporation, partnership, individual, or other private entity engaged in a business or professional activity necessitating tangible property for the carrying on of the business or profession on the premises. See
• business entity: includes a sole proprietorship, corporation, limited liability company, association, partnership, joint stock company, joint venture, mutual fund, trust, joint tenancy, or other similar form of business organization, whether organized for profit or not for profit. See
• Canada: means Canada, any province of Canada, or any political subdivision of Canada. See
• Cap: means an agreement obligating the seller to make payments to the buyer, with each payment based on the amount by which a reference price or level or the performance or value of one or more underlying interests exceeds a predetermined number, sometimes called the strike rate or strike price. See
• Career development: means the identification of student interests and aptitudes and the ability to link these to potential career paths and the training and education necessary to succeed on these paths. See
• Commissioner: means the Commissioner of Motor Vehicles responsible to the Secretary for the administration of the Department. See
• 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.
• complete streets: means streets that provide safe and accessible options for multiple travel modes for individuals of all ages and abilities, including walking, cycling, public transportation, and motor vehicles. See
• Covered: means that an insurer owns or can immediately acquire, through the exercise of options, warrants, or conversion rights already owned, the underlying interest in order to fulfill or secure its obligations under a call option, cap, or floor it has written or has set aside under a custodial or escrow agreement cash or cash equivalents with a market value equal to the amount required to fulfill its obligations under a put option it has written, in an income generation transaction. See
• 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.
• Department: means the Department of Motor Vehicles. See
• Derivative instrument: means an agreement, option, instrument, or a series or combination thereof:

• Derivative transaction: means a transaction involving the use of one or more derivative instruments. See
• Develop: means the partition or division of any tract of land of any size by a person through sale, lease, transfer, or any other means by which any interest in or to the land or a portion of the land is conveyed to another person that will require the construction of permanent new or enlarged points of access to a State or town highway other than a limited access facility pursuant to subsection 1702a(a) of this title; excluding, however, tracts of land located entirely within a city or incorporated village. See
• Direct: when used in connection with "obligation" means that a designated obligor shall be primarily liable on the instrument representing the obligation. See
• Discontinued: means a previously designated town highway which through the process of discontinuance all public rights are reconveyed to the adjoining landowners. See
• District: means a geographic subdivision of the State primarily established for maintenance purposes. See
• Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
• Domestic jurisdiction: means the United States, any state of the United States, or any political subdivision of any of the foregoing. See
• Dual enrollment: means enrollment by a secondary student in a course offered by an accredited postsecondary institution and for which, upon successful completion of the course, the student will receive:

• Early college: means full-time enrollment, pursuant to subsection 4011(e) of this title, by a 12th grade Vermont student for one academic year in a program offered by a postsecondary institution in which the credits earned apply to secondary school graduation requirements. See
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• 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}
• Equity interest: means any of the following that are not rated credit instruments:

• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Family: means two or more persons who are living together in the same quarters. See
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• 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.
• Flexible pathways to graduation: means any combination of high-quality academic and experiential components leading to secondary school completion and postsecondary readiness, which may include assessments that allow the student to apply his or her knowledge and skills to tasks that are of interest to that student. See
• Floor: means an agreement obligating the seller to make payments to the buyer in which each payment is based on the amount by which a predetermined number, sometimes called the floor rate or price, exceeds a reference price, level, performance, or value of one or more underlying interests. See
• Foreign jurisdiction: means a jurisdiction other than a domestic jurisdiction or Canada. See
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• grades: means the standards for potatoes established by the U. See
• Guaranteed: means that the guarantor will perform the obligation of the obligor or will purchase the obligation to the extent of the guaranty. See
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Hedging transaction: means a derivative transaction that is entered into and maintained to reduce:

• highway: includes rights-of-way, bridges, drainage structures, signs, guardrails, areas to accommodate utilities authorized by law to locate within highway limits, areas used to mitigate the environmental impacts of highway construction, vegetation, scenic enhancements, and structures. See
• Highways: include all facilities defined in subdivisions 1(12), (20), and (23) of this title. See
• Income generation transaction: means a derivative transaction involving the writing of covered call options, covered put options, covered caps, or covered floors that is intended to generate income or enhance return. See
• Individual: means a person who is not a member of a family as defined in this section. See
• inhabitants: shall mean the population of the political division referred to, as ascertained by the national census last completed before the time when such population is a material fact. See
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• Landowner: means a person who has title to real estate in fee simple or a life estate. See
• Lay out: means the legal procedure establishing the alignment or right-of-way of a highway. See
• 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.
• Listed bond mutual fund: means a mutual fund that at all times qualifies for inclusion on the "bond fund list" within the Purposes and Procedures of the NAIC Investment Analysis Office or any successor publication. See
• Money market mutual fund: means a mutual fund that meets the conditions of 17 C. See
• Mutual fund: means an investment company or, in the case of an investment company that is organized as a series company, an investment company series that, in either case, is registered with the U. See
• NAIC: means the National Association of Insurance Commissioners. See
• 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}
• 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.
• obligation: means that a designated obligor shall be primarily liable on the instrument representing the obligation. See
• Option: means an agreement giving the buyer the right to buy or receive (a "call option"), sell or deliver (a "put option"), enter into, extend, or terminate or effect a cash settlement based on the actual or expected price, level, performance, or value of one or more underlying interests. See
• Person: includes a municipality or State agency. See
• Personal property: All property that is not real property.
• Postsecondary planning: means the identification of education and training programs after high school that meet a student's academic, vocational, financial, and social needs and the identification of financial assistance available for those programs. See
• Postsecondary readiness: means the ability to enter the workforce or to pursue postsecondary education or training without the need for remediation. See
• Qualified bank: means :

• Qualified clearinghouse: means a clearinghouse for, and subject to the rules of, a qualified exchange or a qualified foreign exchange, which provides clearing services, including acting as a counterparty to each of the parties to a transaction, such that the parties no longer have credit risk as to each other. See
• Qualified exchange: means :

• Qualified foreign exchange: means a foreign exchange, board of trade, or contract market located outside the United States, its territories, or possessions:

• Qualified primary credit source: means the credit source to which an insurer looks for payment as to an investment and against which an insurer has a direct claim for full and timely payment, evidenced by a contractual right for which an enforcement action can be brought in a domestic jurisdiction or Canada. See
• Rated credit instrument: means a contractual right to receive cash or another rated credit instrument from another entity, which instrument:

• real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Reclassify: means to change the classification of a highway using the legal process described in this chapter. See
• road: shall include bridges thereon and their approaches. See
• Scenic road: means any road designated pursuant to this title. See
• School district: means town school districts, union school districts, interstate school districts, city school districts, unified union districts, and incorporated school districts, each of which is governed by a publicly elected board. See
• Secretary: means the head of the Agency who shall be a member of the Governor's Cabinet responsible directly to the Governor for the administration of the Agency. See
• Secretary: means the Secretary of Education. See
• Selectboard: includes village trustees and city councils. See
• 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.
• Shell business entity: means a business entity having no economic substance except as a vehicle for owning interests in assets issued, owned, or previously owned by a person domiciled in a foreign jurisdiction. See
• Special rated credit instrument: means a rated credit instrument that is:

• SVO: means the Securities Valuation Office of the NAIC or any successor office established by the NAIC. See
• Swap: means an agreement to exchange or to net payments at one or more times based on the actual or expected price, level, performance, or value of one or more underlying interests. See
• Town: includes incorporated villages and cities. See
• Underlying interest: means the assets, liabilities, other interests, or a combination thereof underlying a derivative instrument, such as any one or more securities, currencies, rates, indices, commodities, or derivative instruments. See
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
• Virtual learning: means learning in which the teacher and student communicate concurrently through real-time telecommunication. See
• Warrant: means an instrument that gives the holder the right to purchase an underlying financial instrument at a given price and time or at a series of prices and times outlined in the warrant agreement. See