Terms Used In Vermont Statutes > Title 8 > Chapter 207 - Merger, Share Exchange, Consolidations, and Acquisitions

• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• 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.
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Agreement: means a written agreement resulting from collective bargaining negotiation and covers the terms, tenure, and conditions of employment. See
• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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.
• bargaining collectively: means the process of negotiating terms, tenure, or conditions of employment between the State of Vermont, the Vermont State Colleges, the University of Vermont, or the Department of State's Attorneys and Sheriffs and representatives of employees with the intent to arrive at an agreement that, when reached, shall be reduced to writing. See
• Board: means the State Labor Relations Board established under section 921 of this title. See
• Board: means the State Labor Relations Board established pursuant to section 921 of this title. See
• Collective bargaining: means the process of negotiating terms, tenure, or conditions of employment between the Judiciary Department and representatives of the employees with the intent to arrive at a written agreement. See
• Commissioner: means the Commissioner of Financial Regulation. See
• Commissioner: means the Commissioner of Financial Regulation of this State, or the commissioner, director, or superintendent of insurance in any other state. See
• Commissioner: means the Commissioner of Financial Regulation. See
• Commissioner: means the Commissioner of Financial Regulation. 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.
• 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.
• Continuing care: means the furnishing in a facility, pursuant to a continuing care contract, of board and a variety of living arrangements together with nursing, medical, health and health-related services, assistance with the personal activities of daily living, or any combination of these services, including a priority commitment for nursing care, to two or more individuals who are not related by consanguinity or affinity to the person furnishing such care, for a term in excess of one year or for the duration of that individual's life, including mutually terminable contracts. See
• Continuing care contract: means a contract under which a provider is to furnish continuing care to a specified individual in return for payment of an entrance fee that is in addition to, or in lieu of, the payment of regular periodic charges for the care and services involved. See
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Department: means the Department of Financial Regulation. See
• Dependent: A person dependent for support upon another.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Employee: means any individual employed and compensated on a permanent or limited status basis by the Judiciary Department, including permanent part-time employees and any individual whose employment has ceased as a consequence of, or in connection with, any current labor dispute or because of an unfair labor practice. See
• Employee organization: means an organization of any kind in which employees participate and that exists for the purpose of representing its members, if certified by the Board as an exclusive representative for the purposes of collective bargaining. See
• Employer: means the State of Vermont, excluding the Legislative and Judiciary Departments, represented by the Governor or designee, the Office of the Defender General represented by the Defender General or designee, Vermont State Colleges represented by the Chancellor or designee, and the University of Vermont represented by the President or designee. See
• Employer: means the Judiciary Department, represented by the Supreme Court or the Supreme Court's designee. See
• Entrance fee: means an initial or deferred transfer to a provider of a sum of money or other property, or portion thereof, made or promised to be made as consideration for acceptance of a specified individual as a resident in a facility. See
• 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}
• Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. ^{Source: OCC}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence of coverage: means any certificate, agreement, or contract issued to a member setting out the coverage to which the member is entitled and the rates for that coverage. See
• Ex officio: Literally, by virtue of one's office.
• Executor: A male person named in a will to carry out the decedent
• Facility: means a place or places in which a resident receives continuing care. See
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• 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}
• Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
• Fiduciary: A trustee, executor, or administrator.
• 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.
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grievance: means a written complaint submitted to the Department or to the health maintenance organization in accordance with the health maintenance organization's formal grievance procedure by or on behalf of a member regarding any aspect of the health maintenance organization relative to the member. See
• Grievance: means a written notice from an employee or a group of employees covered by an agreement or the employee's representative about dissatisfaction with any aspect of employment or working conditions covered by a collective bargaining agreement or about the discriminatory application of a rule or regulation, and the dissatisfaction has not been satisfactorily resolved after informal discussion with immediate supervisors. See
• Health care services: means physician, hospitalization, laboratory, x-ray service, and medical equipment and supplies, which may include: medical, surgical, and dental care; psychological, obstetrical, osteopathic, optometric, optic, podiatric, chiropractic, nursing, physical therapy services, and pharmaceutical services; health education; preventive medical, rehabilitative, and home health services; inpatient and outpatient hospital services, extended care, nursing home care, convalescent institutional care, laboratory and ambulance services, appliances, drugs, medicines, and supplies; and any other care, service, or treatment of disease or conditions, or the maintenance of the physical and mental well-being of members. See
• Health maintenance organization: means any person who furnishes, either directly or through arrangements with others, comprehensive health care services to an enrolled member in return for periodic payments; the amounts of said payments are agreed upon prior to the time during which the health care services may be furnished; and who is obligated to the member to arrange for or to provide directly available and accessible health care services. See
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insurance premium finance agreement: means an agreement by which an insured or prospective insured promises to pay to an insurance premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums of an insurance contract together with interest and a service charge as authorized and limited by this chapter. See
• Insurance premium finance company: means a person engaged in the business of entering into insurance premium finance agreements or acquiring insurance premium finance agreements from other insurance premium finance companies. See
• 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}
• 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.
• Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensee: means an insurance premium finance company holding a license issued under section 7002 of this title. See
• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Managing general agent: means any person who:

• Member: means any individual who has entered into a contract with a health maintenance organization for health care services or for services related to but not limited to processing, administering, or the payment of claims for health care services or on whose behalf such an arrangement has been made. See
• Month: shall mean a calendar month and "year" shall mean a calendar year and be equivalent to the expression "year of our Lord. See
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• 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.
• Occupancy date: means the date a living unit is available for occupancy by the resident or the date on which the resident personally occupies the living unit, whichever occurs first. See
• Oversight: Committee review of the activities of a Federal agency or program.
• 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.
• Person: includes individuals, partnerships, associations, trusts, and corporations. See
• Person: means an individual, the State of Vermont, an employee organization, partnership, corporation, a legal representative, trustee, or any other natural or legal entity whatsoever. See
• Person: means an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint stock company, or any other group of individuals however organized. See
• Person: means an individual, trust, state, partnership, committee, corporation, association, or other organizations such as joint-stock companies or insurance companies, or a political subdivision or instrumentality of a state, including a municipal corporation. See
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plan of operation and feasibility study: means an analysis that presents the expected activities and results of a risk retention group as required by chapter 141 of this title. See
• 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.
• Probate: Proving a will
• Product liability: means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage, including damages resulting from the loss of use of property, arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product, but does not include the liability of any person for those damages if the product involved was in the possession of such a person when the incident giving rise to the claim occurred. See
• Provider: means any physician, hospital, or other institution, organization, or other person who furnishes health care services. See
• Provider: means the person who enters into a contract to provide continuing care to a resident. See
• Rate: means the cost of services and insurance per exposure base unit, or cost per unit of insurance, or charge to residents for services rendered, prior to the application of individual risk variations based upon loss or expense considerations. See
• 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
• 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).
• Representative: means an individual or employee organization certified by the Board to represent employees in collective bargaining or grievance proceedings. See
• Representatives: includes any individual or individuals certified by the Board to represent employees or employee organizations in collective bargaining or grievance proceedings. See
• Resident: means the individual designated in a continuing care contract as the one who is to receive continuing care. See
• Resident assistance fund: means a fund established in accordance with section 8018 of this title. See
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• Risk retention group: means a company referred to in section 6070 of this title domiciled in this State. See
• said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. See
• seal: shall include an impression of the official seal made upon paper alone or by means of a wafer or wax affixed thereto. See
• 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.
• State: means any state of the United States or the District of Columbia. See
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• sworn: shall include affirmed. See
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• Underwrite: means the authority to accept or reject risk on behalf of the risk retention group. See
• Usury: Charging an illegally high interest rate on a loan. ^{Source: OCC}