Terms Used In Virginia Code > Title 8.4A > Part 3 - Execution of Sender's Payment Order by Receiving Bank

• Act: means the federal Secure and Fair Enforcement for Mortgage Licensing Act, Title V (§ 1501 et seq. See Virginia Code 6.2-1700
• Advertisement: means any message appearing in the print media, on television, on radio, or on an online platform, that constitutes a contribution or expenditure under Chapter 9. See Virginia Code 24.2-955.1
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appraisal: A determination of property value.
• Appraisal: means a written statement independently and impartially prepared by a qualified appraiser setting forth an opinion of defined value of an adequately described property as of a specific date, supported by the presentation and analysis of relevant market information. See Virginia Code 25.1-100
• Arrest: Taking physical custody of a person by lawful authority.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• Board: means the State Board of Elections. See Virginia Code 24.2-101
• Board of supervisors: means the governing body of a county. See Virginia Code 15.2-102
• campaign committee: means "campaign committee" as defined in § 24. See Virginia Code 24.2-955.1
• Campaign telephone calls: means a series of telephone calls or text messages, electronic or otherwise, made (i) to 25 or more telephone numbers in the Commonwealth, (ii) during the 180 days before a general or special election or during the 90 days before a primary or other political party nominating event, (iii) conveying or soliciting information relating to any candidate or political party participating in the election, primary or other nominating event, and (iv) under an agreement to compensate the telephone callers. See Virginia Code 24.2-955.1
• Candidate: means "candidate" as defined in § 24. See Virginia Code 24.2-955.1
• Collegial body: means a governmental entity whose power or authority is vested within its membership. See Virginia Code 1-209
• Commission: means the State Corporation Commission. See Virginia Code 6.2-100
• condemnor: includes a state agency. See Virginia Code 25.1-100
• Conviction: A judgement of guilt against a criminal defendant.
• County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
• Date of valuation: means the time of the lawful taking by the petitioner, or the date of the filing of the petition pursuant to § 25. See Virginia Code 25.1-100
• Deed: The legal instrument used to transfer title in real property from one person to another.
• 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.
• farm: means any person that obtains at least 51 percent of its annual gross income from agricultural operations and produces the agricultural waste used as feedstock for the waste-to-energy technology, (ii) "agricultural waste" means biomass waste materials capable of decomposition that are produced from the raising of plants and animals during agricultural operations, including animal manures, bedding, plant stalks, hulls, and vegetable matter, and (iii) "waste-to-energy technology" means any technology, including but not limited to a methane digester, that converts agricultural waste into gas, steam, or heat that is used to generate electricity on-site. See Virginia Code 1-222.1
• farmland: includes all land defined as follows:

  "Important farmland" other than prime or unique farmland, is land that is of statewide or local importance for the production of food, feed, fiber, forage, nursery, oilseed, or other agricultural crops, as determined by the appropriate state agency or local government agency, and that the U. See Virginia Code 3.2-205

• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• 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}
• Fraud: Intentional deception resulting in injury to another.
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• Germane: On the subject of the pending bill or other business; a strict standard of relevance.
• Grantor: The person who establishes a trust and places property into it.
• 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}
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Land: means real estate and all rights and appurtenances thereto, together with the structures and other improvements thereon, and any right, title, interest, estate or claim in or to real estate. See Virginia Code 25.1-100
• 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.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Online platform: means any public-facing website, web application, or digital application, including a social network, ad network, or search engine, that sells advertisements. See Virginia Code 24.2-955.1
• Online political advertisement: means an advertisement that is placed or promoted for a fee on an online platform. See Virginia Code 24.2-955.1
• Online political advertiser: means any person who purchases an advertisement from an online platform or promotes an advertisement on an online platform for a fee. See Virginia Code 24.2-955.1
• Owner: means any person who owns property, provided that the person's ownership of the property is of record in the land records of the clerk's office of the circuit court of the county or city where the property is located. See Virginia Code 25.1-100
• Person: means any individual; firm; cooperative; association; corporation; limited liability company; trust; business trust; syndicate; partnership; limited liability partnership; joint venture; receiver; trustee in bankruptcy or any other person acting in a fiduciary or representative capacity, whether appointed by a court or otherwise; club, society or other group or combination acting as a unit; the Commonwealth or any department, agency or instrumentality thereof; any city, county, town, or other political subdivision or any department, agency or instrumentality thereof; or any interstate body to which the Commonwealth is a party. See Virginia Code 25.1-100
• person: means the beneficiary of the trust rather than the trust or the trustee. See Virginia Code 55.1-2100
• Personal property: All property that is not real property.
• Political committee: means "political committee" as defined in § 24. See Virginia Code 24.2-955.1
• Property: means land and personal property, and any right, title, interest, estate or claim in or to such property. See Virginia Code 25.1-100
• public safety officer: includes a law-enforcement officer of the Commonwealth or any of its political subdivisions; a correctional officer as defined in § 53. See Virginia Code 9.1-801
• public uses: means the mining, production, or marketing of coal for the purpose of providing and furnishing heat or power to the people of the Commonwealth. See Virginia Code 45.2-608
• Real estate: includes (i) parcels with or without upper or lower boundaries and (ii) spaces that may be filled with air or water. See Virginia Code 55.1-2100
• real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
• Registry: means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of mortgage loan originators. See Virginia Code 6.2-1700
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Security interest: includes a mortgage, deed of trust, trust deed, security deed, contract for deed, land sales contract, lease intended as security, assignment of lease or rents intended as security, pledge of an ownership interest in an association, and any other consensual lien or title retention contract intended as security for an obligation. See Virginia Code 55.1-2100
• 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 agency: means any (i) department, agency or instrumentality of the Commonwealth; (ii) public authority, municipal corporation, local governmental unit or political subdivision of the Commonwealth or any department, agency or instrumentality thereof; (iii) person who has the authority to acquire property by eminent domain under state law; or (iv) two or more of the aforementioned that carry out projects that cause persons to be displaced. See Virginia Code 25.1-100
• Telephone call: means any single telephone call or text message, electronic or otherwise, that when combined with other telephone calls or text messages constitutes campaign telephone calls. See Virginia Code 24.2-955.1
• Trustee: A person or institution holding and administering property in trust.
• Unique identifier: means a number or other identifier assigned by protocols established by the Registry that permanently identifies a mortgage loan originator. See Virginia Code 6.2-1700
• Vehicle: means any device in, upon, or by which any property, produce, commodity, or article is or may be transported or drawn. See Virginia Code 3.2-5800
• Voter: means a qualified voter as defined in § 24. See Virginia Code 15.2-102