Oregon Statutes 37.030 – Definitions
As used in the Oregon Receivership Code:
Terms Used In Oregon Statutes 37.030
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Dependent: A person dependent for support upon another.
- 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
- Fiduciary: A trustee, executor, or administrator.
- 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.
- 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.
- 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, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
(1) ‘Affiliate’ means:
(a) With respect to an individual:
(A) A companion of the individual;
(B) A lineal ancestor or descendant, whether by blood or adoption, of the individual or a companion of the individual;
(C) A companion of an ancestor or descendant described in subparagraph (B) of this paragraph;
(D) A sibling, aunt, uncle, great-aunt, great-uncle, first cousin, niece, nephew, grandniece or grandnephew of the individual, whether related by the whole or the half blood or adoption, or a companion of any of them; or
(E) Any other individual occupying the residence of the individual; and
(b) With respect to any person:
(A) Another person that directly or indirectly controls, is controlled by or is under common control with the person;
(B) An officer, director, manager, member, partner, employee or trustee or other fiduciary of the person; or
(C) A companion of, or an individual occupying the residence of, an individual described in subparagraph (A) or (B) of this paragraph.
(2) ‘Companion’ means spouse or domestic partner.
(3) ‘Domestic relations suit’ has the meaning given that term in ORS § 107.510.
(4) ‘Entity’ means a person other than a natural person.
(5) ‘Estate’ means the entirety of the property over which a receiver is appointed.
(6) ‘Executory contract‘ means:
(a) A contract, including an unexpired lease, under which the obligations of both parties are so far unperformed that the failure of either to complete performance would constitute a material breach excusing the performance of the other; or
(b) A contract, including an unexpired lease, under which a party has an unexercised option to require its counterparty to perform.
(7) ‘Foreign action’ means an action in a federal or state court outside of this state.
(8) ‘Insolvency’ means a financial condition of a person such that:
(a) The sum of the person’s debts and other obligations is greater than a fair valuation of all of the person’s property, excluding:
(A) Property transferred, concealed or removed with intent to hinder, delay or defraud any creditors of the person; and
(B) Any property exempt from execution under any law of this state; or
(b) The person is generally not paying debts as they become due.
(9) ‘Interested person’ means any person having a claim against the owner or a claim or interest in any estate property.
(10) ‘Lien’ means a charge against or interest in property to secure payment of a debt or the performance of an obligation.
(11) ‘Owner’ means the person over whose property a receiver is appointed.
(12) ‘Party’ means:
(a) When used in relation to an action, a person named in the caption of the action; or
(b) When used in relation to a contract, a signatory to the contract.
(13) ‘Person’ means an individual, corporation, limited liability company, general partnership, limited partnership, limited liability partnership, cooperative, business trust, governmental entity or other entity, of any kind or nature.
(14) ‘Property’ includes all right, title and interests, both legal and equitable, in or with respect to any property with respect to which a receiver is appointed, including any proceeds, products, offspring, rents or profits, regardless of the manner by which the property has been or is acquired.
(15) ‘Receiver’ means a person appointed by the court as the court’s agent, and subject to the court’s direction, to take possession of, manage or dispose of property.
(16) ‘Receivership’ means an action in which a receiver is appointed.
(17) ‘Residential property’ means real property:
(a) Upon which are situated four or fewer residential units, one of which is occupied as a principal residence by the owner, the owner’s spouse or a dependent of the owner; and
(b) Where residential use is the primary activity occurring on the real property.
(18) ‘Security interest’ means a lien created by agreement.
(19) ‘Special notice list’ means a special notice list maintained by a receiver as required under ORS § 37.160.
(20) ‘State agency’ has the meaning given that term in ORS § 36.110.
(21) ‘Utility’ means a person providing any service regulated by the Public Utility Commission. [2017 c.358 § 3]