46 CFR Part 72 – Construction and Arrangement
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Terms Used In 46 CFR Part 72 - Construction and Arrangement
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Chambers: A judge's office.
- Contract: A legal written agreement that becomes binding when signed.
- Dependent: A person dependent for support upon another.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- 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.
- 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
- 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.