CFR > Title 30 > Chapter I > Subchapter K > Part 56 > Subpart A – General
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§ 56.1 | Purpose and scope |
§ 56.2 | Definitions |
Procedures |
Terms Used In CFR > Title 30 > Chapter I > Subchapter K > Part 56 > Subpart A - General
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- 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.
- 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.