CFR > Title 31 > Subtitle B > Chapter V > Part 561 > Subpart C – General Definitions
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Terms Used In CFR > Title 31 > Subtitle B > Chapter V > Part 561 > Subpart C - General Definitions
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- vessels contracted for: includes not only the contracting for the construction of a vessel, but also the contracting for a material alteration to a vessel, the contracting for the conversion of a vessel to an oceanographic research vessel, and the changing of area of operation of a vessel if such change increases or modifies the general requirements for the vessel or increases the hazards to which it might be subjected. See 46 CFR 188.05-5