Terms Used In CFR > Title 31 > Subtitle B > Chapter V > Part 582 > Subpart G - Penalties and Findings of Violation

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Fiduciary: A trustee, executor, or administrator.
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.