CFR > Title 34 > Subtitle B > Chapter VI > Part 657 > Subpart D – What Conditions Must Be Met by a Grantee and a Fellow?
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Terms Used In CFR > Title 34 > Subtitle B > Chapter VI > Part 657 > Subpart D - What Conditions Must Be Met by a Grantee and a Fellow?
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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.
- 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.