CFR > Title 43 > Subtitle B > Chapter II > Subchapter B > Part 2540 > Subpart 2547 – Omitted Lands: General
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Terms Used In CFR > Title 43 > Subtitle B > Chapter II > Subchapter B > Part 2540 > Subpart 2547 - Omitted Lands: General
- Appraisal: A determination of property value.
- 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.
- 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.
- 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.
- 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.
- Statute: A law passed by a legislature.