U.S. Code > Title 26 > Subtitle A > Chapter 1 > Subchapter F > Part V – Shipowners’ Protection and Indemnity Associations
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§ 526 | Shipowners’ protection and indemnity associations |
Terms Used In U.S. Code > Title 26 > Subtitle A > Chapter 1 > Subchapter F > Part V - Shipowners' Protection and Indemnity Associations
- Appraisal: A determination of property value.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- shareholder: includes a member in an association, joint-stock company, or insurance company. See 26 USC 7701
- State: means a State, the District of Columbia, the Commonwealth of Puerto Rico, or any other territory or possession of the United States. See 1 USC 7