Terms Used In Arizona Laws > Title 10 > Chapter 20 - Professional Corporations

• Achievement district school: means a public school or a charter school that has qualified as an achievement district school pursuant to article 10 of this chapter and that has submitted an application with the board pursuant to this article to obtain guaranteed financing. See Arizona Laws 41-5851
• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• adoption agency: means a person other than the division licensed by the division to place children for adoption, including an attorney or law firm. See Arizona Laws 8-101
• Adult: means a person eighteen years of age or older. See Arizona Laws 8-101
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• affixed: include imprinting tax meter stamps on packages and individual containers as authorized by the department. See Arizona Laws 42-3001
• Agency placement adoption: means an adoption proceeding in which one or more of the requisite consents are given to an agency pursuant to section 8-107, subsection D, paragraph 1. See Arizona Laws 8-101
• Allegation: something that someone says happened.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Articles of incorporation: means the original or restated articles of incorporation or articles of merger and all amendments to the articles of incorporation or merger and includes amended and restated articles of incorporation and articles of amendment and merger. See Arizona Laws 10-140
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Audit: means a review or examination of a taxpayer's accounts, financial information, books and records and any other document to ensure information is reported correctly on a return in accordance with this chapter and to verify the reported amount of tax is correct. See Arizona Laws 42-1101.01
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Board: means the school facilities oversight board. See Arizona Laws 41-5701
• Board: means the credit enhancement eligibility board established by section 41-5852. See Arizona Laws 41-5851
• Bylaws: means the code of rules adopted for the regulation or management of the affairs of the corporation irrespective of the name by which those rules are designated. See Arizona Laws 10-140
• Cavendish: means a tobacco product that is smoked from a pipe and that meets one of the following criteria:

  (a) Is described as cavendish, as containing cavendish or as a cavendish blend on its packaging, labeling or promotional materials. See Arizona Laws 42-3001

• Certificate of disclosure: means the certificate of disclosure described in section 10-202. See Arizona Laws 10-140
• Child: means any person under eighteen years of age. See Arizona Laws 8-101
• Cider: means vinous liquor that is made from the normal alcoholic fermentation of the juice of sound, ripe apples, pears or other pome fruit, including flavored, sparkling and carbonated cider and cider made from condensed apple, pear or other pome fruit must, and that contains more than one-half of one percent of alcohol by volume but not more than seven percent of alcohol by volume. See Arizona Laws 42-3001
• Cigar: means any roll of tobacco wrapped in leaf tobacco or in any substance containing tobacco other than any roll of tobacco that is a cigarette, as defined in paragraph 6, subdivision (b) of this section. See Arizona Laws 42-3001
• Cigarette: means either of the following:

  (a) Any roll of tobacco wrapped in paper or any substance not containing tobacco. See Arizona Laws 42-3001

• Commission: means the Arizona corporation commission. See Arizona Laws 10-140
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Computer software executable code: includes :

  (a) Any object code, machine code or other code that is readable by a computer when loaded into its memory and used directly by the computer to execute instructions. See Arizona Laws 42-2251

• Computer software source code: includes :

  (a) The code written by a programmer using a programming language that is comprehensible to appropriately trained persons and is not capable of directly being used to give instructions to a computer. See Arizona Laws 42-2251

• Consumer: means a person in this state that comes into possession of any luxury subject to the tax imposed by this chapter and that, on coming into possession of the luxury, is not a distributor intending to sell or distribute the luxury, a retailer or a wholesaler. See Arizona Laws 42-3001
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Corruptly: means a wrongful design to acquire or cause some pecuniary or other advantage to the person guilty of the act or omission referred to, or to some other person. See Arizona Laws 1-215
• Council: means the citrus, fruit and vegetable advisory council. See Arizona Laws 3-527
• Council: means the Arizona grain research and promotion council. See Arizona Laws 3-581
• Court: means the superior court of this state. See Arizona Laws 10-140
• court: means the juvenile division of the superior court. See Arizona Laws 8-101
• Custody: means a status embodying all of the following rights and responsibilities:

  (a) The right to have the physical possession of the child. See Arizona Laws 8-101

• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Deliver: includes sending by mail, private courier, fax or electronic transmission. See Arizona Laws 10-140
• Department: means the Arizona department of agriculture. See Arizona Laws 3-101
• Department: means the department of revenue. See Arizona Laws 42-1001
• Department: means the department of child safety. See Arizona Laws 8-201
• Dependent: A person dependent for support upon another.
• Direct placement adoption: means an adoption proceeding in which one or more of the requisite consents are given to a particular person pursuant to section 8-107, subsection D, paragraph 2. See Arizona Laws 8-101
• Director: means the director of the Arizona department of agriculture. See Arizona Laws 3-527
• Director: means the director of the department. See Arizona Laws 42-1001
• Disqualified person: means an individual or entity that is not or ceases to be a qualified person. See Arizona Laws 10-2201
• disqualified shareholder: means a shareholder described in subsection 10-2223, subsection A, paragraph 1 or 2 or the legal representative of that shareholder. See Arizona Laws 10-2228
• Distributor: means any person that manufactures, produces, ships, transports or imports into this state or in any manner acquires or possesses for the purpose of making the first sale of the following:

  (a) Cigarettes without Arizona tax stamps affixed as required by this article. See Arizona Laws 42-3001

• Division: means the division of school facilities within the department of administration. See Arizona Laws 41-5701
• Division: means the department of child safety. See Arizona Laws 8-101
• domestic professional corporation: means a corporation for profit that is not a foreign professional corporation and that is incorporated under or subject to this chapter. See Arizona Laws 10-2201
• Due date: means the next business day if a due date of any report, claim, return, statement, payment, deposit, petition, notice or other document or filing falls on Saturday, Sunday or a legal holiday. See Arizona Laws 42-11001
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Electronic portal: means a secure location on a website established by the department that requires the receiver to enter a password to access. See Arizona Laws 42-1001
• Electronic return preparer: means a person who for compensation prepares an electronic return, statement or other document or prepares a substantial portion of an electronic return, statement or other document or transforms a paper version of a completed return, statement or other document to an electronic version of the same return, statement or other document for filing with the department. See Arizona Laws 42-1101.01
• Electronic return transmitter: means a person who receives the electronic return, statement or other document from a taxpayer or electronic return preparer for ultimate transmittal to the department. See Arizona Laws 42-1101.01
• Email: means :

  (a) An electronic transmission of a message to an email address. See Arizona Laws 42-1001

• Entity: includes a corporation, foreign corporation, not for profit corporation, profit and not for profit unincorporated association, nonprofit corporation, close corporation, corporation sole or limited liability company, a professional corporation, association or limited liability company, a business trust, estate, partnership, registered limited liability partnership, trust or joint venture, two or more persons having a joint or common economic interest, any person other than an individual and a state, the United States and a foreign government. See Arizona Laws 10-140
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. ^{Source: OCC}
• 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.
• Fiduciary: A trustee, executor, or administrator.
• Filing: means the commission completing the following procedure with respect to any document delivered for that purpose:

  (a) Determining that the filing fee requirements of section 10-122 have been satisfied. See Arizona Laws 10-140

• First buyer: means a person, partnership, corporation or cooperative that purchases grain from a producer in the first instance or a public or private lienholder, secured party or pledgee, or assignee of the lienholder, secured party or pledgee, who gains title to the grain from the grower as a result of exercising any legal rights by the lienholder, secured party, pledgee or assignee regardless of when the lien, security interest or pledge was created. See Arizona Laws 3-581
• First sale: means the initial sale or distribution in intrastate commerce or the initial use or consumption of cigarettes, roll-your-own tobacco or other tobacco products. See Arizona Laws 42-3001
• 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.
• Food product: includes :

  (a) Every product of the soil in its natural or manufactured state. See Arizona Laws 3-561

• Foreign professional corporation: means a corporation or association for profit incorporated for the purpose of rendering professional services under a law other than the law of this state. See Arizona Laws 10-2201
• Fraud: Intentional deception resulting in injury to another.
• Fund: means the Arizona public school credit enhancement fund established by section 41-5854. See Arizona Laws 41-5851
• Grain: means the seed of barley and wheat of all classes produced for use as food, feed or seed or produced for any industrial or commercial use. See Arizona Laws 3-581
• Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
• Grantor: The person who establishes a trust and places property into it.
• Grantor: includes every person from or by whom an estate or interest in real property passes, in or by a deed. See Arizona Laws 1-215
• Guaranteed financing: means debt obligations that are issued by or on behalf of a public school or a charter school to acquire, construct, renovate, equip, refinance or improve capital facilities and for which the board has approved a guarantee of all or a portion of the principal and interest payments pursuant to the program. See Arizona Laws 41-5851
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• HVAC system: means the equipment, distribution network and terminals that provide, either collectively or individually, the process of heating, ventilation or air conditioning to a building. See Arizona Laws 41-5831
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Individual: includes the estate of an incompetent or deceased individual. See Arizona Laws 10-140
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Internal revenue code: means the United States internal revenue code of 1986, as amended and in effect as of January 1, 2023, including those provisions that became effective during 2022 with the specific adoption of their retroactive effective dates but excluding all changes to the code enacted after January 1, 2023. See Arizona Laws 42-1001
• Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• Juvenile court: means the juvenile division of the superior court when exercising its jurisdiction over children in any proceeding relating to delinquency, dependency or incorrigibility. See Arizona Laws 8-201
• Known place of business: means the known place of business required to be maintained pursuant to section 10-501. See Arizona Laws 10-140
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• levy: includes the power of distraint and seizure by any means. See Arizona Laws 42-1201
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• licensed: means any license, authorization, certificate, registration, certificate of registration, membership or other evidence of the satisfaction of the requirements of this state for the practice of a professional service. See Arizona Laws 10-2201
• Licensing authority: means the officer, board, agency, court or other authority in this state empowered by law to license or otherwise authorize the rendition of a professional service. See Arizona Laws 10-2201
• Lien: A claim against real or personal property in satisfaction of a debt.
• Limited managed audit agreement: means a managed audit agreement that is limited in scope to certain periods, activities, lines of business, geographic areas or transactions, including tax on the receipts of certain sales, the value of certain assets, the value of certain items or services and other categories specified in the agreement. See Arizona Laws 42-2301
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Luxury: means any article, object or device on which a tax is imposed under this chapter. See Arizona Laws 42-3001
• Malt liquor: means any liquid that contains more than one-half of one percent alcohol by volume and that is made by the process of fermentation and not distillation of hops or grains, but not including:

  (a) Liquids made by the process of distillation of such substances. See Arizona Laws 42-3001

• Managed audit: means a review and analysis by a taxpayer or the taxpayer's authorized representative of the invoices, checks, accounting records or other documents and information to determine a taxpayer's liability under chapters 3, 5 or 6 of this title or Title 43, Chapter 11. See Arizona Laws 42-2301
• Managed audit agreement: means a written agreement between the director and taxpayer that consists of an audit plan that requires the taxpayer to review selected revenue, expense and fact records to determine the proper filing method and to calculate the taxpayer's liability under chapter 3, 5 or 6 of this title or Title 43, Chapter 11. See Arizona Laws 42-2301
• Membership: refers to the rights and obligations a member or members have pursuant to a corporation's articles of incorporation and bylaws and chapters 24 through 40 of this title. See Arizona Laws 10-3140
• Minor: means a person under eighteen years of age. See Arizona Laws 1-215
• Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
• negligently: import a want of such attention to the nature or probable consequence of the act or omission as a prudent man ordinarily bestows in acting in his own concerns. See Arizona Laws 1-215
• Oath: includes an affirmation or declaration. See Arizona Laws 1-215
• Oath: A promise to tell the truth.
• 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.
• Other tobacco products: means tobacco products other than cigarettes and roll-your-own tobacco. See Arizona Laws 42-3001
• Oversight: Committee review of the activities of a Federal agency or program.
• 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.
• Person: means any individual, firm, partnership, joint venture, association, corporation, municipal corporation, estate, trust, club, society or other group or combination acting as a unit, and the plural as well as the singular number. See Arizona Laws 42-3001
• Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
• Person: means a natural person, individual, proprietor, proprietorship, company, corporation, organization, association, joint venture, partner, partnership, trust, estate or limited liability company, the federal or state government, a political subdivision of a state or any other legal entity or combination of entities that owns, controls or has possession of real or personal property. See Arizona Laws 42-11001
• Person: includes an individual and entity. See Arizona Laws 10-140
• Personal property: All property that is not real property.
• Personal property: includes money, goods, chattels, things in action and evidences of debt. See Arizona Laws 1-215
• Personal property: includes property of every kind, both tangible and intangible, that is not included as real estate. See Arizona Laws 42-11001
• Petition: means a written statement of the essential facts that allege delinquency, incorrigibility or dependency. See Arizona Laws 8-201
• Petitioner: includes both petitioners under a joint petition. See Arizona Laws 8-101
• Place of business: means a building, facility site or location where an order is received or where tobacco products are sold, distributed or transferred. See Arizona Laws 42-3001
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Population: means the population according to the most recent United States decennial census. See Arizona Laws 1-215
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• President: means that officer designated as the president in the articles of incorporation or bylaws or, if not so designated, that officer authorized in the articles of incorporation, bylaws or otherwise to perform the functions of the chief executive officer, irrespective of the name by which designated. See Arizona Laws 10-140
• Principal office: means the office, in or out of this state, so designated in the annual report where the principal executive offices of a domestic or foreign corporation are located or in any other document executed by the corporation by an officer and delivered to the commission for filing. See Arizona Laws 10-140
• Proceeding: includes a civil suit and a criminal, administrative and investigatory action. See Arizona Laws 10-140
• Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
• Producer: includes owners, proprietors or tenants of agricultural lands, orchards, farms and gardens where food products are grown, raised or prepared for market. See Arizona Laws 3-561
• Producer: means a person, partnership, corporation or cooperative in this state that produces and sells grain in commercial channels. See Arizona Laws 3-581
• Professional service: means a service that may be lawfully rendered only by a person licensed or otherwise authorized by a licensing authority in this state to render the service. See Arizona Laws 10-2201
• Program: means the Arizona public school credit enhancement program established by section 41-5855. See Arizona Laws 41-5851
• Program funding obligations: means program funding obligations approved and issued by the board pursuant to section 41-5857. See Arizona Laws 41-5851
• Program leverage ratio: means the ratio at any time between the aggregate principal amount of guaranteed financings outstanding and the amounts on deposit in the fund. See Arizona Laws 41-5851
• Property: includes both real and personal property. See Arizona Laws 1-215
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Qualified person: means a person that is eligible under this chapter to be issued shares by a professional corporation. See Arizona Laws 10-2201
• Qualified young adult: means a former dependent child who is at least eighteen years of age and not over twenty-one years of age, who meets the criteria for an extended foster care program pursuant to Section 8-521. See Arizona Laws 8-201
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Referral: means a report that is submitted to the juvenile court and that alleges that a child is dependent or incorrigible or that a juvenile has committed a delinquent or criminal act. See Arizona Laws 8-201
• 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.
• Report: includes a notice of insurance payments, a request for a release of a bank account and an inventory of a safe deposit box. See Arizona Laws 42-2001
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Retailer: means any person that comes into possession of any luxury subject to the taxes imposed by this chapter for the purpose of selling it for consumption and not for resale. See Arizona Laws 42-3001
• Return: includes any form prescribed by the department and any supporting schedules, attachments and lists. See Arizona Laws 42-2001
• Roll: means the assessment and tax roll. See Arizona Laws 42-11001
• Roll-your-own tobacco: means any tobacco that, because of its appearance, type, packaging or labeling, is suitable for use and likely to be offered to or purchased by consumers as tobacco for making cigarettes. See Arizona Laws 42-3001
• School activity hours: means the time of day in which students or school personnel occupy school facilities. See Arizona Laws 41-5831
• send electronically: means to send by either email or the use of an electronic portal. See Arizona Laws 42-1001
• Service of process: The service of writs or summonses to the appropriate party.
• 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.
• Shareholder: means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation. See Arizona Laws 10-140
• Shares: means the units into which the proprietary interests in a corporation are divided. See Arizona Laws 10-140
• Smoking tobacco: means any tobacco that, because of its appearance, type, packaging, labeling or promotion, is suitable for use and likely to be offered to or purchased by consumers as tobacco for making cigarettes or otherwise consumed by burning. See Arizona Laws 42-3001
• Software: includes computer software source code and computer software executable code. See Arizona Laws 42-2251
• Spirituous liquor: means any liquid that contains more than one-half of one percent alcohol by volume, that is produced by distillation of any fermented substance and that is used or prepared for use as a beverage. See Arizona Laws 42-3001
• State: means the District of Columbia and any state, territory or possession of the United States. See Arizona Laws 42-1051
• state board: means either the state board of tax appeals or the state board of equalization, as applicable. See Arizona Laws 42-1001
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Subpoena: A command to a witness to appear and give testimony.
• Subpoena duces tecum: A command to a witness to produce documents.
• Summons: Another word for subpoena used by the criminal justice system.
• Tax: means :

  (a) Assessments lawfully made, whether based on a return or other disclosure of the taxpayer, upon the information and belief of the taxing authority, or otherwise. See Arizona Laws 42-1051

• Tax administration: includes assessment, collection, investigation, litigation, statistical gathering functions, enforcement, policy making functions or management of those functions of the tax revenue laws of this state. See Arizona Laws 42-2001
• Tax official: means a nonelected employee or the nonelected employee's designee or agent who is responsible for tax administration. See Arizona Laws 42-2001
• Tax-related computer software source code: means the computer source code for any computer software program intended for accounting, tax return preparation or compliance or tax planning. See Arizona Laws 42-2251
• Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Tobacco products: means all luxuries included in section 42-3052, paragraphs 5 through 9. See Arizona Laws 42-3001
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee: A person or institution holding and administering property in trust.
• trustees: means individuals, designated in the articles of incorporation or bylaws or elected by the incorporators, and their successors and individuals elected or appointed by any other name or title to act as members of the board. See Arizona Laws 10-3140
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• Valuation: means the full cash value or limited property value that is determined for real or personal property, as applicable. See Arizona Laws 42-11001
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
• Vehicle: means a device in, on or by which a person or property is or may be transported or drawn on the roads of this state regardless of the means by which it is propelled or whether it runs on a track. See Arizona Laws 42-3001
• Vinous liquor: means any liquid that contains more than one-half of one percent alcohol by volume and that is made by the process of fermentation of grapes, berries, fruits, vegetables or other substances but does not include:

  (a) Liquids in which hops or grains are used in the process of fermentation. See Arizona Laws 42-3001

• Vote: includes authorization by written ballot and written consent. See Arizona Laws 10-3140
• Voting shares: means shares entitled to vote for election of directors of the professional corporation. See Arizona Laws 10-2201
• Wholesaler: means a person that sells any spirituous, vinous or malt liquor taxed under this chapter to retail dealers or for the purposes of resale only. See Arizona Laws 42-3001
• Wilfully: means , with respect to conduct or to a circumstance described by a statute defining an offense, that a person is aware or believes that the person's conduct is of that nature or that the circumstance exists. See Arizona Laws 1-215
• Writing: includes printing. See Arizona Laws 1-215
• written: includes blockchain technology as defined in section 44-7061. See Arizona Laws 10-140