Terms Used In Arizona Laws > Title 45 > Chapter 14 > Article 3 - Water Bank Planning and Implementation

• 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}
• 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.
• Department: means the department of water resources. See Arizona Laws 45-101
• Director: means the director of water resources, who is also the director of the department. See Arizona Laws 45-101
• Groundwater: means water under the surface of the earth regardless of the geologic structure in which it is standing or moving. See Arizona Laws 45-101
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
• 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.
• Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
• 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.
• Surface water: means the waters of all sources, flowing in streams, canyons, ravines or other natural channels, or in definite underground channels, whether perennial or intermittent, floodwater, wastewater or surplus water, and of lakes, ponds and springs on the surface. See Arizona Laws 45-101