Terms Used In California Codes > Corporations Code > Title 4 > Division 4 > Chapter 1 - Definitions

• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board: means the governing board of the San Gabriel and Lower Los Angeles Rivers and Mountains Conservancy. See California Public Resources Code 32603
• Conservancy: means the San Gabriel and Lower Los Angeles Rivers and Mountains Conservancy. See California Public Resources Code 32603
• Contract: A legal written agreement that becomes binding when signed.
• County: includes city and county. See California Government Code 19
• Deed: The legal instrument used to transfer title in real property from one person to another.
• 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.
• 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}
• Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• Person: includes any person, firm, association, organization, partnership, limited liability company, business trust, corporation, or company. See California Government Code 17
• Person: includes a corporation as well as a natural person. See California Corporations Code 18
• 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.
• 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.
• 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.
• State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
• Statute: A law passed by a legislature.
• Territory: means the territory of the conservancy that consists of those portions of the Counties of Los Angeles and Orange located within the San Gabriel River and its tributaries, the lower Los Angeles River and its tributaries, the San Gabriel Mountains, the Dominguez Channel watershed, and Santa Catalina Island, including, without limitation, all of the following:

  California Public Resources Code 32603

• Trustee: A person or institution holding and administering property in trust.
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.