Terms Used In California Codes > Education Code > Title 1 > Division 1 > Part 11 > Chapter 4 > Article 6 - Statewide Services

• Act: means the California Library Services Act. See California Education Code 18710
• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Banking organization: means any national or state bank, trust company, banking company, land bank, savings bank, safe-deposit company, private banker, or any similar organization. See California Code of Civil Procedure 1501
• 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}
• Business association: means any private corporation, joint stock company, business trust, partnership, or any association for business purposes of two or more individuals, whether or not for profit, including, but not by way of limitation, a banking organization, financial organization, life insurance corporation, and utility. See California Code of Civil Procedure 1501
• 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.
• 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}
• Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• Financial organization: means any federal or state savings and loan association, building and loan association, credit union, investment company, or any similar organization. See California Code of Civil Procedure 1501
• Holder: means any person in possession of property subject to this chapter belonging to another, or who is trustee in case of a trust, or is indebted to another on an obligation subject to this chapter. See California Code of Civil Procedure 1501
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Life insurance corporation: means any association or corporation transacting the business of insurance on the lives of persons or insurance appertaining thereto, including, but not by way of limitation, endowments, and annuities. See California Code of Civil Procedure 1501
• 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.
• Owner: means a depositor in case of a deposit, a beneficiary in case of a trust, or creditor, claimant, or payee in case of other choses in action, or any person having a legal or equitable interest in property subject to this chapter, or his or her legal representative. See California Code of Civil Procedure 1501
• 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, business association, government or governmental subdivision or agency, two or more persons having a joint or common interest, or any other legal or commercial entity, whether that person is acting in his or her own right or in a representative or fiduciary capacity. See California Code of Civil Procedure 1501
• Property: includes both personal and real property. See California Code of Civil Procedure 17
• Public library: means a library, or two or more libraries, that is operated by a single public jurisdiction and that serves its residents free of charge. See California Education Code 18710
• Residuals: means payments pursuant to a collective bargaining agreement of additional compensation for domestic and foreign uses of recorded materials. See California Code of Civil Procedure 1501
• State: includes the District of Columbia and the territories when applied to the different parts of the United States, and the words "United States" may include the district and territories. See California Code of Civil Procedure 17
• State board: means the California Library Services Board. See California Education Code 18710
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• 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.
• Will: includes codicil. See California Code of Civil Procedure 17