Terms Used In California Codes > Education Code > Title 3 > Division 10 > Part 59 > Chapter 8.5 > Article 1 - General Provisions

• 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.
• 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.
• property: includes property real and personal. See California Civil Code 14
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• will: includes codicil. See California Civil Code 14