Terms Used In California Codes > Family Code > Division 2.5 > Part 3 - TERMINATION

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Director: means the Director of Consumer Affairs. See California Business and Professions Code 7601
• 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.
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensee: means any person authorized by a license, certificate, registration, or other means to engage in a business or profession regulated by this code or referred to in Sections 1000 and 3600. See California Business and Professions Code 23.8
• 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.
• 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.
• Proceeding: includes an action. See California Family Code 110
• Property: includes real and personal property and any interest therein. See California Family Code 113
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• State: means a state of the United States, the District of Columbia, or a commonwealth, territory, or insular possession subject to the jurisdiction of the United States. See California Family Code 145
• Subdivision: means a subdivision of the section in which the term occurs unless some other section is expressly mentioned. See California Government Code 10
• Support: refers to a support obligation owing on behalf of a child, spouse, or family, or an amount owing pursuant to Section 17402. See California Family Code 150