Terms Used In California Codes > Financial Code > Division 1.1 > Chapter 16 - Trust Companies

• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affinity: signifies the connection existing in consequence of marriage, between each of the married persons and the blood relatives of the other when applied to the marriage relation. See California Code of Civil Procedure 17
• Agreement: includes , but is not limited to, agreements providing for valuations, appraisals, and similar proceedings and agreements between employers and employees or between their respective representatives. See California Code of Civil Procedure 1280
• Allegation: something that someone says happened.
• 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.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Applicant: means a person who has applied for a state gambling license, a key employee license, a registration, a finding of suitability, a work permit, a manufacturer's or distributor's license, or an approval of any act or transaction for which the approval or authorization of the commission or department is required or permitted under this chapter. See California Business and Professions Code 19805
• Award: includes , but is not limited to, an award made pursuant to an agreement not in writing. See California Code of Civil Procedure 1280
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• 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}
• Bequest: Property gifted by will.
• Board: means the Podiatric Medical Board of California. See California Business and Professions Code 2461
• Board: means the Medical Board of California. See California Business and Professions Code 2506
• certificate: as used in this chapter are deemed to be synonomous. See California Business and Professions Code 2040
• Certified nurse-midwife: means a person to whom a certificate has been issued pursuant to Article 2. See California Business and Professions Code 2506
• Chief: means the head of the entity within the department that is responsible for fulfilling the obligations imposed upon the department by this chapter. See California Business and Professions Code 19805
• City: includes city and county. See California Business and Professions Code 18
• City: includes incorporated city, city and county, municipal corporation, municipality, town and incorporated town. See California Financial Code 13
• Commission: means the California Gambling Control Commission. See California Business and Professions Code 19805
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Consumer: means an individual who seeks, uses, or acquires, by purchase or lease, any goods or services for personal, family, or household purposes. See California Code of Civil Procedure 1280
• Continuance: Putting off of a hearing ot trial until a later time.
• Controlled gambling: means to deal, operate, carry on, conduct, maintain, or expose for play any controlled game. See California Business and Professions Code 19805
• Controlled game: means any controlled game, as defined by subdivision (e) of Section 337j of the Penal Code. See California Business and Professions Code 19805
• Controversy: means any question arising between parties to an agreement whether the question is one of law or of fact or both. See California Code of Civil Procedure 1280
• Counterclaim: A claim that a defendant makes against a plaintiff.
• County: includes "city and county. See California Code of Civil Procedure 17
• County: includes "city and county. See California Corporations Code 14
• County: includes city and county. See California Family Code 67
• creditor: means the state or the department or agency of the state seeking to collect the liability. See California Code of Civil Procedure 688.040
• debtor: means the debtor from whom the liability is sought to be collected. See California Code of Civil Procedure 688.040
• Department: means the Department of Justice. See California Business and Professions Code 19805
• Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
• Devise: To gift property by will.
• Director: means a director of a corporation or a person performing similar functions with respect to any organization. See California Business and Professions Code 19805
• Drafting party: means the company or business that included a predispute arbitration provision in a contract with a consumer or employee. See California Code of Civil Procedure 1280
• Employee: means any current employee, former employee, or applicant for employment. See California Code of Civil Procedure 1280
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Executor: A male person named in a will to carry out the decedent
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Finding of suitability: means a finding that a person meets the qualification criteria described in subdivisions (a) and (b) of Section 19857, and that the person would not be disqualified from holding a state gambling license on any of the grounds specified in Section 19859. See California Business and Professions Code 19805
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Gambling: means to deal, operate, carry on, conduct, maintain, or expose for play a controlled game. See California Business and Professions Code 19805
• Gambling enterprise: means a natural person or an entity, whether individual, corporate, or otherwise, that conducts a gambling operation and that by virtue is required to hold a state gambling license under this chapter. See California Business and Professions Code 19805
• Gambling operation: means exposing for play one or more controlled games that are dealt, operated, carried on, conducted, or maintained for commercial gain. See California Business and Professions Code 19805
• Governing board: means board of school trustees, community college board of trustees, and city, and city and county board of education. See California Education Code 78
• Grantor: The person who establishes a trust and places property into it.
• Gross revenue: means the total of all compensation received for conducting any controlled game, and includes interest received in payment for credit extended by an owner licensee to a patron for purposes of gambling, except as provided by regulation. See California Business and Professions Code 19805
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Hours of operation: means the period during which a gambling establishment is open to conduct the play of controlled games within a 24-hour period. See California Business and Professions Code 19805
• Income: as used in this chapter means the return derived from principal. See California Civil Code 731.03
• Installment judgment: means a money judgment under which a lien may be created on an interest in real property under Section 697. See California Code of Civil Procedure 724.210
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• legislative body: means board of trustees, city council, or other governing body of a city. See California Government Code 34000
• License: means a gambling license, key employee license, or any other license issued by the commission pursuant to this chapter or regulations adopted pursuant to this chapter. See California Business and Professions Code 19805
• Licensed midwife: means an individual to whom a license to practice midwifery has been issued pursuant to this article. See California Business and Professions Code 2506
• licensed premises: except as otherwise defined in Section 19812, means one or more rooms where a controlled gambling or activity directly related to controlled gambling occurs. See California Business and Professions Code 19805
• licensee: as used in this chapter means the holder of a physician's and surgeon's certificate or doctor of podiatric medicine's certificate, as the case may be, who is engaged in the professional practice authorized by the certificate under the jurisdiction of the appropriate board. See California Business and Professions Code 2041
• Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• Lineal descendant: Direct descendant of the same ancestors.
• Matured installments: means the sum of all of the following:

  California Code of Civil Procedure 724.210

• mediation: means a process in which a neutral person or persons facilitate communication between the disputants to assist them in reaching a mutually acceptable agreement. See California Code of Civil Procedure 1775.1
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Neutral arbitrator: means an arbitrator who is (1) . See California Code of Civil Procedure 1280
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Oath: A promise to tell the truth.
• Oath: includes affirmation. See California Financial Code 16
• order: include a decree, as appropriate under the circumstances. See California Family Code 100
• Owner licensee: means an owner of a gambling enterprise who holds a state gambling license. See California Business and Professions Code 19805
• Parent and child relationship: as used in this part means the legal relationship existing between a child and the child's natural or adoptive parents incident to which the law confers or imposes rights, privileges, duties, and obligations. See California Family Code 7601
• Party to the arbitration: means a party to the arbitration agreement, including any of the following:

  California Code of Civil Procedure 1280

• Person: means any person, firm, association, organization, partnership, business trust, corporation, limited liability company, or company. See California Water Code 19
• person: includes a corporation as well as a natural person. See California Penal Code 7
• Person: includes a natural person, firm, association, organization, partnership, business trust, corporation, limited liability company, or public entity. See California Family Code 105
• Person: includes any person, firm, partnership, association, corporation, company, limited liability company, syndicate, estate, trust, business trust, or organization of any kind. See California Financial Code 18
• Petitioner: includes plaintiff, where appropriate. See California Family Code 126
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• podiatric medicine: means the diagnosis, medical, surgical, mechanical, manipulative, and electrical treatment of the human foot, including the ankle and tendons that insert into the foot and the nonsurgical treatment of the muscles and tendons of the leg governing the functions of the foot. See California Business and Professions Code 2472
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Principal: as used in this chapter means any realty or personalty which has been so set aside or limited by the owner thereof or a person thereto legally empowered that it and any substitutions for it are eventually to be conveyed, delivered, or paid to a person, while the return therefrom or use thereof or any part of such return or use is in the meantime to be taken or received by or held for accumulation for the same or another person. See California Civil Code 731.03
• Probate: Proving a will
• Proceeding: includes an action. See California Family Code 110
• Process: includes a writ or summons issued in the course of judicial proceedings of either a civil or criminal nature. See California Government Code 22
• Process: signifies a writ or summons issued in the course of a judicial proceeding. See California Code of Civil Procedure 17
• property: includes property real and personal. See California Civil Code 14
• Property: includes both personal and real property. See California Code of Civil Procedure 17
• Public defender: Represent defendants who can't afford an attorney in criminal matters.
• Qualified court investigator: as used in this article , has the meaning provided by Section 8543. See California Family Code 7852
• Quorum: The number of legislators that must be present to do business.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.
• Remainderman: as used in this chapter means the person ultimately entitled to the principal, whether named or designated by the terms of the transaction by which the principal was established or determined by operation of law. See California Civil Code 731.03
• Remand: When an appellate court sends a case back to a lower court for further proceedings.
• Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
• Sell: includes offer for sale, expose for sale, possess for sale, exchange, barter, or trade. See California Food and Agricultural Code 44
• Spouse: includes "registered domestic partner" as required by §. See California Code of Civil Procedure 17
• State: means the State of California, unless applied to the different parts of the United States. See California Water Code 18
• 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: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the district and territories. See California Penal Code 7
• 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 that term occurs unless some other section is expressly mentioned. See California Water Code 10
• Subpoena duces tecum: A command to a witness to produce documents.
• Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
• Tenant: as used in this chapter means the person to whom income is presently or currently payable, or for whom it is accumulated or who is entitled to the beneficial use of the principal presently and for a time prior to its distribution. See California Civil Code 731.03
• Testator: A male person who leaves a will at death.
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
• will: includes codicil. See California Civil Code 14
• Will: includes codicil. See California Code of Civil Procedure 17
• Writing: includes printing and typewriting. See California Code of Civil Procedure 17
• Writing: includes any form of recorded message capable of comprehension by ordinary visual means. See California Financial Code 8