Terms Used In California Codes > Financial Code > Division 7 > Chapter 7 > Article 3 - Purpose and Scope of Guaranty Corporation

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• 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}
• City: means any city whether general law or charter, including a city and county, and including any city the name of which includes the word "town. See California Health and Safety Code 13802
• company: as used in this division means a premium finance agency as defined in Section 18560. See California Financial Code 18003
• County: includes city and county. See California Health and Safety Code 14
• Decedent: A deceased person.
• District: means a fire protection district created pursuant to this part or created pursuant to any law which this part supersedes. See California Health and Safety Code 13802
• Executor: A male person named in a will to carry out the decedent
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• 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}
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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 person, firm, association, organization, partnership, business trust, corporation, limited liability company, or company. See California Health and Safety Code 19
• 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
• Principal county: means the county having all or the greater portion of the entire assessed value, as shown on the last equalized assessment roll of the county or counties, of all taxable property within a district. See California Health and Safety Code 13802
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• State: means the State of California, unless applied to the different parts of the United States. See California Health and Safety Code 23
• Thrift obligations: as used in this chapter include principal invested in investment or thrift certificates however evidenced, and unpaid interest thereon accrued as of the last interest accrual date prior to the date the commissioner takes possession of the property and business of a member or the date such member is the subject of an order for relief in bankruptcy, whichever occurs sooner. See California Financial Code 18477
• Trustee: A person or institution holding and administering property in trust.