Terms Used In California Codes > Military and Veterans Code > Division 4 > Chapter 6 > Article 3.1 - Veterans' Farm and Home Purchase Act of 1974

• Allotment trust land: means land held by the United States under the Indian General Allotment Act of 1887, as amended, (Chapter 9 (commencing with Section 331) of Title 25 of the United States Code), in trust for an individual Indian or for two or more Indians holding individual interests in common. See California Military and Veterans Code 987.53
• 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.
• Amortization: Paying off a loan by regular installments.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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: includes city and county and "incorporated town" but does not include "unincorporated town" or "village. See California Public Utilities Code 19
• Condominium: means an estate in real property consisting of an undivided interest in common in a portion of a parcel of real property together with a separate interest in space in a residential building on the real property, such as an apartment, which, in the sole opinion of the department, meets minimum property standards as defined by the department. See California Military and Veterans Code 987.53
• Conference committee: A temporary, ad hoc panel composed of conferees from both chamber of a legislature which is formed for the purpose of reconciling differences in legislation that has passed both chambers. Conference committees are usually convened to resolve bicameral differences on major and controversial legislation.
• Cooperative dwelling unit: means a unit in a development owned by a stock cooperative as defined in subdivision (m) of §. See California Military and Veterans Code 987.53
• Cooperative dwelling unit ownership documents: means cooperative housing stock together with any occupancy agreements or similar arrangements between the stock company and the owner of the cooperative housing stock. See California Military and Veterans Code 987.53
• Cooperative housing stock: means a certificate of stock, a certificate of membership, or other evidence of ownership of an interest, in a stock cooperative as defined in subdivision (m) of §. See California Military and Veterans Code 987.53
• 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.
• County: includes city and county. See California Public Utilities Code 18
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• department: means the Department of Veterans Affairs. See California Military and Veterans Code 690
• Dependent: A person dependent for support upon another.
• Effective rate of interest: means the average rate of interest on the unpaid balance due on a participation contract to which the department's legal rights are subject, and the rate of interest on the unpaid balance of the purchase price, as determined by the department. See California Military and Veterans Code 987.53
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Farm: means a tract of land, which, in the opinion of the department, is capable of producing sufficient income to provide payment of the amortized contract installments, including principal, interest, and taxes. See California Military and Veterans Code 987.53
• Home: includes all of the following:

  California Military and Veterans Code 987.53

• Immediate family: means the spouse or registered domestic partner of a purchaser, the natural or adopted dependent children of the purchaser, and the parents of the purchaser if they are dependent on the purchaser for 50 percent or more of their support. See California Military and Veterans Code 987.53
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Indian beneficiary: means an Indian for whom land is held in trust by the United States government. See California Military and Veterans Code 987.53
• Indian veteran: means a veteran, as defined in Section 980, who, in addition, either belongs to an Indian tribe, band, group, reservation, rancheria, or community which is recognized by the United States as eligible for services from the United States Bureau of Indian Affairs or is an Indian beneficiary and who is eligible under this article for purchase by the department of a home or farm sited on trust land. See California Military and Veterans Code 987.53
• Initial payment: means the first payment to be made by a purchaser to the department or the seller for a farm or home. See California Military and Veterans Code 987.53
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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.
• Lien: A claim against real or personal property in satisfaction of a debt.
• local governmental jurisdictions: means the tribal governing body. See California Military and Veterans Code 987.53
• Mobilehome: means either a parcel of real estate, or an undivided interest in common in a portion of a parcel of real property, on which is sited one or more mobilehome modules, or a site in a mobilehome park, as defined in §. See California Military and Veterans Code 987.53
• module: means a section of a mobilehome at least 10 feet wide and at least 40 feet long. See California Military and Veterans Code 987.53
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• 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.
• Participation contract: means an obligation secured by a deed of trust or mortgage, or other security interest, to include, but not be limited to, mortgage-backed securities, established pursuant to regulations of the department. See California Military and Veterans Code 987.53
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Purchase price: means the price that is paid for the acquisition of any farm or home. See California Military and Veterans Code 987.53
• Purchaser: means a veteran or any person who has entered into a contract of purchase of a farm or home from the department. See California Military and Veterans Code 987.53
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Selling price: means the price for which any farm or home is sold. See California Military and Veterans Code 987.53
• Spouse: includes "registered domestic partner" as required by §. See California Military and Veterans Code 19
• State: means the State of California, unless applied to the different parts of the United States. See California Public Utilities Code 17
• 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.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Tribal trust land: means land held in trust by the United States for an Indian tribe or band. See California Military and Veterans Code 987.53
• Tribe: means any Indian tribe, band, group, reservation, rancheria, or community which is recognized by the United States as eligible for services from the United States Bureau of Indian Affairs. See California Military and Veterans Code 987.53
• Trustee: A person or institution holding and administering property in trust.
• war: shall mean : (a) whenever Congress has declared war and peace has not been formally restored. See California Military and Veterans Code 18