Terms Used In California Codes > Penal Code > Part 3 > Title 7 > Chapter 5 > Article 5 - Second Chance Program

• 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.
• Bequest: Property gifted by will.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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 Health and Safety Code 14
• county: includes "city and county". See California Penal Code 7
• department: means State Department of Health Services. See California Health and Safety Code 20
• Devise: To gift property by will.
• Director: means "State Director of Health Services. See California Health and Safety Code 21
• 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.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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}
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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}
• 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.
• 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 a corporation as well as a natural person. See California Penal Code 7
• Personal property: All property that is not real property.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Spouse: includes "registered domestic partner" as required by §. See California Health and Safety Code 12.2
• State: means the State of California, unless applied to the different parts of the United States. See California Health and Safety Code 23
• 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