Terms Used In California Codes > Probate Code > Division 7 > Part 5 > Chapter 18 - Sales

• Abstract of judgment: In a federal criminal proceeding, A certification from a U.S. District Court clerk that a judgment of restitution was entered against the defendant owing to the victim. If the defendant inherits, owns, or sells real property or holdings, these assets can then be attached at the state and local levels as well.
• Actuarial Standards Board: means the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice. See California Insurance Code 10509.953
• Amount secured by the lien: includes interest and any costs and charges secured by the lien. See California Probate Code 10360
• 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.
• Appointee: means the person in whose favor a power of appointment is exercised. See California Probate Code 610
• Appointive property: means the property or interest in property that is the subject of the power of appointment. See California Probate Code 610
• 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.
• 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.
• Basic illustration: means a ledger or proposal used in the sale of a life insurance policy that shows both guaranteed and nonguaranteed elements. See California Insurance Code 10509.953
• 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}
• board: means the board of directors of the district unless the context clearly indicates otherwise. See California Streets and Highways Code 27002
• City: includes "city and county" and "incorporated town. See California Streets and Highways Code 15
• Claim: means a demand for payment for any of the following, whether due, not due, accrued or not accrued, or contingent, and whether liquidated or unliquidated:

  California Probate Code 9000

• Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
• Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
• 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.
• Conservator: includes a limited conservator. See California Probate Code 30
• Construction: includes :

  California Streets and Highways Code 29

• Contract premium: means the gross premium that is required to be paid under a fixed premium policy, including the premium for a rider for which benefits are shown in the illustration. See California Insurance Code 10509.953
• County: includes "city and county. See California Insurance Code 14
• County: includes "city and county. See California Code of Civil Procedure 17
• County: includes "city and county. See California Streets and Highways Code 14
• Creating instrument: means the deed, will, trust, or other writing or document that creates or reserves the power of appointment. See California Probate Code 610
• 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
• Currently payable scale: means a scale of nonguaranteed elements in effect for a policy form as of the preparation date of the illustration or declared to become effective within the next 95 days. See California Insurance Code 10509.953
• debtor: means the debtor from whom the liability is sought to be collected. See California Code of Civil Procedure 688.040
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Dependent: A person dependent for support upon another.
• 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.
• Devisee: means any person designated in a will to receive a devise. See California Probate Code 34
• Director: means the director of the department. See California Streets and Highways Code 21
• Disciplined current scale: means a scale of nonguaranteed elements constituting a limit on illustrations currently being illustrated by an insurer that is reasonably based on actual recent historical experience, as certified annually by an illustration actuary designated by the insurer. See California Insurance Code 10509.953
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• district: means a bridge and highway district unless the context clearly indicates otherwise. See California Streets and Highways Code 27001
• Domestic: means organized under the laws of this State, whether or not admitted. See California Insurance Code 26
• Donor: The person who makes a gift.
• Encumbered property: means real or personal property that is subject to a lien for a secured debt which is a valid claim against the estate and which has been allowed or approved. See California Probate Code 10360
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. ^{Source: OCC}
• 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.
• 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.
• Family allowance: means an allowance provided for in Chapter 4 (commencing with Section 6540) of Part 3 of Division 6. See California Probate Code 38
• Federal association: has the meaning given that term in subdivision (b) of §. See California Probate Code 23
• Fiduciary: means personal representative, trustee, guardian, conservator, attorney-in-fact under a power of attorney, custodian under the California Uniform Transfer To Minors Act (Part 9 (commencing with Section 3900) of Division 4), or other legal representative subject to this code. See California Probate Code 39
• Fiduciary: A trustee, executor, or administrator.
• Foreign: means not organized under the laws of this State, whether or not admitted. See California Insurance Code 27
• Fraud: Intentional deception resulting in injury to another.
• Grantor: The person who establishes a trust and places property into it.
• Guaranteed elements: means the premiums, benefits, values, credits or charges under a policy of life insurance that are guaranteed and determined at issue. See California Insurance Code 10509.953
• 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.
• Heir: means any person, including the surviving spouse, who is entitled to take property of the decedent by intestate succession under this code. See California Probate Code 44
• highway: includes bridges, culverts, curbs, drains, and all works incidental to highway construction, improvement, and maintenance. See California Streets and Highways Code 23
• Illustrated scale: means a scale of nonguaranteed elements currently being illustrated that is not more favorable to the policy owner than the lesser of either of the following:

  California Insurance Code 10509.953

• Illustration: means a presentation or depiction that includes nonguaranteed elements of a policy of life insurance over a period of years and that is one of the three types defined below:

  California Insurance Code 10509.953

• Illustration actuary: means an actuary meeting the requirements of Section 10509. See California Insurance Code 10509.953
• 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
• Instrument: means a will, a document establishing or modifying a trust, a deed, or any other writing that designates a beneficiary or makes a donative transfer of property. See California Probate Code 45
• 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}
• interested person: includes any of the following:

  California Probate Code 48

• Joint resolution: A legislative measure which requires the approval of both chambers.
• 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.
• Lien: means a mortgage, deed of trust, or other lien. See California Probate Code 10360
• Life insurance: means insurance upon the lives of persons or appertaining thereto. See California Insurance Code 10509.953
• maintenance: includes any of the following:

  California Streets and Highways Code 27

• Matured installments: means the sum of all of the following:

  California Code of Civil Procedure 724.210

• Minimum assumed expenses: means the minimum expenses that may be used in the calculation of the disciplined current scale for a policy form. See California Insurance Code 10509.953
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mutual capital certificate: has the meaning given that term in §. See California Probate Code 23
• 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.
• Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year.
• 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 Water Code 19
• Person: means an individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership, limited liability company, association, or other entity. See California Probate Code 56
• Person: means any person, association, organization, partnership, business trust, limited liability company, or corporation. See California Insurance Code 19
• Person: includes a corporation as well as a natural person. See California Code of Civil Procedure 17
• Personal property: All property that is not real property.
• Personal representative: means executor, administrator, administrator with the will annexed, special administrator, successor personal representative, public administrator acting pursuant to Section 7660, or a person who performs substantially the same function under the law of another jurisdiction governing the person's status. See California Probate Code 58
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Policy owner: means the owner named in the policy or the certificate holder in the case of a group policy. See California Insurance Code 10509.953
• Power of appointment: means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. See California Probate Code 610
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Powerholder: means the person to whom a power of appointment is given or in whose favor a power of appointment is reserved. See California Probate Code 610
• 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.
• Premium outlay: means the amount of premium assumed to be paid by the policy owner or other premium payer out-of-pocket. See California Insurance Code 10509.953
• Probate: Proving a will
• Property: means anything that may be the subject of ownership and includes both real and personal property and any interest therein. See California Probate Code 62
• 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
• Quorum: The number of legislators that must be present to do business.
• Real property: includes a leasehold interest in real property. See California Probate Code 68
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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}
• 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.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Savings account: has the meaning given that term in §. See California Probate Code 23
• Savings association: has the meaning given that term in subdivision (a) of §. See California Probate Code 23
• Security: includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease, collateral trust certificate, transferable share, voting trust certificate or, in general, any interest or instrument commonly known as a security, or any certificate of interest or participation, any temporary or interim certificate, receipt, or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of the foregoing. See California Probate Code 70
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Spouse: includes "registered domestic partner" as required by §. See California Insurance Code 12.2
• State: means the State of California, unless applied to the different parts of the United States. See California Water Code 18
• State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See California Probate Code 74
• State: means the State of California, unless applied to the different parts of the United States. See California Insurance Code 28
• 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
• Statute: A law passed by a legislature.
• 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: A command to a witness to appear and give testimony.
• Summons: Another word for subpoena used by the criminal justice system.
• Supplemental illustration: means an illustration furnished in addition to a basic illustration that meets the applicable requirements of this regulation, and that may be presented in a format differing from the basic illustration, but may only depict a scale of nonguaranteed elements that is permitted in a basic illustration. See California Insurance Code 10509.953
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Trust: includes the following:

  California Probate Code 82

• Trustee: A person or institution holding and administering property in trust.
• United States: means the United States of America, and in relation to any particular matter includes the officers, agents, employees, agencies, or instrumentalities authorized to act in relation thereto. See California Water Code 20
• Will: includes codicil and any testamentary instrument which merely appoints an executor or revokes or revises another will. See California Probate Code 88
• will: includes codicil. See California Civil Code 14
• Will: includes codicil. See California Code of Civil Procedure 17
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.
• Writing: includes printing and typewriting. See California Code of Civil Procedure 17