Terms Used In California Codes > Probate Code > Division 7 > Part 5 > Chapter 18 > Article 4 - Special Provisions Applicable to Particular Types of Property

• 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}
• 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

• Contract: A legal written agreement that becomes binding when signed.
• County: includes "city and county. See California Insurance Code 14
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Dependent: A person dependent for support upon another.
• Devisee: means any person designated in a will to receive a devise. See California Probate Code 34
• 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.
• Federal association: has the meaning given that term in subdivision (b) of §. See California Probate Code 23
• 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
• interested person: includes any of the following:

  California Probate Code 48

• 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}
• 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
• 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 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
• 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
• 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
• 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.
• 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
• 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 Insurance Code 28
• Trust: includes the following:

  California Probate Code 82

• Will: includes codicil and any testamentary instrument which merely appoints an executor or revokes or revises another will. See California Probate Code 88