Terms Used In California Codes > Probate Code > Division 9 > Part 4 - TRUST ADMINISTRATION

• Account in an insured credit union: means a share account in a credit union, either federally chartered or state licensed, that is insured under Title II of the Federal Credit Union Act (12 U. See California Probate Code 22
• Account in an insured savings and loan association: means a savings account or mutual capital certificate of either of the following:

  California Probate Code 23

• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Adverse action: includes all of the following:

  California Civil Code 1785.3

• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Allegation: something that someone says happened.
• 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.
• 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.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• arterial or collector street section: is a street section with more than one traffic lane in each direction either before or after the proposed improvement, or a street section on which more than 70 percent of the average daily vehicle trips do not originate or end within the proposed assessment district. See California Streets and Highways Code 5871
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• 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.
• Beneficiary: means a person to whom a donative transfer of property is made or that person's successor in interest, and:

  California Probate Code 24

• block: as used in this chapter , if so designated by the superintendent of streets. See California Streets and Highways Code 5870
• Blood components: as used in this chapter , means preparations separated from single units of whole blood or prepared for hemapheresis and intended for use as final products for transfusions. See California Health and Safety Code 1603.1
• Charitable trust: means a charitable trust as described in Section 4947(a)(1) of the Internal Revenue Code. See California Probate Code 16100
• Child: means any individual entitled to take as a child under this code by intestate succession from the parent whose relationship is involved. See California Probate Code 26
• City: includes "city and county. See California Insurance Code 15
• City: includes "city and county" and "incorporated town. See California Streets and Highways Code 15
• City: includes incorporated city, city and county, municipal corporation, municipality, town and incorporated town. See California Unemployment Insurance Code 13
• Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• commission: means the California Transportation Commission. See California Streets and Highways Code 22
• 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.
• Community property: means :

  California Probate Code 28

• Conservatee: includes a limited conservatee. See California Probate Code 29
• Conservator: includes a limited conservator. See California Probate Code 30
• Conservator: means the conservator of the person. See California Probate Code 2350
• Construction: includes :

  California Streets and Highways Code 29

• Consumer: means a natural individual. See California Civil Code 1785.3
• Consumer credit report: means any written, oral, or other communication of any information by a consumer credit reporting agency bearing on a consumer's credit worthiness, credit standing, or credit capacity, which is used or is expected to be used, or collected in whole or in part, for the purpose of serving as a factor in establishing the consumer's eligibility for: (1) credit to be used primarily for personal, family, or household purposes, or (2) employment purposes, or (3) hiring of a dwelling unit, as defined in subdivision (c) of Section 1940, or (4) other purposes authorized in Section 1785. See California Civil Code 1785.3
• Consumer credit reporting agency: means any person who, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the business of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer credit reports to third parties, but does not include any governmental agency whose records are maintained primarily for traffic safety, law enforcement, or licensing purposes. See California Civil Code 1785.3
• Continuance: Putting off of a hearing ot trial until a later time.
• County: includes city and county. See California Water Code 14
• County: includes city and county. See California Health and Safety Code 14
• County: includes "city and county. See California Insurance Code 14
• County: includes "city and county. See California Streets and Highways Code 14
• County: includes city and county. See California Unemployment Insurance Code 14
• Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) ^{Source: OCC}
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. ^{Source: OCC}
• Decedent: A deceased person.
• Department: means the Department of Transportation of this state. See California Streets and Highways Code 20
• Dependent: A person dependent for support upon another.
• Devise: when used as a noun, means a disposition of real or personal property by will, and, when used as a verb, means to dispose of real or personal property by will. See California Probate Code 32
• Devise: To gift property by will.
• Devisee: means any person designated in a will to receive a devise. See California Probate Code 34
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Domestic partner: means one of two persons who have filed a Declaration of Domestic Partnership with the Secretary of State pursuant to Division 2. See California Probate Code 37
• Driveway: means a paved portion of a public street providing an unobstructed passage from the roadway to an offstreet area used for driving, servicing, parking, or otherwise accommodating motor vehicles. See California Streets and Highways Code 5870
• easement: means a burden or servitude upon land, whether or not attached to other land as an incident or appurtenance, that allows the holder of the burden or servitude to do acts upon the land. See California Civil Code 887.010
• Efficiency improvements: means permanent improvements fixed to residential, commercial, industrial, agricultural, or other real property. See California Streets and Highways Code 5898.20
• Employment purposes: when used in connection with a consumer credit report, means a report used for the purpose of evaluating a consumer for employment, promotion, reassignment, or retention as an employee. See California Civil Code 1785.3
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• 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.
• Ex officio: Literally, by virtue of one's office.
• Executor: A male person named in a will to carry out the decedent
• facing: as used in this chapter , means "abutting" in the case of property adjoining an alley improvement. See California Streets and Highways Code 5871
• 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.
• 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.
• File: when used in connection with information on any consumer, means all of the information on that consumer recorded and retained by a consumer credit reporting agency, regardless of how the information is stored. See California Civil Code 1785.3
• Financial institution: means a state or national bank, state or federal savings and loan association or credit union, or like organization. See California Probate Code 40
• Firm offer of credit: means any offer of credit to a consumer that will be honored if, based on information in a consumer credit report on the consumer and other information bearing on the creditworthiness of the consumer, the consumer is determined to meet the criteria used to select the consumer for the offer and the consumer is able to provide any real property collateral specified in the offer. See California Civil Code 1785.3
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• 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}
• Foreign: means not organized under the laws of this State, whether or not admitted. See California Insurance Code 27
• Freeway: means a highway in respect to which the owners of abutting lands have no right or easement of access to or from their abutting lands or in respect to which such owners have only limited or restricted right or easement of access. See California Streets and Highways Code 23.5
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grantor: The person who establishes a trust and places property into it.
• Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
• Guardian: means the guardian of the person. See California Probate Code 2350
• gutters: shall include only above-ground structures appurtenant to sidewalks and curbs. See California Streets and Highways Code 5871
• 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
• Income: as used in this chapter means the return derived from principal. See California Civil Code 731.03
• 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 child custody proceeding: means a "child custody proceeding" within the meaning of Section 1903 of the Indian Child Welfare Act (25 U. See California Probate Code 1449
• 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
• Insurance agent: means a person authorized, by and on behalf of an insurer, to transact all classes of insurance other than life, disability, or health insurance, on behalf of an admitted insurance company. See California Insurance Code 31
• Inter vivos: Transfer of property from one living person to another living person.
• 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

• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• land: includes city and town lots and excepts improvements. See California Water Code 25500
• Legatee: A beneficiary of a decedent
• Legislative body: means the governing body of a public agency. See California Streets and Highways Code 5898.20
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• licensee: means an insurer, agent, broker, or any other person who is required to be licensed by the department. See California Insurance Code 38.6
• Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• maintenance: includes any of the following:

  California Streets and Highways Code 27

• Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
• Mortgage: includes a trust deed, "mortgagor" includes a trustor under such trust deed, "mortgagee" includes a beneficiary under such trust deed, or a trustee exercising powers or performing duties granted to or imposed upon him thereunder, and "lien" in respect to real or personal property includes a charge or incumbrance arising out of a trust deed. See California Insurance Code 29
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Oath: A promise to tell the truth.
• Oversight: Committee review of the activities of a Federal agency or program.
• Parent: means any individual entitled to take as a parent under this code by intestate succession from the child whose relationship is involved. See California Probate Code 54
• parking lane: means a paved area adjacent to the curb which is used exclusively for on-street parking. See California Streets and Highways Code 5871
• 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, firm, association, organization, partnership, business trust, corporation, limited liability company, or company. See California Health and Safety Code 19
• Person: means any person, association, organization, partnership, business trust, limited liability company, or corporation. See California Insurance Code 19
• Person: means any individual, partnership, corporation, trust, estate, cooperative, association, government or governmental subdivision or agency, or other entity. See California Civil Code 1785.3
• Person: means any person, firm, partnership, association, corporation, organization, limited liability company, or business trust. See California Streets and Highways Code 19
• 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
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• 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}
• 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.
• Prequalifying report: means a report containing the limited information permitted under paragraph (2) of subdivision (b) of Section 1785. See California Civil Code 1785.3
• Principal: as used in this chapter means any realty or personalty which has been so set aside or limited by the owner thereof or a person thereto legally empowered that it and any substitutions for it are eventually to be conveyed, delivered, or paid to a person, while the return therefrom or use thereof or any part of such return or use is in the meantime to be taken or received by or held for accumulation for the same or another person. See California Civil Code 731.03
• Private foundation: means a private foundation as defined in Section 509 of the Internal Revenue Code. See California Probate Code 16100
• Probate: Proving a will
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Probation officers: Screen applicants for pretrial release and monitor convicted offenders released under court supervision.
• Professional fiduciary: means a person who is a professional fiduciary as defined under subdivision (f) of §. See California Probate Code 60.1
• 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
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• public agency: means a city, county, city and county, municipal utility district, community services district, sanitary district, sanitation district, or water district, as defined in §. See California Streets and Highways Code 5898.20
• public body: means a city or special district as defined in §. See California Streets and Highways Code 8345
• Public defender: Represent defendants who can't afford an attorney in criminal matters.
• Quasi-community property: means the following property, other than community property as defined in Section 28:

  California Probate Code 66

• 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
• Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.
• Remainderman: as used in this chapter means the person ultimately entitled to the principal, whether named or designated by the terms of the transaction by which the principal was established or determined by operation of law. See California Civil Code 731.03
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• 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.
• sidewalks or curbs: includes "gutters" "driveways" "pavement" to the centerline of the street, "full pavement" in alleys, "storm and sanitary drainage facilities" "water mains" "pipes" " conduits" "tunnels" "hydrants" and "other necessary works and appliances for providing water service" "paving to provide a parking lane on arterial or collector street sections" "parkway trees" and "street lighting facilities. See California Streets and Highways Code 5871
• Split-interest trust: means a split-interest trust as described in Section 4947(a)(2) of the Internal Revenue Code. See California Probate Code 16100
• Spouse: includes domestic partner, as defined in Section 37 of this code, as required by §. See California Probate Code 72
• 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 highway: means any highway which is acquired, laid out, constructed, improved or maintained as a State highway pursuant to constitutional or legislative authorization. See California Streets and Highways Code 24
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• subscription: includes mark. See California Unemployment Insurance Code 17
• superintendent of streets: includes any other person or persons who may be designated by the legislative body to perform any of the duties of the superintendent of streets set forth in this chapter. See California Streets and Highways Code 5871
• Tenant: as used in this chapter means the person to whom income is presently or currently payable, or for whom it is accumulated or who is entitled to the beneficial use of the principal presently and for a time prior to its distribution. See California Civil Code 731.03
• terms of the trust: includes , but is not limited to, signatures, amendments, disclaimers, and any directions or instructions to the trustee that affect the disposition of the trust. See California Probate Code 16060.5
• Testator: A male person who leaves a will at death.
• Trust: includes the following:

  California Probate Code 82

• Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See California Probate Code 84
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
• 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