Terms Used In California Codes > Water Code > Division 21 > Part 7 > Chapter 2 > Article 4 - Election

• Contract: A legal written agreement that becomes binding when signed.
• County: includes city and county. See California Revenue and Taxation Code 15
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Person: means any person, firm, association, organization, partnership, business trust, corporation, limited liability company, or company. See California Water Code 19
• 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}