Part I Short Title, Construction, Application, and Subject Matter 671.101 – 671.109
Part II General Definitions and Principles of Interpretation 671.201 – 671.213
Part III Effective Date and Repealer 671.301 – 671.311

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Terms Used In Florida Statutes > Chapter 671 - Uniform Commercial Code: General Provisions

  • Acquittal:
    1. Judgement that a criminal defendant has not been proved guilty beyond a reasonable doubt.
    2. A verdict of "not guilty."
     
  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Affirmative consent: means that the recipient of electronic mail expressly consented to receive the message either in response to a clear and conspicuous request for the recipient's consent or at the recipient's own initiative. See Florida Statutes 668.602
  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • 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.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Any allowance for a trade-in vehicle: means the net trade-in allowance as reflected in the purchase contract or lease agreement if acceptable to the consumer and manufacturer. See Florida Statutes 681.102
  • 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.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Applicant: means the corporation or limited liability company on whose behalf an application for a license to operate as a licensed family trust company is submitted under…. See Florida Statutes 662.111
  • Appraisal: A determination of property value.
  • Arbitration organization: means an association, agency, board, commission, or other entity that is neutral and initiates, sponsors, or administers an arbitration proceeding or is involved in the appointment of an arbitrator. See Florida Statutes 682.011
  • Arbitrator: means an individual appointed to render an award, alone or with others, in a controversy that is subject to an agreement to arbitrate. See Florida Statutes 682.011
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Assist in the transmission: means to provide substantial assistance or support that enables a person to formulate, compose, send, originate, initiate, or transmit a commercial electronic mail message when the person providing the assistance knows or has reason to know that the initiator of the commercial electronic mail message is engaged in or intends to engage in a practice that violates this chapter. See Florida Statutes 668.602
  • Association: means a capital stock association subject to the provisions of this chapter. See Florida Statutes 665.012
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Authorized representative: means an officer or director of a family trust company, licensed family trust company, or foreign licensed family trust company, if organized as a corporation; or a manager, officer, or member of a family trust company, licensed family trust company, or foreign licensed family trust company, if organized as a limited liability company. See Florida Statutes 662.111
  • Authorized service agent: means any person, including a franchised motor vehicle dealer, who is authorized by the manufacturer to service motor vehicles. See Florida Statutes 681.102
  • Authorized user: means a director, officer, employee, third-party agent, contractor, or consultant of the owner, operator, or lessee of the protected computer or the owner of information stored in the protected computer if the director, officer, employee, third-party agent, contractor, or consultant is given express permission by the owner, operator, or lessee of the protected computer or by the owner of information stored in the protected computer to access the protected computer through a technological access barrier. See Florida Statutes 668.802
  • 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: 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
  • Bequest: Property gifted by will.
  • Board: means the Florida New Motor Vehicle Arbitration Board. See Florida Statutes 681.102
  • Business: means any trade or business regardless of its for-profit or not-for-profit status. See Florida Statutes 668.802
  • Buyer: means a person who buys or contracts to buy goods. See Florida Statutes 672.103
  • Capital account: means the aggregate value of unimpaired capital stock based on the par value of the shares, plus any unimpaired surplus and undivided profits or retained earnings of a family trust company organized as a corporation; or the initial cash investment remitted for membership interests in a family trust company organized as a limited liability company, plus any undivided profits or retained earnings of the limited liability company. See Florida Statutes 662.111
  • Capital stock: means the shares of stock issued to create nonwithdrawable capital for a corporation, or membership interests issued to create nonwithdrawable capital for a limited liability company. See Florida Statutes 662.111
  • Capital stock: means the aggregate of shares of nonwithdrawable capital issued by a capital stock association, but does not include nonwithdrawable capital represented by capital certificates. See Florida Statutes 665.012
  • Capital stock: means the aggregate of shares of nonwithdrawable capital issued by a capital stock association, but does not include nonwithdrawable capital represented by capital certificates. See Florida Statutes 667.002
  • Collateral charges: means those additional charges to a consumer wholly incurred as a result of the acquisition of the motor vehicle. See Florida Statutes 681.102
  • Collateral kinship: means a relationship that is not lineal but derives from a common ancestor. See Florida Statutes 662.111
  • Commercial banking: means the business of receiving demand and time deposits, paying checks, or lending money to the public. See Florida Statutes 662.111
  • Commercial electronic mail message: means an electronic mail message sent to promote the sale or lease of, or investment in, property, goods, or services related to any trade or commerce. See Florida Statutes 668.602
  • Commission: means the Financial Services Commission. See Florida Statutes 662.111
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Computer: means an electronic, magnetic, optical, electrochemical, or other high-speed data processing device that performs logical, arithmetic, or storage functions and includes any data storage facility, data storage device, or communications facility directly related to, or operating in conjunction with, the device. See Florida Statutes 668.802
  • Computer virus: means a computer program that is designed to replicate itself or affect another program or file in the computer by attaching a copy of the program or other set of instructions to one or more computer programs or files without the consent of the owner or lawful user. See Florida Statutes 668.602
  • Consumer: means the purchaser, other than for purposes of resale, or the lessee, of a motor vehicle primarily used for personal, family, or household purposes; any person to whom such motor vehicle is transferred for the same purposes during the duration of the Lemon Law rights period; and any other person entitled by the terms of the warranty to enforce the obligations of the warranty. See Florida Statutes 681.102
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Florida Statutes 672.106
  • Controlling stockholder or member: means an individual who owns or has the ability or power to directly or indirectly vote at least 10 percent or more of the outstanding shares, membership interest, or membership units of the family trust company or licensed family trust company. See Florida Statutes 662.111
  • 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.
  • Counterclaim: A claim that a defendant makes against a plaintiff.
  • Court: means a court of competent jurisdiction in this state. See Florida Statutes 682.011
  • 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
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Days: means calendar days. See Florida Statutes 681.102
  • 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.
  • Department: means the Department of Legal Affairs. See Florida Statutes 681.102
  • Department: means the Department of Legal Affairs. See Florida Statutes 668.602
  • Department: means the Department of Legal Affairs. See Florida Statutes 668.702
  • 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.
  • Designated relative: means a common ancestor of a family, who may be a living or deceased person, and who is so designated in the application for a license or annual license. See Florida Statutes 662.111
  • Devise: To gift property by will.
  • 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:
  • Docket: A log containing brief entries of court proceedings.
  • Dwelling unit: means a single, unified combination of rooms which is designed for residential use by one family in a multiple dwelling unit structure and which is not "home property. See Florida Statutes 665.012
  • Dwelling unit: means a single, unified combination of rooms which is designed for residential use by one family in a multiple dwelling unit structure and which is not "home property. See Florida Statutes 667.002
  • Earnings: means that part of the sources available for payment of earnings of an association which is declared payable on savings accounts from time to time by the board of directors, and is the cost of savings money to the association. See Florida Statutes 665.012
  • Earnings: means that part of the sources available for payment of earnings of a savings bank which is declared payable on savings accounts from time to time by the board of directors and is the cost of savings money to the savings bank. See Florida Statutes 667.002
  • Electronic mail address: means a destination, commonly expressed as a string of characters, to which electronic mail may be sent or delivered. See Florida Statutes 668.602
  • Electronic mail message: means an electronic message or computer file that is transmitted between two or more telecommunications devices; computers; computer networks, regardless of whether the network is a local, regional, or global network; or electronic devices capable of receiving electronic messages, regardless of whether the message is converted to hard copy format after receipt, viewed upon transmission, or stored for later retrieval. See Florida Statutes 668.602
  • 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
  • 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.
  • Executor: A male person named in a will to carry out the decedent
  • 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 affiliate: means a company or other entity in which one or more family members own, control, or have the power to directly or indirectly vote more than 50 percent of a class of voting securities of that company or other entity. See Florida Statutes 662.111
  • Family member: means :
    (a) A designated relative. See Florida Statutes 662.111
  • Family trust company: means a corporation or limited liability company that:
    (a) Is exclusively owned by one or more family members. See Florida Statutes 662.111
  • Family trust company-affiliated party: means :
    (a) A director, officer, manager, employee, or controlling stockholder or member of a family trust company, licensed family trust company, or foreign licensed family trust company; or
    (b) A stockholder, a member, or any other person as determined by the office who participates in the affairs of a family trust company, licensed family trust company, or foreign licensed family trust company. See Florida Statutes 662.111
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Fiduciary account: means the estate, trust, or other fiduciary relationship which, by any governing instrument or in any other lawful manner, has been or is established or provided for with a trust company, trust department, or other person and includes the assets, rights, liabilities, and obligations thereof. See Florida Statutes 660.25
  • Fiduciary capacity: means the status or position, assigned or assumed, of a fiduciary. See Florida Statutes 660.25
  • 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 licensed family trust company: means a family trust company that:
    (a) Is licensed by a state in the United States other than this state or the District of Columbia. See Florida Statutes 662.111
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Germane: On the subject of the pending bill or other business; a strict standard of relevance.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Governing instrument: means a will, trust agreement, trust indenture, or other communication which creates or provides for a trust in any lawful form or manner; an order, judgment, or decree of a court or an appointment by a court in any form; or any other designation, appointment, agreement, statement, instruction, message, or information, the terms or effect of which creates, establishes, or otherwise provides for a fiduciary account or relationship, or the terms or effect of which creates, appoints, or otherwise provides for or requires a person to act in a fiduciary capacity, or the terms or effect of which contains or provides for grants or limitations of, or directions or instructions to or with respect to, the authorities, powers, or discretions exercisable by a fiduciary with respect to a fiduciary account. See Florida Statutes 660.25
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • 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.
  • Harm: means any impairment to the integrity, access, or availability of data, programs, systems, or information. See Florida Statutes 668.802
  • Home property: means real estate on which there is located, or will be located pursuant to a real estate loan, either a structure designed for residential use by one family or a single condominium unit, including common elements pertinent thereto, designed for residential use by one family in a multiple-dwelling-unit structure or complex and includes fixtures and home furnishings and equipment. See Florida Statutes 665.012
  • Home property: means real estate on which is located, or will be located pursuant to a real estate loan, a structure designed for residential use by one family or a single condominium unit, including common elements pertinent to such unit, designed for residential use by one family in a multiple-dwelling-unit structure or complex and including fixtures, home furnishings, and equipment. See Florida Statutes 667.002
  • Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate.
  • Incidental charges: means those reasonable costs to the consumer which are directly caused by the nonconformity of the motor vehicle. See Florida Statutes 681.102
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Interactive computer service: means any information service, system, or access software provider that provides or enables computer access by multiple users to a computer server, including specifically, but not limited to, a service or system that provides access to the Internet and the systems operated or services offered by libraries or educational institutions. See Florida Statutes 668.602
  • 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
  • Internet domain name: means a globally unique, hierarchical reference to an Internet host or service, which is assigned through centralized Internet naming authorities and which is comprised of a series of character strings separated by periods, with the right-most string specifying the top of the hierarchy. See Florida Statutes 668.602
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Knowledge: means actual knowledge. See Florida Statutes 682.011
  • Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
  • 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
  • Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
  • Lemon Law rights period: means the period ending 24 months after the date of the original delivery of a motor vehicle to a consumer. See Florida Statutes 681.102
  • Lessee: means any consumer who leases a motor vehicle for 1 year or more pursuant to a written lease agreement which provides that the lessee is responsible for repairs to such motor vehicle or any consumer who leases a motor vehicle pursuant to a lease-purchase agreement. See Florida Statutes 681.102
  • Lessee cost: means the aggregate deposit and rental payments previously paid to the lessor for the leased vehicle but excludes debt from any other transaction. See Florida Statutes 681.102
  • Lessor: means a person who holds title to a motor vehicle that is leased to a lessee under a written lease agreement or who holds the lessor's rights under such agreement. See Florida Statutes 681.102
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Licensed family trust company: means a family trust company that operates in accordance with this chapter and has been issued a license that has not been revoked or suspended by the office. See Florida Statutes 662.111
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Lineal kinship: means a family member who is in the direct line of ascent or descent from a designated relative. See Florida Statutes 662.111
  • Liquid assets: means :
    (a) Cash on hand;
    (b) Cash on deposit in federal home loan banks, federal reserve banks, state banks performing similar reserve functions, or financial depository institutions, which is withdrawable upon not more than 30 days' notice and which is not pledged as security for indebtedness, except that any deposits in a financial depository institution under the control or in the possession of any supervisory authority shall not be considered as liquid assets;
    (c) Obligations of, or obligations which are fully guaranteed as to principal and interest by, the United States or this state; and
    (d) Such other assets as may be approved by the office which are accepted as liquid assets for federally insured associations by the appropriate federal regulatory agency. See Florida Statutes 665.012
  • Liquid assets: means :
    (a) Cash on hand. See Florida Statutes 667.002
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Loss: means any of the following:
    (a) Any reasonable cost incurred by the owner, operator, or lessee of a protected computer or the owner of stored information, including the reasonable cost of conducting a damage assessment for harm associated with the violation and the reasonable cost for remediation efforts, such as restoring the data, programs, systems, or information to the condition it was in before the violation. See Florida Statutes 668.802
  • Manufacturer: means any person, whether a resident or nonresident of this state, who manufactures or assembles motor vehicles, or who manufactures or assembles chassis for recreational vehicles, or who manufactures or installs on previously assembled truck or recreational vehicle chassis special bodies or equipment which, when installed, forms an integral part of the motor vehicle, or a distributor or an importer as those terms are defined in…. See Florida Statutes 681.102
  • minor: includes any person who has not attained the age of 18 years. See Florida Statutes 1.01
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Motor vehicle: means a new vehicle, propelled by power other than muscular power, which is sold in this state to transport persons or property, and includes a recreational vehicle or a vehicle used as a demonstrator or leased vehicle if a manufacturer's warranty was issued as a condition of sale, or the lessee is responsible for repairs, but does not include vehicles run only upon tracks, off-road vehicles, trucks over 10,000 pounds gross vehicle weight, motorcycles, mopeds, electric bicycles, or the living facilities of recreational vehicles. See Florida Statutes 681.102
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • Net income: means gross revenues for an accounting period less all expenses paid or incurred, taxes, and losses sustained as shall not have been charged to reserves pursuant to the provisions of this chapter. See Florida Statutes 665.012
  • Net income: means gross revenues for an accounting period, less all expenses paid or incurred, taxes, and losses sustained as shall not have been charged to reserves pursuant to the provisions of this chapter. See Florida Statutes 667.002
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Nonconformity: means a defect or condition that substantially impairs the use, value, or safety of a motor vehicle, but does not include a defect or condition that results from an accident, abuse, neglect, modification, or alteration of the motor vehicle by persons other than the manufacturer or its authorized service agent. See Florida Statutes 681.102
  • Oath: A promise to tell the truth.
  • oath: includes affirmations. See Florida Statutes 1.01
  • 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.
  • Office: means the Office of Financial Regulation. See Florida Statutes 662.111
  • Oversight: Committee review of the activities of a Federal agency or program.
  • 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, business trust, estate, trust, partnership, limited liability company, association, joint venture, or government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity. See Florida Statutes 682.011
  • Person: means any individual, group of individuals, firm, association, corporation, partnership, joint venture, sole proprietorship, or any other business entity. See Florida Statutes 668.602
  • person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
  • Personal property: All property that is not real property.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • political subdivision: include counties, cities, towns, villages, special tax school districts, special road and bridge districts, bridge districts, and all other districts in this state. See Florida Statutes 1.01
  • 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.
  • present sale: means a sale which is accomplished by the making of the contract. See Florida Statutes 672.106
  • Primarily residential property: means real estate on which there is located, or will be located pursuant to a real estate loan, any of the following:
    (a) A structure or structures designed or used primarily for residential rather than nonresidential purposes and consisting of more than one dwelling unit. See Florida Statutes 665.012
  • Primarily residential property: means real estate on which there is located, or will be located pursuant to a real estate loan:
    (a) Any structure designed or used primarily for residential rather than nonresidential purposes and consisting of more than one dwelling unit. See Florida Statutes 667.002
  • Probate: Proving a will
  • Procedure: means an informal dispute-settlement procedure established by a manufacturer to mediate and arbitrate motor vehicle warranty disputes. See Florida Statutes 681.102
  • Program: means the mediation and arbitration pilot program for recreational vehicles established in this chapter. See Florida Statutes 681.102
  • Protected computer: means a computer that is used in connection with the operation of a business and stores information, programs, or code in connection with the operation of the business in which the stored information, programs, or code can be accessed only by employing a technological access barrier. See Florida Statutes 668.802
  • Purchase price: means the cash price as defined in…. See Florida Statutes 681.102
  • Real estate loan: means any loan or other obligation secured by a lien on real estate in any state held in fee or in a leasehold extending or renewable automatically for a period of at least 15 years beyond the date scheduled for the final principal payment of such loan or obligation, or any transaction out of which a lien or claim is created against such real estate, including among other things the purchase of such real estate in fee by an association and the concurrent or immediate sale thereof on installment contract. See Florida Statutes 665.012
  • Real estate loan: means any loan or other obligation secured by a lien on real estate in any state held in fee or in a leasehold extending or renewable automatically for a period of at least 15 years beyond the date scheduled for the final principal payment of such loan or obligation, or any transaction out of which a lien or claim is created against such real estate, including, but not limited to, the purchase of such real estate in fee by a savings bank and the concurrent or immediate sale of such real estate on installment contract. See Florida Statutes 667.002
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Reasonable offset for use: means the number of miles attributable to a consumer up to the date of a settlement agreement or arbitration hearing, whichever occurs first, multiplied by the base selling or sale price of the vehicle as reflected on the purchase invoice, exclusive of taxes, government fees, and dealer fees, or in the case of a lease, the agreed upon value as reflected in the lease agreement and divided by 120,000, except in the case of a recreational vehicle, in which event it shall be divided by 60,000. See Florida Statutes 681.102
  • Reasonably equivalent to the motor vehicle to be replaced: means the manufacturer's suggested retail price of the replacement vehicle shall not exceed 105 percent of the manufacturer's suggested retail price of the motor vehicle to be replaced. See Florida Statutes 681.102
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Florida Statutes 682.011
  • 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
  • Recreational vehicle: means a motor vehicle primarily designed to provide temporary living quarters for recreational, camping, or travel use, but does not include a van conversion. See Florida Statutes 681.102
  • registered mail: include certified mail with return receipt requested. See Florida Statutes 1.01
  • 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.
  • Replacement motor vehicle: means a motor vehicle which is identical or reasonably equivalent to the motor vehicle to be replaced, as the motor vehicle to be replaced existed at the time of acquisition. See Florida Statutes 681.102
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Routine conveyance: means the transmission, routing, relaying, handling, or storing, through an automatic technical process, of an electronic mail message for which another person has identified the recipients or provided the recipient addresses. See Florida Statutes 668.602
  • Savings account: means that part of the savings liability of the association which is credited to the account of the holder thereof. See Florida Statutes 665.012
  • Savings account: means that part of the savings liability of the savings bank which is credited to the account of the holder of such account. See Florida Statutes 667.002
  • Savings bank: means a capital stock or mutual savings bank subject to the provisions of this chapter. See Florida Statutes 667.002
  • Savings liability: means the aggregate amount of savings accounts of depositors, including earnings credited to such accounts, less redemptions and withdrawals. See Florida Statutes 665.012
  • Savings liability: means the aggregate amount of savings accounts of depositors, including earnings credited to such accounts, less redemptions and withdrawals. See Florida Statutes 667.002
  • Seller: means a person who sells or contracts to sell goods. See Florida Statutes 672.103
  • Service of process: The service of writs or summonses to the appropriate party.
  • 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.
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Technological access barrier: means a password, security code, token, key fob, access device, or similar measure. See Florida Statutes 668.802
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Trade or commerce: means the advertising, soliciting, providing, offering, or distributing, whether by sale, rental, or otherwise, of any goods or service, or any property, whether tangible or intangible, or any other article, commodity, or thing of value, wherever situated. See Florida Statutes 668.602
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Unsolicited commercial electronic mail message: means any commercial electronic mail message that is not a transactional or relationship message and is sent to a recipient without the recipient's affirmative or implied consent. See Florida Statutes 668.602
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC
  • Venue: The geographical location in which a case is tried.
  • Warranty: means any written warranty issued by the manufacturer, or any affirmation of fact or promise made by the manufacturer, excluding statements made by the dealer, in connection with the sale of a motor vehicle to a consumer which relates to the nature of the material or workmanship and affirms or promises that such material or workmanship is free of defects or will meet a specified level of performance. See Florida Statutes 681.102
  • Web page: means a location that has a single uniform resource locator (URL) with respect to the World Wide Web or another location that can be accessed on the Internet. See Florida Statutes 668.702
  • Without authorization: means access to a protected computer by a person who:
    (a) Is not an authorized user;
    (b) Has stolen a technological access barrier of an authorized user; or
    (c) Circumvents a technological access barrier on a protected computer without the express or implied permission of the owner, operator, or lessee of the computer or the express or implied permission of the owner of information stored in the protected computer. See Florida Statutes 668.802
  • writing: includes handwriting, printing, typewriting, and all other methods and means of forming letters and characters upon paper, stone, wood, or other materials. See Florida Statutes 1.01