Terms Used In Florida Statutes > Chapter 672 - Uniform Commercial Code: Sales
Abandoned property: means all tangible personal property that does not have an identifiable owner and that has been disposed on public property in a wrecked, inoperative, or partially dismantled condition or has no apparent intrinsic value to the rightful owner. See Florida Statutes 705.101
Account: means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit. See Florida Statutes 674.104
Judgement that a criminal defendant has not been proved guilty beyond a reasonable doubt.
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.
Amortization: Paying off a loan by regular installments.
Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
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.
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
Arbitration: means any arbitration, whether or not administered by a permanent arbitral institution. See Florida Statutes 684.0003
Arbitration agreement: means an agreement by the parties to submit to arbitration all or certain disputes that have arisen or may arise between them in respect of a defined legal relationship, whether contractual or not. See Florida Statutes 684.0003
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
Arrest: Taking physical custody of a person by lawful authority.
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
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
Bailee: means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. See Florida Statutes 677.102
Banking day: means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions. See Florida Statutes 674.104
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
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
Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority.
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.
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
Commercial unit: means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See Florida Statutes 680.1031
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 covenant or restriction: means any agreement or limitation contained in a document recorded in the public records of the county in which a parcel is located which:
(a) Subjects the parcel to any use restriction that may be enforced by a property owners' association; or
(b) Authorizes a property owners' association to impose a charge or assessment against the parcel or the parcel owner. See Florida Statutes 712.01
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
Consignee: means a person named in a bill of lading to which or to whose order the bill promises delivery. See Florida Statutes 677.102
Consignor: means a person named in a bill of lading as the person from which the goods have been received for shipment. See Florida Statutes 677.102
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
Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed $25,000. See Florida Statutes 680.1031
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.
Covenant or restriction: means any agreement or limitation contained in a document recorded in the public records of the county in which a parcel is located which subjects the parcel to any use or other restriction or obligation. See Florida Statutes 712.01
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
Customer: means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank. See Florida Statutes 674.104
Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
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.
Delivery order: means a record that contains an order to deliver goods directed to a warehouse, carrier, or other person that in the ordinary course of business issues warehouse receipts or bills of lading. See Florida Statutes 677.102
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.
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:
Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities (s. See Florida Statutes 674.104
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
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.
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
(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
Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
Felony: A crime carrying a penalty of more than a year in prison.
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
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).
Forbearance: A means of handling a delinquent loan. A
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.
Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Florida Statutes 677.102
Goods: means all things that are treated as movable for the purposes of a contract of storage or transportation. See Florida Statutes 677.102
Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (s. See Florida Statutes 680.1031
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
Grantor: The person who establishes a trust and places property into it.
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
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
Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
Installment lease contract: means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent. See Florida Statutes 680.1031
Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
Inter vivos: Transfer of property from one living person to another living person.
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
Intestate: Dying without leaving a will.
Investment authority: means the responsibility or power conferred by action or operation of law or by a provision of a governing instrument to make, select, or change investments. See Florida Statutes 660.25
Issuer: means a bailee who issues a document of title or, in the case of an unaccepted delivery order, the person who orders the possessor of goods to deliver. See Florida Statutes 677.102
Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Florida Statutes 674.104
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.
Law enforcement officer: means any person who is elected, appointed, or employed full time by any sheriff, any municipality, or the state or any political subdivision thereof; who is vested with authority to bear arms and make arrests; and whose primary responsibility is the prevention and detection of crime or the enforcement of the penal, criminal, traffic, or highway laws of the state. See Florida Statutes 705.101
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: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Florida Statutes 680.1031
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
Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this chapter. See Florida Statutes 680.1031
Lease contract: means the total legal obligation that results from the lease agreement as affected by this chapter and any other applicable rules of law. See Florida Statutes 680.1031
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
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.
Lien: means a charge against or interest in goods to secure payment of a debt or performance of an obligation, but the term does not include a security interest. See Florida Statutes 680.1031
Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
line of credit: whenever used in this chapter , means an arrangement under which one or more loans or advances of money may be made available to a debtor in one transaction or a series of related transactions. See Florida Statutes 687.0303
Lineal descendant: Direct descendant of the same ancestors.
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
Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
Local government: means the board of county commissioners of a county or the commission or council of any municipality in the county. See Florida Statutes 705.101
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
Lost property: means all tangible personal property which does not have an identifiable owner and which has been mislaid on public property, upon a public conveyance, on premises used at the time for business purposes, or in parks, places of amusement, public recreation areas, or other places open to the public in a substantially operable, functioning condition or which has an apparent intrinsic value to the rightful owner. See Florida Statutes 705.101
Lot: means a parcel or a single article that is the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract. See Florida Statutes 680.1031
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, a distributor as defined in…. See Florida Statutes 681.102
Merchant lessee: means a lessee who is a merchant with respect to goods of the kind subject to the lease. See Florida Statutes 680.1031
Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
Mortgagee: The person to whom property is mortgaged and who has loaned the money.
Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
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
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
Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.
Oversight: Committee review of the activities of a Federal agency or program.
Parcel: means any real property that is subject to any covenant or restriction of a property owners' association. See Florida Statutes 712.01
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.
Per stirpes: The legal means by which the children of a decedent, upon the death of an ancestor at a level above that of the decedent, receive by right of representation the share of the ancestor
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: includes the singular or plural, natural or corporate, private or governmental, including the state and any political subdivision or agency thereof as the context for the use thereof requires or denotes and including any property owners' association. See Florida Statutes 712.01
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
Person entitled under the document: means the holder, in the case of a negotiable document of title, or the person to which delivery of the goods is to be made by the terms of, or pursuant to instructions in a record under, a nonnegotiable document of title. See Florida Statutes 677.102
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.
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.
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 value: means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. See Florida Statutes 680.1031
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
Pro se: A Latin term meaning "on one's own behalf"; in courts, it refers to persons who present their own cases without lawyers.
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
Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
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
Public property: means lands and improvements owned by the Federal Government, the state, the county, or a municipality and includes sovereignty submerged lands located adjacent to the county or municipality, buildings, grounds, parks, playgrounds, streets, sidewalks, parkways, rights-of-way, and other similar property. See Florida Statutes 705.101
Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See Florida Statutes 680.1031
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
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 677.102
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
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.
Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.
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.
Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
Root of title: means any title transaction purporting to create or transfer the estate claimed by any person which is the last title transaction to have been recorded at least 30 years before the time when marketability is being determined. See Florida Statutes 712.01
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
Technological access barrier: means a password, security code, token, key fob, access device, or similar measure. See Florida Statutes 668.802
Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
Testate: To die leaving a will.
Testator: A male person who leaves a will at death.
Testify: Answer questions in court.
Testimony: Evidence presented orally by witnesses during trials or before grand juries.
Title transaction: means any recorded instrument or court proceeding that affects title to any estate or interest in land and that describes the land sufficiently to identify its location and boundaries. See Florida Statutes 712.01
Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
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
Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
Trustee: A person or institution holding and administering property in trust.
Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
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
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.
Venue: The geographical location in which a case is tried.
Verdict: The decision of a petit jury or a judge.
veteran: means a person who served in the active military, naval, or air service and who was discharged or released under honorable conditions only or who later received an upgraded discharge under honorable conditions, notwithstanding any action by the United States Department of Veterans Affairs on individuals discharged or released with other than honorable discharges. See Florida Statutes 1.01
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
Writ: A formal written command, issued from the court, requiring the performance of a specific act.
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