Terms Used In Florida Statutes > Chapter 685 - Contract Enforcement: Choice of Law

• 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
• 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
• Clearinghouse: means an association of banks or other payors regularly clearing items. See Florida Statutes 674.104
• Contract: A legal written agreement that becomes binding when signed.
• 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
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• 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.
• 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.
• 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
• 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.
• Trustee: A person or institution holding and administering property in trust.