Terms Used In Florida Statutes > Chapter 727 - General Assignments

• 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.
• 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.
• Assessment: means a share of the funds required for the payment of common expenses, which from time to time is assessed against the unit owner. See Florida Statutes 719.103
• Asset: means a legal or equitable interest of the assignor in property, which includes anything that may be the subject of ownership, whether real or personal, tangible or intangible, including claims and causes of action, whether arising by contract or in tort, wherever located, and by whomever held at the date of the assignment, except property exempt by law from forced sale. See Florida Statutes 727.103
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Assignee: means a natural person solely in such person's capacity as an assignee for the benefit of creditors under the provisions of this chapter, which assignee shall not be a creditor or an equity security holder or have any interest adverse to the interest of the estate. See Florida Statutes 727.103
• Assignment: means an assignment for the benefit of creditors made under this chapter. See Florida Statutes 727.103
• Assignor: means the person or entity that has executed and delivered the assignment to the assignee. See Florida Statutes 727.103
• Association: means the corporation for profit or not for profit that owns the record interest in the cooperative property or a leasehold of the property of a cooperative and that is responsible for the operation of the cooperative. See Florida Statutes 719.103
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Board of administration: means the board of directors or other representative body responsible for administration of the association. See Florida Statutes 719.103
• Bylaws: means the bylaws of the association existing from time to time. See Florida Statutes 719.103
• Claims bar date: means the date that is 120 days after the date on which the petition is filed with the court. See Florida Statutes 727.103
• Committee: means a group of board members, unit owners, or board members and unit owners appointed by the board or a member of the board to make recommendations to the board regarding the association budget or take action on behalf of the board. See Florida Statutes 719.103
• Common areas: includes within its meaning the following:
  (a) The cooperative property which is not included within the units. See Florida Statutes 719.103
• Common expenses: means all expenses and assessments properly incurred by the association for the cooperative. See Florida Statutes 719.103
• Common surplus: means the excess of all receipts of the association, including, but not limited to, assessments, rents, profits, and revenues on account of the common areas, over the amount of common expenses. See Florida Statutes 719.103
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Consensual lienholder: means a creditor that has been granted a security interest or lien in personal property or real property of the assignor prior to the date on which a petition is filed with the court and whose security interest or lien has been perfected in accordance with applicable law. See Florida Statutes 727.103
• Contract: A legal written agreement that becomes binding when signed.
• Cooperative: means that form of ownership of real property wherein legal title is vested in a corporation or other entity and the beneficial use is evidenced by an ownership interest in the association and a lease or other muniment of title or possession granted by the association as the owner of all the cooperative property. See Florida Statutes 719.103
• Cooperative documents: means :
  (a) The documents that create a cooperative, including, but not limited to, articles of incorporation of the association, bylaws, and the ground lease or other underlying lease, if any. See Florida Statutes 719.103
• Cooperative parcel: means the shares or other evidence of ownership in a cooperative representing an undivided share in the assets of the association, together with the lease or other muniment of title or possession. See Florida Statutes 719.103
• Cooperative property: means the lands, leaseholds, and personal property owned by a cooperative association. See Florida Statutes 719.103
• Court: means the circuit court where the petition is filed in accordance with…. See Florida Statutes 727.103
• Creditor: means any person having a claim against the assignor, whether such claim is contingent, liquidated, unliquidated, or disputed. See Florida Statutes 727.103
• 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.
• Developer: means a person who creates a cooperative or who offers cooperative parcels for sale or lease in the ordinary course of business, but does not include the owner or lessee of a unit who has acquired or leased the unit for his or her own occupancy, nor does it include a condominium association which creates a cooperative by conversion of an existing residential condominium after control of the association has been transferred to the unit owners if, following the conversion, the unit owners will be the same persons. See Florida Statutes 719.103
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Division: means the Division of Florida Condominiums, Timeshares, and Mobile Homes of the Department of Business and Professional Regulation. See Florida Statutes 719.103
• Docket: A log containing brief entries of court proceedings.
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• 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.
• Estate: means all of the assets of the assignor. See Florida Statutes 727.103
• 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.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• Filing date: means the date upon which the original petition is filed in accordance with…. See Florida Statutes 727.103
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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}
• Grantor: The person who establishes a trust and places property into it.
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• 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.
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Lien: means a charge against or an interest in property to secure payment of a debt or performance of an obligation, and includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common-law lien, or a statutory lien. See Florida Statutes 727.103
• Liquidation value: means the value in cash obtainable upon a forced sale of assets after payment of valid liens encumbering said assets. See Florida Statutes 727.103
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• 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.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Negative notice: means notice as set forth in…. See Florida Statutes 727.103
• 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.
• oath: includes affirmations. See Florida Statutes 1.01
• Oath: A promise to tell the truth.
• 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.
• operation of the cooperative: includes the administration and management of the cooperative property. See Florida Statutes 719.103
• owner of a unit: means the person holding a share in the cooperative association and a lease or other muniment of title or possession of a unit that is granted by the association as the owner of the cooperative property. See Florida Statutes 719.103
• 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.
• Petition: means the initial document filed with the court, as set forth in…. See Florida Statutes 727.103
• 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.
• 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}
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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.
• 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.
• Residential cooperative: means a cooperative consisting of cooperative units, any of which are intended for use as a private residence. See Florida Statutes 719.103
• 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.
• Special assessment: means any assessment levied against unit owners other than the assessment required by a budget adopted annually. See Florida Statutes 719.103
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Structural integrity reserve study: means a study of the reserve funds required for future major repairs and replacement of the common areas based on a visual inspection of the common areas. See Florida Statutes 719.103
• Timeshare estate: means any interest in a unit under which the exclusive right of use, possession, or occupancy of the unit circulates among the various purchasers of a timeshare plan pursuant to chapter 721 on a recurring basis for a period of time. See Florida Statutes 719.103
• 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.
• Unit: means a part of the cooperative property which is subject to exclusive use and possession. See Florida Statutes 719.103
• Uphold: The decision of an appellate court not to reverse a lower court decision.
• Voting interests: means the voting rights distributed to the association members as provided for in the articles of incorporation. See Florida Statutes 719.103
• 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