Terms Used In Oregon Statutes > Chapter 105 > Extinguishment of Future Interests

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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.
• Devise: To gift property by will.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Inter vivos: Transfer of property from one living person to another living person.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Personal property: All property that is not real property.
• public body: means state government bodies, local government bodies and special government bodies. See Oregon Statutes 174.109
• State Treasury: includes those financial assets the lawful custody of which are vested in the State Treasurer and the office of the State Treasurer relating to the custody of those financial assets. See Oregon Statutes 174.100
• Testator: A male person who leaves a will at death.
• United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100