Terms Used In Idaho Code > Title 50 > Chapter 27
- Board of directors: means the board of directors of a public corporation. See Idaho Code 50-2702
- construct: means construction and acquisition, whether by devise, purchase, gift, lease or otherwise. See Idaho Code 50-2702
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Devise: To gift property by will.
- 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.
- Financing document: means a lease, sublease, installment sale agreement, conditional sale agreement, loan agreement, mortgage, deed of trust guaranty agreement or other agreement for the purpose of providing funds to pay or secure, debt service on revenue bonds. See Idaho Code 50-2702
- 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
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Improvement: means reconstruction, remodeling, rehabilitation, extension, and enlargement, and "to improve" means to reconstruct, to remodel, to rehabilitate, to extend, and to enlarge. See Idaho Code 50-2702
- 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
- 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
- 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.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Municipality: means a city or county of this state. See Idaho Code 50-2702
- 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.
- Ordinance: means any appropriate method of taking official action or adopting a legislative decision by any municipality, whether known as a resolution, ordinance or otherwise. See Idaho Code 50-2702
- 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: includes a corporation as well as a natural person;
Idaho Code 73-114
Property: includes both real and personal property. See Idaho Code 73-114 Quorum: The number of legislators that must be present to do business. Revenue bond: means a nonrecourse revenue bond, nonrecourse revenue note or other nonrecourse revenue obligation issued for the purpose of financing an industrial development facility on an interim or permanent basis. See Idaho Code 50-2702 seal: includes an impression of such seal upon the paper, alone, as well as upon wax or a wafer affixed thereto; or, alternatively, the seal may be the mark of a rubber stamp providing substantially the same information as the impression. See Idaho Code 73-111 State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114 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 User: means any individual, partnership, copartnership, firm, company, corporation, investor-owned utility, association, joint stock company, trust, estate, or any other legal entity, or their legal representatives, agents, or assigns acting as lessee, purchaser, mortgagor or borrower under a financing document and may include a party who transfers the right of use and occupancy to another party by lease, sublease or otherwise. See Idaho Code 50-2702