Terms Used In Illinois Compiled Statutes > 20 ILCS 110
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.
Amortization: Paying off a loan by regular installments.
Arrest: Taking physical custody of a person by lawful authority.
Conviction: A judgement of guilt against a criminal defendant.
Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) 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
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.
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.
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
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
obtain: means : (a) In relation to property, to bring about a transfer of interest or possession, whether to the offender or to another, and (b) In relation to labor or services, to secure the performance thereof. See Illinois Compiled Statutes 720 ILCS 5/15-7
owner: means a person, other than the offender, who has possession of or any other interest in the property involved, even though such interest or possession is unlawful, and without whose consent the offender has no authority to exert control over the property. See Illinois Compiled Statutes 720 ILCS 5/15-2
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.
Petty offense: A federal misdemeanor punishable by six months or less in prison. Source: U.S. Courts
Probation officers: Screen applicants for pretrial release and monitor convicted offenders released under court supervision.