Terms Used In Illinois Compiled Statutes > 20 ILCS 220 - Rural Rehabilitation Corporation Act

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
• Ex officio: Literally, by virtue of one's office.
• 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}
• 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}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Petty offense: A federal misdemeanor punishable by six months or less in prison. ^{Source: U.S. Courts}
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Subpoena: A command to a witness to appear and give testimony.
• Trustee: A person or institution holding and administering property in trust.