buy goods. See Illinois Compiled Statutes 810 ILCS 5/2-103Case law: The law as laid down in cases that have been decided in the decisions of the courts.Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority.Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.Conviction: A judgement of guilt against a criminal defendant.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.County board: means the board of county commissioners in counties not under township organization, and the board of supervisors in counties under township organization, and the board of commissioners of Cook County. See Illinois Compiled Statutes 5 ILCS 70/1.07Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCCdeception: means knowingly to:
(a) Create or confirm another's impression which is false and which the offender does not believe to be true; or
(b) Fail to correct a false impression which the offender previously has created or confirmed; or
(c) Prevent another from acquiring information pertinent to the disposition of the property involved; or
(d) Sell or otherwise transfer or encumber property, failing to disclose a lien, adverse claim, or other legal impediment to the enjoyment of the property, whether such impediment is or is not valid, or is or is not a matter of official record; or
(e) Promise performance which the offender does not intend to perform or knows will not be performed. See Illinois Compiled Statutes 720 ILCS 5/15-4decree: is synonymous with the word "judgment". See Illinois Compiled Statutes 5 ILCS 70/1.24Deed: 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.Defense attorney: Represent defendants in criminal matters.Dependent: A person dependent for support upon another.Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.Docket: A log containing brief entries of court proceedings.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. CourtsEscrow: Money given to a third party to be held for payment until certain conditions are met.Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCCFederal agency: means the United States of America, the President of the United States of America, or such agency or agencies of the United States of America as may be designated or created to make loans or grants or both. See Illinois Compiled Statutes 110 ILCS 681/26-5Federal agency: means the United States of America, the President of the United States of America, or such agency or agencies of the United States of America as may be designated or created to make loans or grants or both. See Illinois Compiled Statutes 110 ILCS 686/31-5Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCCFiduciary: A trustee, executor, or administrator.Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCCFiscal 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.Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
Fraud: Intentional deception resulting in injury to another.Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,Heretofore: means any time previous to the day on which the statute takes effect; and the word "hereafter" at any time after such day. See Illinois Compiled Statutes 5 ILCS 70/1.17Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate.Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDICIndictment: 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.Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.Legacy: A gift of property made by will.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.Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.Minority leader: See Floor LeadersMortgage: The written agreement pledging property to a creditor as collateral for a loan.Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCCMortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCCoath: shall be deemed to include an affirmation, and the word "sworn" shall be construed to include the word "affirmed. See Illinois Compiled Statutes 5 ILCS 70/1.12Oath: A promise to tell the truth.Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCCOversight: Committee review of the activities of a Federal agency or program.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 under legal disability: means a person 18 years or older who (a) because of mental deterioration or physical incapacity is not fully able to manage his or her person or estate, or (b) is a person with mental illness or is a person with developmental disabilities and who because of his or her mental illness or developmental disability is not fully able to manage his or her person or estate, or (c) because of gambling, idleness, debauchery or excessive use of intoxicants or drugs, so spends or wastes his or her estate as to expose himself or herself or his or her family to want or suffering. See Illinois Compiled Statutes 5 ILCS 70/1.06Personal property: All property that is not real property.Petty offense: A federal misdemeanor punishable by six months or less in prison. Source: U.S. CourtsPlaintiff: 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.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: OCCPrecedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.Probate: Proving a willProject: means and includes revenue producing buildings, structures and facilities which, as determined by the Board, are required by, or necessary for the use or benefit of, such University, including, without limiting the generality of the foregoing, student residence halls; apartments; staff housing facilities; dormitories; health, hospital or medical facilities; dining halls; student union buildings; field houses; stadiums; physical education installations and facilities; auditoriums; facilities for student or staff services; any facility or building leased to the United States of America; off-street parking facilities; heretofore, or as may be hereafter, acquired, with all equipment and appurtenant facilities; or any one, or more than one, or all, of the foregoing, or any combination thereof, for such University. See Illinois Compiled Statutes 110 ILCS 681/26-5Project: means and includes revenue producing buildings, structures and facilities which, as determined by the Board, are required by, or necessary for the use or benefit of, such University, including, without limiting the generality of the foregoing, student residence halls; apartments; staff housing facilities; dormitories; health, hospital or medical facilities; dining halls; student union buildings; field houses; stadiums; physical education installations and facilities; auditoriums; facilities for student or staff services; any facility or building leased to the United States of America; off-street parking facilities; heretofore, or as may be hereafter, acquired, with all equipment and appurtenant facilities; or any one, or more than one, or all, of the foregoing, or any combination thereof, for such University. See Illinois Compiled Statutes 110 ILCS 686/31-5property: means anything of value. See Illinois Compiled Statutes 720 ILCS 5/15-1Prosecute: 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.Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDICReporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCCSeller: means a person who sells or contracts to
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
sell goods. See Illinois Compiled Statutes 810 ILCS 5/2-103Service of process: The service of writs or summonses to the appropriate party.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.Statute: A law passed by a legislature.Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.Subpoena: A command to a witness to appear and give testimony.Subpoena duces tecum: A command to a witness to produce documents.sworn: shall be construed to include the word "affirmed. See Illinois Compiled Statutes 5 ILCS 70/1.12Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.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.Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCCTrustee: A person or institution holding and administering property in trust.Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCCUniform 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: OCCUnited States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14Units of local government: has the meaning established in Section 1 of Article VII of the Constitution of the State of Illinois of 1970. See Illinois Compiled Statutes 5 ILCS 70/1.28University: means and includes Northeastern Illinois University, located at Chicago, Illinois, and its branches. See Illinois Compiled Statutes 110 ILCS 681/26-5University: means and includes Northern Illinois University, located at DeKalb, Illinois, and its branches. See Illinois Compiled Statutes 110 ILCS 686/31-5Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.Venue: The geographical location in which a case is tried.