Illinois Compiled Statutes > 70 ILCS 520 – Southwestern Illinois Development Authority Act
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Terms Used In Illinois Compiled Statutes > 70 ILCS 520 - Southwestern Illinois Development Authority Act
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Amortization: Paying off a loan by regular installments.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Ex officio: Literally, by virtue of one's office.
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
- Summons: Another word for subpoena used by the criminal justice system.
- Trustee: A person or institution holding and administering property in trust.