Terms Used In Illinois Compiled Statutes > 765 ILCS 1010 - Electricity and Gas Joint Ownership Act

• 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.
• District: means any school district having a population of not more than 500,000 that has had a Financial Oversight Panel established under this Article. See Illinois Compiled Statutes 105 ILCS 5/1H-10
• 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}
• 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 70/1.17
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligations: means notes or other short-term debts or liabilities of the Panel. See Illinois Compiled Statutes 105 ILCS 5/1H-10
• Panel: means a Financial Oversight Panel created under this Article. See Illinois Compiled Statutes 105 ILCS 5/1H-10
• Personal property: All property that is not real property.
• State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
• State Board: means the State Board of Education. See Illinois Compiled Statutes 105 ILCS 5/1H-10