Terms Used In Illinois Compiled Statutes > Chapter 760 - Trusts and Fiduciaries

• Acquire: includes to purchase, erect, build, construct, reconstruct, complete, repair, replace, alter, extend, better, equip, develop, and improve a project, including the acquisition and clearing of a site or sites therefor. See Illinois Compiled Statutes 110 ILCS 661/6-5
• 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.
• affected areas: means the counties of Cook, DuPage, Lake, Kane, McHenry, Will, Madison, St. See Illinois Compiled Statutes 625 ILCS 5/13-100.1
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Allegation: something that someone says happened.
• Amortization: Paying off a loan by regular installments.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Authority: means a School Finance Authority created under this Article. See Illinois Compiled Statutes 105 ILCS 5/1E-10
• Authority: means a School Finance Authority created under this Article. See Illinois Compiled Statutes 105 ILCS 5/1F-10
• Balanced budget: A budget in which receipts equal outlays.
• Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bequeath: To gift property by will.
• Board: means the Board of Trustees of the University or its successor. See Illinois Compiled Statutes 110 ILCS 661/6-5
• Bonds: means bonds authorized to be issued by the Authority under Section 1E-65 of this Code. See Illinois Compiled Statutes 105 ILCS 5/1E-10
• Bonds: means bonds authorized to be issued by the Authority under Section 1F-65 of this Code. See Illinois Compiled Statutes 105 ILCS 5/1F-10
• Broker: means any person other than a motor carrier of property, that arranges, offers to arrange, or holds itself out, by solicitation, advertisement, or otherwise, as arranging or offering to arrange for-hire transportation of property or other service in connection therewith by a motor carrier of property which holds or is required to hold a license issued by the Commission. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
• Budget: means the annual budget of the district required under Section 17-1 of this Code, as in effect from time to time. See Illinois Compiled Statutes 105 ILCS 5/1E-10
• Budget: means the annual budget of the district required under Section 17-1 of this Code, as in effect from time to time. See Illinois Compiled Statutes 105 ILCS 5/1F-10
• Budget: means the annual budget of the district required under Section 17-1 of this Code, as in effect from time to time. See Illinois Compiled Statutes 105 ILCS 5/1H-10
• Carrier: means any motor carrier or rail carrier other than a private carrier. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
• Case law: The law as laid down in cases that have been decided in the decisions of the courts.
• Certificate: means a certificate of public convenience and necessity issued under this Chapter to common carriers of household goods. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
• Chairperson: means the Chairperson of the Authority. See Illinois Compiled Statutes 105 ILCS 5/1E-10
• Chairperson: means the Chairperson of the Authority. See Illinois Compiled Statutes 105 ILCS 5/1F-10
• Chairperson: means the Chairperson of the Panel. See Illinois Compiled Statutes 105 ILCS 5/1H-10
• Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• Circuit clerk: means clerk of the circuit court. See Illinois Compiled Statutes 5 ILCS 70/1.26
• Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• Commission: means the Illinois Commerce Commission. See Illinois Compiled Statutes 625 ILCS 5/18d-105
• Commission: means the Illinois Commerce Commission. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
• Commission regulations and orders: means rules and regulations adopted and orders or decisions issued by the Commission pursuant to this Chapter; any certificate, permit, broker's license or other license or registration issued pursuant to such rules, regulations, orders and decisions; and all terms, conditions, or limitations thereof. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
• Committee membership: Legislators are assigned to specific committees by their party. Seniority, regional balance, and political philosophy are the most prominent factors in the committee assignment process.
• 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.
• control or management: when used in this Article, shall be construed to include the power to exercise control or management. See Illinois Compiled Statutes 625 ILCS 5/18c-4307
• Counterclaim: A claim that a defendant makes against a plaintiff.
• Decedent: A deceased person.
• decree: is synonymous with the word "judgment". See Illinois Compiled Statutes 5 ILCS 70/1.24
• 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.
• Discrimination: means undue discrimination in the context of the particular mode of transportation involved. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
• District: means any school district having a population of not more than 500,000 that prior to the effective date of this amendatory Act of the 92nd General Assembly has had a Financial Oversight Panel established for the district under Section 1B-4 of this Code following the district's petitioning of the State Board of Education for the creation of the Financial Oversight Panel and for which the Financial Oversight Panel has been in existence for at least one year. See Illinois Compiled Statutes 105 ILCS 5/1E-10
• District: means any elementary school district having a population of not more than 500,000 that prior to December 1, 2002 has had a Financial Oversight Panel established for the district under Section 1B-4 of this Code following the district's petitioning of the State Board of Education for the creation of the Financial Oversight Panel. See Illinois Compiled Statutes 105 ILCS 5/1F-10
• 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
• Donee: The recipient of a gift.
• Donor: The person who makes a gift.
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Executor: A male person named in a will to carry out the decedent
• 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: OCC}
• 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.
• Federal 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 661/6-5
• Federal 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: OCC}
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Financial plan: means the financial plan of the district to be developed pursuant to this Article, as in effect from time to time. See Illinois Compiled Statutes 105 ILCS 5/1E-10
• Financial plan: means the financial plan of the district to be developed pursuant to this Article, as in effect from time to time. See Illinois Compiled Statutes 105 ILCS 5/1F-10
• Financial plan: means the financial plan of the district to be developed pursuant to this Article, as in effect from time to time. See Illinois Compiled Statutes 105 ILCS 5/1H-10
• For-hire: means for compensation or hire, regardless of the form of compensation and whether compensation is direct or indirect. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
• Fraud: Intentional deception resulting in injury to another.
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• General Revenue Law of Illinois: or any equivalent expression, when used with reference to revenue, shall be deemed to refer to the Property Tax Code and all existing and future amendments thereto and modifications thereof, and all rules now or hereafter adopted pursuant thereto. See Illinois Compiled Statutes 5 ILCS 70/1.23
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grantor: The person who establishes a trust and places property into it.
• Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
• Hazardous material: means any substance or material in a quantity and form determined by the federal Office of Hazardous Materials and the Federal Railroad Administration to be capable of posing an unreasonable risk to health, safety, or property when transported in commerce. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
• Hearsay: Statements by a witness who did not see or hear the incident in question but heard about it from someone else. Hearsay is usually not admissible as evidence in court.
• 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
• Household goods: means :
          (A) Personal effects and property used or to be used