| | | | | Services unless specifically referenced as another department. See Illinois Compiled Statutes 705 ILCS 405/5-105Deposit account: means a designated escrow account established by an issuing entity at a trust company or bank having trust powers for the deposit of transferred receipts under an assignment agreement. See Illinois Compiled Statutes 65 ILCS 5/8-13-5Deposition: 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.detention: includes the court ordered care of an alleged or adjudicated delinquent minor who requires secure custody pursuant to Section 5-125 of this Act. See Illinois Compiled Statutes 705 ILCS 405/5-105Devise: To gift property by will.Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.Dismissal: The dropping of a case by the judge without further consideration or hearing. Source: Docket: A log containing brief entries of court proceedings.Donee: The recipient of a gift.Donor: The person who makes a gift.Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCCEx officio: Literally, by virtue of one's office.Executor: A male person named in a will to carry out the decedentExempt person or entity: means that term as it is defined in subsections (d)(1), (d)(1. See Illinois Compiled Statutes 765 ILCS 77/70Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.Felony: A crime carrying a penalty of more than a year in prison.Fiduciary: 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: OCCFinancial Plan: means the financially distressed city's financial plan as developed pursuant to Section 8-12-15, as from time to time in effect. See Illinois Compiled Statutes 65 ILCS 5/8-12-3Financially distressed city: means any municipality which is a home rule unit and which (i) is certified by the Department of Revenue as being in the highest 5% of all home rule municipalities in terms of the aggregate of the rate per cent of all taxes levied pursuant to statute or ordinance upon all taxable property of the municipality and as being in the lowest 5% of all home rule municipalities in terms of per capita tax yield, and (ii) is designated by joint resolution of the General Assembly as a financially distressed city. See Illinois Compiled Statutes 65 ILCS 5/8-12-3First-time homebuyer: means a borrower who has not held an ownership interest in residential property. See Illinois Compiled Statutes 765 ILCS 77/70Fiscal year: means the fiscal year of the financially distressed city. See Illinois Compiled Statutes 65 ILCS 5/8-12-3Foreclosure: 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: OCCForgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCCFreedom 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: OCCGeneral 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 70/1.23Grantor: The person who establishes a trust and places property into it.Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCCGuardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.Habeas corpus: A writ that is usually used to bring a prisoner before the court to determine the legality of his imprisonment. It may also be used to bring a person in custody before the court to give testimony, or to be prosecuted.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.Home detention: means the confinement of a minor adjudicated delinquent or subject to an adjudicatory hearing under Article V for an act that if committed by an adult would be an offense to his or her place of residence under the terms and conditions established by the supervising authority. See Illinois Compiled Statutes 705 ILCS 405/5-7A-105Home rule municipality: means a municipality which is a home rule unit as provided in Section 6 of Article VII of the Illinois Constitution. See Illinois Compiled Statutes 65 ILCS 5/8-12-3Impeachment: (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: FDICInterest only: means a closed-end loan that permits one or more payments of interest without any reduction of the principal balance of the loan, other than the first payment on the loan. See Illinois Compiled Statutes 765 ILCS 77/70Interest 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: OCCIntestate: Dying without leaving a will.Issuing entity: means (i) a corporation, trust or other entity that has been established for the limited purpose of issuing obligations for the benefit of a transferring unit, or (ii) a bank or trust company in its capacity as trustee for obligations issued by such bank or trust company for the benefit of a transferring unit. See Illinois Compiled Statutes 65 ILCS 5/8-13-5Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.Joint resolution: A legislative measure which requires the approval of both chambers.Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.Legacy: A gift of property made by will.Legatee: A beneficiary of a decedentLegislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).Lender: means that term as it is defined in subsection (g) of Section 1-4 of the Residential Mortgage License Act of 1987. See Illinois Compiled Statutes 765 ILCS 77/70Licensee: means that term as it is defined in subsection (e) of Section 1-4 of the Residential Mortgage License Act of 1987. See Illinois Compiled Statutes 765 ILCS 77/70Minor: means a person under the age of 21 years | | | subject to this Act. See Illinois Compiled Statutes 705 ILCS 405/5-105Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.Mortgage loan: means that term as it is defined in subsection (f) of Section 1-4 of the Residential Mortgage License Act of 1987. See Illinois Compiled Statutes 765 ILCS 77/70Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCCMortgagee: The person to whom property is mortgaged and who has loaned the money.Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.Notice: means with regard to all proceedings except enforcement proceedings instituted on the motion of the Commission, and except for interstate motor carrier registrations, public notice by publication in the official state newspaper, unless otherwise provided in this Chapter. See Illinois Compiled Statutes 625 ILCS 5/18c-1104oath: 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.Obligations: means bonds, notes or other evidence of indebtedness issued by the Illinois Finance Authority in connection with the provision of financial aid to a financially distressed city pursuant to this Division and applicable provisions of the Illinois Finance Authority Act. See Illinois Compiled Statutes 65 ILCS 5/8-12-3Originator: means a "mortgage loan originator" as defined in subsection (jj) of Section 1-4 of the Residential Mortgage License Act of 1987, except an exempt person. See Illinois Compiled Statutes 765 ILCS 77/70Participant: means a minor placed into an electronic monitoring program. See Illinois Compiled Statutes 705 ILCS 405/5-7A-105Partnership: 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: means any natural person or legal entity, whether such entity is a proprietorship, partnership, corporation, association, or other entity, and, where a provision concerns the acts or omissions of a person, includes the partners, officers, employees, and agents of the person, as well as any trustees, assignees, receivers, or personal representatives of the person. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Person 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 70/1.06Plaintiff: 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.Plea agreement: An arrangement between the prosecutor, the defense attorney, and the defendant in which the defendant agrees to plead guilty in exchange for special considerations. Source: Points and fees: has the meaning ascribed to that term in Section 10 of the High Risk Home Loan Act. See Illinois Compiled Statutes 765 ILCS 77/70Power 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.Prepayment penalty: means a charge imposed by a lender under a mortgage note or rider when the loan is paid before the expiration of the term of the loan. See Illinois Compiled Statutes 765 ILCS 77/70Probable cause: A reasonable ground for belief that the offender violated a specific law.Probate: Proving a willProbation officers: Screen applicants for pretrial release and monitor convicted offenders released under court supervision.Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.Recess: A temporary interruption of the legislative business.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: FDICRefinancing: means a loan secured by the borrower's or borrowers' primary residence where the proceeds are not used as purchase money for the residence. See Illinois Compiled Statutes 765 ILCS 77/70Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.Remand: When an appellate court sends a case back to a lower court for further proceedings.Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.Revenue Bonds: means any Bonds of a municipality other than General Obligation Bonds. See Illinois Compiled Statutes 65 ILCS 5/8-4.1-2school term: means the school term established by the board pursuant to Section 10-19 of this Code, and "full-time service" means the teacher has actually worked at least 150 days during the school term. See Illinois Compiled Statutes 105 ILCS 5/34-84Sentencing hearing: means a hearing to | | | determine whether a minor should be adjudged a ward of the court, and to determine what sentence should be imposed on the minor. See Illinois Compiled Statutes 705 ILCS 405/5-105State entity: means the State Comptroller, the State Treasurer, or the Illinois Department of Revenue. See Illinois Compiled Statutes 65 ILCS 5/8-13-5Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.Summons: Another word for subpoena used by the criminal justice system.Supervising authority: means the Department of Juvenile Justice, probation supervisory authority, sheriff, superintendent of a juvenile detention center, or any other officer or agency charged with authorizing and supervising home detention. See Illinois Compiled Statutes 705 ILCS 405/5-7A-105teachers: means and includes all members of the teaching force excluding the general superintendent and principals. See Illinois Compiled Statutes 105 ILCS 5/34-84Temporary 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.Tenancy by the entirety: A type of joint tenancy between husband and wife that is recognized in some States. Neither party can sever the joint tenancy relationship; when a spouse dies, the survivor acquires full title to the property.Testate: To die leaving a will.Testify: Answer questions in court.Testimony: Evidence presented orally by witnesses during trials or before grand juries.Title insurance company: means any domestic company organized under the laws of this State for the purpose of conducting the business of guaranteeing or insuring titles to real estate and any title insurance company organized under the laws of another State, the District of Columbia, or a foreign government and authorized to transact the business of guaranteeing or insuring titles to real estate in this State. See Illinois Compiled Statutes 765 ILCS 77/70Tort: 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.Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.Transferred receipts: means all or part of any revenues or taxes received from a State entity that have been conveyed by a transferring unit under an assignment agreement. See Illinois Compiled Statutes 65 ILCS 5/8-13-5Transferring unit: means a home rule municipality located in the State. See Illinois Compiled Statutes 65 ILCS 5/8-13-5Transportation: means the actual movement of property or passengers by motor vehicle (without regard to ownership of vehicles or equipment used in providing transportation service) or rail together with loading, unloading, and any other accessorial or ancillary service provided by the carrier in connection with movement by motor vehicle or rail, which is performed by or on behalf of the carriers, its employees or agents, or under the authority or direction of the carrier or under the apparent authority or direction and with the knowledge of the carrier. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.Trial: means a hearing to determine whether the | | | allegations of a petition under Section 5-520 that a minor is delinquent are proved beyond a reasonable doubt. See Illinois Compiled Statutes 705 ILCS 405/5-105Units 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 70/1.28Variable 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.Verdict: The decision of a petit jury or a judge.Wills: includes codicils. See Illinois Compiled Statutes 5 ILCS 70/1.13Writ: A formal written command, issued from the court, requiring the performance of a specific act.
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