| receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. See Illinois Compiled Statutes 810 ILCS 5/7-102Bankruptcy: 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.Carrier: means any motor carrier or rail carrier other than a private carrier. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Carrier: means a person that issues a bill of | | | | | | lading as the person from which the goods have been received for shipment. See Illinois Compiled Statutes 810 ILCS 5/7-102Continuance: Putting off of a hearing ot trial until a later time.Counterclaim: A claim that a defendant makes against a plaintiff.Credit 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: OCCDecedent: A deceased person.Deed: The legal instrument used to transfer title in real property from one person to another.Delivery order: means a record that contains an | | order to deliver goods directed to a warehouse, carrier, or other person that in the ordinary course of business issues warehouse receipts or bills of lading. See Illinois Compiled Statutes 810 ILCS 5/7-102Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.Discrimination: means undue discrimination in the context of the particular mode of transportation involved. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCCEntitlement: 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.Equal Credit Opportunity Act: Prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because an applicant receives income from a public assistance program. Source: OCCEquitable: 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. CourtsExecutor: A male person named in a will to carry out the decedentFair 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 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.Forbearance: A means of handling a delinquent loan. AForeclosure: 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: 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: OCCGarnishment: 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 debtorGood faith: means honesty in fact and the | | | | movable for the purposes of a contract for storage or transportation. See Illinois Compiled Statutes 810 ILCS 5/7-102Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal ReserveGuarantor: 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.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 70/1.17Household goods: means :
(A) Personal effects and property used or to be used | | in a dwelling when a part of the equipment or supply of such dwelling; except that this subdivision (13. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Household goods carrier: means a motor carrier of property authorized to transport household goods. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Household goods contract carrier: means any household goods carrier engaged in transportation under contract with a limited number of shippers (that shall not be freight forwarders, shippers' agents or brokers) that either (a) assigns motor vehicles for a continuing period of time to the exclusive use of the shipper or shippers served, or (b) furnishes transportation service designed to meet the distinct need of the shipper or shippers served. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Indictment: 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.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: OCCInterrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.Issuer: means a bailee that issues a document of | | title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Illinois Compiled Statutes 810 ILCS 5/7-102Judgement: 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.Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCCLegal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. MintLegatee: A beneficiary of a decedentLiabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.License: means any certificate, permit, broker's license, or other license issued under this Chapter. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Lien: A claim against real or personal property in satisfaction of a debt.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: OCCMotor carrier: means any person engaged in the transportation of property or passengers, or both, for hire, over the public roads of this State, by motor vehicle. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Motor vehicle: means any vehicle, truck, trucktractor, trailer or semitrailer propelled or drawn by mechanical power and used upon the highways of the State in the transportation of property or passengers. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Municipalities: 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 70/1.27Nolo 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.Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.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: OCCParty: means any person admitted as a party to a Commission proceeding or seeking and entitled as a matter of right to admission as a party to a Commission proceeding. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Permit: means a permit issued under this Chapter to contract carriers of property by motor vehicle. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Person: 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-1104Power 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.Public carrier: means a motor carrier of property, other than a household goods carrier. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Public interest: shall be construed to have the same meaning under this Chapter as it was construed by the courts to have under the Illinois Motor Carrier of Property Law. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.Rail carrier: means any person engaged in the transportation of property or passengers for hire by railroad, together with all employees or agents of such person or entity, and all property used, controlled, or owned by such person or entity. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Rate: means every individual or joint rate, fare, toll, or charge of any carrier or carriers, any provisions relating to application thereof, and any tariff or schedule containing rates and provisions. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.Record: means information that is inscribed on | | a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Illinois Compiled Statutes 810 ILCS 5/7-102Reporter: 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.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: OCCService of process: The service of writs or summonses to the appropriate party.Shipper: means the consignor or consignee. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Shipper: means a person that enters into a | | contract of transportation with a carrier. See Illinois Compiled Statutes 810 ILCS 5/7-102Summons: Another word for subpoena used by the criminal justice system.Testify: Answer questions in court.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.Transfer: means the sale, lease, consolidation, merger, acquisition or change of control, or other transfer of a license, in whole or in part. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Transportation: 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.Trustee: 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: OCCUnits 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 70/1.28Usury: Charging an illegally high interest rate on a loan. Source: OCCWarehouse: means a person engaged in the | |
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