Terms Used In Indiana Code > Title 32 > Article 25 - Condominiums
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- board: refers to the board of directors of an association of co-owners of a condominium. See Indiana Code 32-25-8.5-2
- claim: refers to any of the following:
Indiana Code 32-25-8.5-3
- claimant: refers to a party who has a claim against another party. See Indiana Code 32-25-8.5-4
- Deed: The legal instrument used to transfer title in real property from one person to another.
- exempt claim: refers to any of the following claims or actions:
Indiana Code 32-25-8.5-5
- 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.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- 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
- Grantor: The person who establishes a trust and places property into it.
- Highway: includes county bridges and state and county roads, unless otherwise expressly provided. See Indiana Code 1-1-4-5
- Inter vivos: Transfer of property from one living person to another living person.
- legal proceedings: refers to either of the following:
Indiana Code 32-25-8.5-6
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Partnership: 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.
- party: refers to any of the following:
Indiana Code 32-25-8.5-7
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Population: has the meaning set forth in IC § 1-1-3. See Indiana Code 1-1-4-5
- Quorum: The number of legislators that must be present to do business.
- respondent: refers to the party against whom a claimant has a claim. See Indiana Code 32-25-8.5-8
- Service of process: The service of writs or summonses to the appropriate party.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Statute: A law passed by a legislature.
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
- Temporary 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.