Terms Used In Indiana Code > Title 32 > Article 25
- 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.
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- authority: refers to the Indiana stadium and convention building authority created by this chapter. See Indiana Code 5-1-17-1
- 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
- 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.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Equitable: 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. Courts
- 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.
- Fiduciary: A trustee, executor, or administrator.
- 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
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
- Inter vivos: Transfer of property from one living person to another living person.
- 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: OCC
- legal proceedings: refers to either of the following:
Indiana Code 32-25-8.5-6
- Lien: A claim against real or personal property in satisfaction of a debt.
- Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- 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.
- obligations: has the meaning set forth in IC 5-1-3-1(b). See Indiana Code 5-1-14-1.5
- 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
- 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.
- 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.
- Trustee: A person or institution holding and administering property in trust.
- Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5