Terms Used In Indiana Code > Title 5 > Article 1 > Chapter 17.5 - Motorsports Investment District

• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• admissions fees: means the admissions fees under IC 6-8-14. See Indiana Code 5-1-17.5-2
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• 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.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• 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
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• auctioneer: means an auctioneer licensed under Indiana Code 32-29-7-1
• authority: refers to the Indiana finance authority. See Indiana Code 5-1-17.5-4
• Bankruptcy: 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.
• board: refers to the board of directors of an association of co-owners of a condominium. See Indiana Code 32-25-8.5-2
• board: refers to the board of directors of the commission. See Indiana Code 5-1-17.5-5
• bonds: has the meaning set forth in Indiana Code 5-1-17.5-6
• broker company: has the meaning set forth in Indiana Code 32-28-12.5-0.5
• budget agency: means the budget agency established by IC 4-12-1-3. See Indiana Code 5-1-17.5-7
• budget committee: means the budget committee established by IC 4-12-1-3. See Indiana Code 5-1-17.5-8
• builder: means a person who constructs new homes for sale, including the construction of new homes on land owned by home buyers. See Indiana Code 32-27-2-6
• claim: refers to any of the following:

  Indiana Code 32-25-8.5-3

• claim: refers to any of the following:

  Indiana Code 32-25.5-5-2

• claimant: refers to a party who has a claim against another party. See Indiana Code 32-25-8.5-4
• claimant: refers to a party who has a claim against another party. See Indiana Code 32-25.5-5-3
• Clerk: means the clerk of the court or a person authorized to perform the clerk's duties. See Indiana Code 1-1-4-5
• commercial real estate: means any real estate other than:

  Indiana Code 32-28-12.5-1

• commission: refers to the Indiana motorsports commission created by this chapter. See Indiana Code 5-1-17.5-9
• common expenses: means :

  Indiana Code 32-28-14-1

• 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.
• common law lien: means a lien against real or personal property that is not:

  Indiana Code 32-28-13-1

• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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.
• Counterclaim: A claim that a defendant makes against a plaintiff.
• 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.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• department: refers to the department of state revenue. See Indiana Code 5-1-17.5-10
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• dwelling unit: has the meaning set forth in IC 32-31-5-3. See Indiana Code 32-25.5-3.5-2
• 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}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• exempt claim: refers to any of the following claims or actions:

  Indiana Code 32-25-8.5-5

• exempt claim: refers to any of the following claims or actions:

  Indiana Code 32-25.5-5-4

• 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.
• fees or commissions: means compensation owed to a broker company for performing services requiring a license under Indiana Code 32-28-12.5-2
• Fiscal 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.
• 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}
• Fraud: Intentional deception resulting in injury to another.
• Grantor: The person who establishes a trust and places property into it.
• Guardian: 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.
• Highway: includes county bridges and state and county roads, unless otherwise expressly provided. See Indiana Code 1-1-4-5
• home: means an attached or detached single family dwelling. See Indiana Code 32-27-1-3
• home buyer: means a purchaser of a new home or a model home. See Indiana Code 32-27-2-5
• home improvement: means any alteration, repair, or other modification of an existing home. See Indiana Code 32-27-1-4
• home improvement contract: means a written agreement between a remodeler and an owner to make a home improvement. See Indiana Code 32-27-1-5
• homeowners association: means all the owners of real estate in a subdivision acting as an entity in accordance with any:

  Indiana Code 32-28-14-2

• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• initial home buyer: means a person who:

  Indiana Code 32-27-2-2

• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• lawful fence: means any structure typically used by husbandmen for the enclosure of property. See Indiana Code 32-26-2-1
• 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: OCC}
• legal proceedings: refers to either of the following:

  Indiana Code 32-25-8.5-6

• legal proceedings: refers to either of the following:

  Indiana Code 32-25.5-5-5

• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• load bearing parts of the home: means the following:

  Indiana Code 32-27-1-6

• managing broker: has the meaning set forth in Indiana Code 32-28-12.5-3
• model home: means a new dwelling that is used for the first time after construction as:

  Indiana Code 32-27-2-3.5

• Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
• mortgage: means a mortgage or mortgage lien on an interest in real property in Indiana given to secure a loan in the original principal amount of not more than one million dollars ($1,000,000). See Indiana Code 32-29-6-1
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• mortgage servicer: means the last person to whom a mortgagor or the mortgagor's successor in interest has been instructed by a mortgagee to send payments on a loan secured by a mortgage. See Indiana Code 32-29-6-3
• mortgagee: means :

  Indiana Code 32-29-6-2

• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• mortgagor: means the grantor of a mortgage. See Indiana Code 32-29-6-4
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• motorsports investment district: means the geographic area established as a motorsports investment district under this chapter. See Indiana Code 5-1-17.5-11
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• new home: means a new dwelling occupied for the first time as a residence after construction. See Indiana Code 32-27-2-4
• 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.
• owner: means a person who:

  Indiana Code 32-27-1-8

• 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

• party: refers to any of the following:

  Indiana Code 32-25.5-5-6

• payoff statement: means a statement of the amount of:

  Indiana Code 32-29-6-5

• person: means an individual, a corporation, a limited liability company, a business trust, an estate, a trust, a partnership, an association, a cooperative, or other legal entity. See Indiana Code 32-27-1-9
• person: means an individual, a corporation, or any other legal entity. See Indiana Code 32-29-6-6
• person: has the meaning set forth in IC 36-1-2-12. See Indiana Code 5-1-17.5-12
• Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• political subdivision: has the meaning set forth in IC 36-1-2-13. See Indiana Code 5-1-17.5-13
• Precedent: 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.
• President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• property owner: means the owner of record of real or personal property. See Indiana Code 32-28-13-2
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• public employee: means an individual who is an employee in the executive, judicial, or legislative branch of:

  Indiana Code 32-28-13-1.5

• public official: means an individual who holds office or formerly held office at any time during the preceding four (4) years in the executive, judicial, or legislative branch of:

  Indiana Code 32-28-13-3

• qualified motorsports facility: means a facility that:

  Indiana Code 5-1-17.5-14

• Quorum: The number of legislators that must be present to do business.
• real estate: has the meaning set forth in Indiana Code 32-28-12.5-4
• real estate: means a right, a title, or an interest in real property. See Indiana Code 32-28-14-3
• real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• record: means to record with the county recorder. See Indiana Code 32-29-6-7
• Remainder: 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.
• remodeler: means a person who contracts with an owner to alter, repair, or modify the owner's home. See Indiana Code 32-27-1-10
• respondent: refers to the party against whom a claimant has a claim. See Indiana Code 32-25-8.5-8
• respondent: refers to the party against whom a claimant has a claim. See Indiana Code 32-25.5-5-7
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Revolving 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 open-end credit.) ^{Source: OCC}
• 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.
• Sheriff: means the sheriff of the county or another person authorized to perform sheriff's duties. See Indiana Code 1-1-4-5
• solar energy system: means a solar photovoltaic device whose primary purpose is to use solar energy to produce electricity. See Indiana Code 32-25.5-3.5-3
• 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.
• strip mine: means a tract of land on which the surface soil has been removed or is being removed or is proposed to be removed from the coal seam by one (1) group of operating machines or machinery and where mine run coal is being produced in the raw state ready for direct sale to a consumer or for transportation to a cleaning or preparation plant. See Indiana Code 32-28-10-1
• subdivision: means the division of a parcel of land into lots, parcels, tracts, units, or interests in the manner defined and prescribed by a subdivision control ordinance adopted by a legislative body under IC 36-7-4. See Indiana Code 32-28-14-4
• 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.
• Testify: Answer questions in court.
• title insurance company: means a corporation or other business entity authorized and licensed to transact the business of insuring titles to interests in real property in Indiana under IC 27. See Indiana Code 32-29-6-8
• 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.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• 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: OCC}
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• Verdict: The decision of a petit jury or a judge.
• Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
• veteran: includes "Hoosier veteran" and applies to the construction of all Indiana statutes, unless the construction is expressly excluded by the terms of the statute, is plainly repugnant to the intent of the general assembly or of the context of the statute, or is inconsistent with federal law. See Indiana Code 1-1-4-5
• warranty date: means the date by which all home improvements and work under the home improvement contract have been substantially completed so the owner can occupy and use the improvement in the manner contemplated by the home improvement contract. See Indiana Code 32-27-1-11
• warranty date: means the following:

  Indiana Code 32-27-2-7

• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5