Article 1 General Provisions
Article 2 Sales
Article 2A Leases
Article 3 Negotiable Instruments
Article 4 Bank Deposits and Collections
Article 4A Funds Transfers
Article 5 Letters of Credit
Article 7 Warehouse Receipts, Bills of Lading, and Other Documents of Title
Article 8 Investment Securities
Article 9 Secured Transactions — Sales of Accounts, Contract Rights, and Chattel Paper
Article 10 Other Provisions

Terms Used In Kentucky Statutes > Chapter 355 - Uniform Commercial Code

  • Above-drainage: means coal in a coal bed that outcrops at the surface within a mine permit area and that is accessed at the outcrop location. See Kentucky Statutes 143.010
  • Acquittal:
    1. Judgement that a criminal defendant has not been proved guilty beyond a reasonable doubt.
    2. A verdict of "not guilty."
     
  • Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
  • Admissions: means the fees paid for:
    1. See Kentucky Statutes 139.010
  • Advertising and promotional direct mail: means direct mail the primary purpose of which is to attract public attention to a product, person, business, or organization, or to attempt to sell, popularize, or secure financial support for a product, person, business, or organization. See Kentucky Statutes 139.010
  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • 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.
  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • Afternoon: means the period of a day between noon and midnight. See Kentucky Statutes 355.4-104
  • all income from all sources: shall include all federal and state death benefits payable to the estate or any beneficiaries. See Kentucky Statutes 141.900
  • 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.
  • Amortization: Paying off a loan by regular installments.
  • Animal: includes every warm-blooded living creature except a human being. See Kentucky Statutes 446.010
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • any other state: includes any state, territory, outlying possession, the District of Columbia, and any foreign government or country. See Kentucky Statutes 446.010
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appraisal: A determination of property value.
  • Appropriation: means an authorization by the General Assembly to expend, from public funds, a sum of money not in excess of the sum specified, for the purposes specified in the authorization and under the procedure prescribed in KRS Chapter 48. See Kentucky Statutes 446.010
  • 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
  • Arrest: Taking physical custody of a person by lawful authority.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Attorney: means attorney-at-law. See Kentucky Statutes 446.010
  • Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS 154. See Kentucky Statutes 154.1-010
  • Bailee: means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. See Kentucky Statutes 355.7-102
  • Banking day: means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions. See Kentucky Statutes 355.4-104
  • 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.
  • Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
  • Below-drainage: means coal in a coal bed that does not outcrop at the surface within a mine permit area and that is accessed by mine slopes or other openings that penetrate the coal a minimum of thirty (30) feet below the surface drainage level. See Kentucky Statutes 143.010
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bequest: Property gifted by will.
  • Biennium: means the two (2) year period commencing on July 1 in each even- numbered year and ending on June 30 in the ensuing even-numbered year. See Kentucky Statutes 446.010
  • Bonds: means bonds, notes, commercial paper, and other instruments in writing, authorized by or issued pursuant to or in accordance with this chapter, to evidence an obligation to repay or guarantee the repayment of money borrowed, or to pay interest by, or to pay at any future time other money obligations. See Kentucky Statutes 66.011
  • Business: includes any activity engaged in by any person or caused to be engaged in by that person with the object of gain, benefit, or advantage, either direct or indirect. See Kentucky Statutes 139.010
  • Business trust: includes , except when utilized in KRS Chapter 386, a "statutory trust" as organized under KRS Chapter 386A. See Kentucky Statutes 446.010
  • Buyer: means a person who buys or contracts to buy goods. See Kentucky Statutes 355.2-103
  • Cabinet: means the Cabinet for Economic Development as established under KRS
    12. See Kentucky Statutes 154.1-010
  • Candy: means a preparation of sugar, honey, or other natural or artificial sweeteners in combination with chocolate, fruits, nuts, or other ingredients or flavorings in the form of bars, drops, or pieces. See Kentucky Statutes 139.485
  • Capitalized interest: means all or a portion of the interest payable on bonds from their date to a date stated or provided for in the proceedings, which interest is to be paid from the proceeds of the bonds. See Kentucky Statutes 66.011
  • Captive real estate investment trust: means a real estate investment trust as defined in Section 856 of the Internal Revenue Code that meets the following requirements:
    (a) 1. See Kentucky Statutes 141.010
  • Carrier: means a person that issues a bill of lading. See Kentucky Statutes 355.7-102
  • Certified mail: means any method of governmental, commercial, or electronic delivery that allows a document or package to have proof of:
    (a) Sending the document or package. See Kentucky Statutes 446.010
  • Chambers: A judge's office.
  • Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
  • Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority.
  • City: includes town. See Kentucky Statutes 446.010
  • Clearing house: means an association of banks or other payors regularly clearing items. See Kentucky Statutes 355.4-104
  • Coal: means and includes any material composed predominantly of hydrocarbons in a solid state. See Kentucky Statutes 143.010
  • Commercial unit: means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See Kentucky Statutes 355.2A-103
  • Commissioner: means the commissioner of the department. See Kentucky Statutes 141.010
  • Committee membership: Legislators are assigned to specific committees by their party. Seniority, regional balance, and political philosophy are the most prominent factors in the committee assignment process.
  • Committee substitute: Short for committee amendment in the nature of a substitute.
  • 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.
  • Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
  • Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 139.010
  • Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Consignee: means a person named in a bill of lading to which or to whose order the bill promises delivery. See Kentucky Statutes 355.7-102
  • Consignor: means a person named in a bill of lading as the person from which the goods have been received for shipment. See Kentucky Statutes 355.7-102
  • Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose. See Kentucky Statutes 355.2A-103
  • consumption: as used in this chapter , shall not include the sale, use, storage, or other consumption of:
    (1) Locomotives or rolling stock, including materials for the construction, repair, or modification thereof, or fuel or supplies for the direct operation of locomotives and trains, used or to be used in interstate commerce. See Kentucky Statutes 139.480
  • Contemplation of death: The expectation of death that provides the primary motive to make a gift.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Kentucky Statutes 355.2-106
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • 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.
  • Corporation: means a corporation taxable under KRS 141. See Kentucky Statutes 141.010
  • corporations: means :
    1. See Kentucky Statutes 141.900
  • Counterclaim: A claim that a defendant makes against a plaintiff.
  • County: means any county, consolidated local government, urban-county government, unified local government, or charter county. See Kentucky Statutes 65A.010
  • course materials: means only those items specifically required of all students for a particular course but shall not include notebooks, paper, pencils, calculators, tape recorders, or similar student aids. See Kentucky Statutes 139.480
  • Credit enhancement facilities: means letters of credit. See Kentucky Statutes 66.011
  • Customer: means a person having an account with a bank or for whom a bank has agreed to collect items including a bank that maintains an account at another bank. See Kentucky Statutes 355.4-104
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Debt charges: means the principal, including any mandatory sinking fund deposits, interest, and any redemption premium, payable on bonds as the payments come due and are payable and any charges related to credit enhancement facilities. See Kentucky Statutes 66.011
  • Decedent: A deceased person.
  • 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: means the Department of Revenue. See Kentucky Statutes 143.010
  • Department: means the Department of Revenue. See Kentucky Statutes 143A.010
  • Department: means the Department of Revenue. See Kentucky Statutes 139.010
  • Department: means the Department of Revenue. See Kentucky Statutes 141.010
  • Dependent: A person dependent for support upon another.
  • Dependent: means those persons defined as dependents in the Internal Revenue
    Code. See Kentucky Statutes 141.010
  • Deposition: 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.
  • Devise: To gift property by will.
  • Dietary supplement: means any product, other than tobacco, intended to supplement the diet that:
    1. See Kentucky Statutes 139.485
  • Digital audio works: means works that result from the fixation of a series of musical, spoken, or other sounds. See Kentucky Statutes 139.010
  • Digital audio-visual works: means a series of related images which, when shown in succession, impart an impression of motion, with accompanying sounds, if any. See Kentucky Statutes 139.010
  • Digital books: means works that are generally recognized in the ordinary and usual sense as books, including any literary work expressed in words, numbers, or other verbal or numerical symbols or indicia if the literary work is generally recognized in the ordinary or usual sense as a book. See Kentucky Statutes 139.010
  • Digital code: means a code which provides a purchaser with a right to obtain one (1) or more types of digital property. See Kentucky Statutes 139.010
  • Direct mail: means printed material delivered or distributed by United States
    mail or other delivery service to a mass audience or to addressees on a mailing list provided by the purchaser or at the direction of the purchaser when the cost of the items are not billed directly to the recipient. See Kentucky Statutes 139.010
  • Directly used in the manufacturing or industrial processing process: means the process that commences with the movement of raw materials from storage into a continuous, unbroken, integrated process and ends when the finished product is packaged and ready for sale. See Kentucky Statutes 139.010
  • Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Discretionary spending: Spending (budget authority and outlays)controlled in annual appropriations acts.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Distributions: includes but is not limited to any lump-sum distribution from pension or profit-sharing plans qualifying for the income tax averaging provisions of Section 402 of the Internal Revenue Code. See Kentucky Statutes 141.900
  • Docket: A log containing brief entries of court proceedings.
  • Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities (KRS 355. See Kentucky Statutes 355.4-104
  • Doing business in this state: includes but is not limited to: (a) Being organized under the laws of this state. See Kentucky Statutes 141.010
  • Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
  • Donee: The recipient of a gift.
  • Donor: The person who makes a gift.
  • Draft: means a draft as defined in KRS 355. See Kentucky Statutes 355.4-104
  • Drawee: means a person ordered in a draft to make payment. See Kentucky Statutes 355.4-104
  • Electronic 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: OCC
  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
  • Enrolled bill: The final copy of a bill or joint resolution which has passed both chambers in identical form. It is printed on parchment paper, signed by appropriate officials, and submitted to the President/Governor for signature.
  • Entitlement: 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.
  • 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.
  • Establishing entity: means the city or county, or any combination of cities and counties, that established a special purpose governmental entity and that has not subsequently withdrawn its affiliation with the special purpose governmental entity by ordinance or other official action. See Kentucky Statutes 65A.010
  • 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.
  • Ex officio: Literally, by virtue of one's office.
  • Executor: A male person named in a will to carry out the decedent
  • 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.
  • Fault: means wrongful act, omission, breach, or default. See Kentucky Statutes 355.2A-103
  • Federal: refers to the United States. See Kentucky Statutes 446.010
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • 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: OCC
  • Federally regulated municipal utility: means a municipal utility governed by the provisions of KRS 96. See Kentucky Statutes 65A.010
  • Fee: means any user charge, levy, assessment, fee, schedule of rates, or tax, other than an ad valorem tax, imposed by a special purpose governmental entity. See Kentucky Statutes 65A.010
  • 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 lease: means a lease with respect to which:
    1. See Kentucky Statutes 355.2A-103
  • Financial institution: means :
    (a) A national bank organized as a body corporate and existing or in the process of organizing as a national bank association pursuant to the provisions of the National Bank Act, 12 U. See Kentucky Statutes 141.010
  • Financing costs: means all costs and expenses relating to the issuance and carrying costs of bonds including charges related to credit enhancement facilities which are not debt charges. See Kentucky Statutes 66.011
  • Finished artwork: includes :
    1. See Kentucky Statutes 139.010
  • 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.
  • Fiscal year: means "fiscal year" as defined in Section 7701(a)(24) of the Internal
    Revenue Code. See Kentucky Statutes 141.900
  • Floating indebtedness: means the amount by which the total of all expenditures by an issuer in any fiscal year exceeds the total of all funds and receipts of the issuer for that fiscal year which are available to the issuer for the purpose of funding those expenditures, but only to the extent that the governing body of the issuer made good-faith estimates of expenditures and funds and receipts available to fund those expenditures and the short-fall in available funds and receipts was due to unforeseeable circumstances or events. See Kentucky Statutes 66.011
  • 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
  • Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
  • Forgery: 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: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Garnishment: 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 debtor
  • Germane: On the subject of the pending bill or other business; a strict standard of relevance.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (KRS 355. See Kentucky Statutes 355.2A-103
  • Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Kentucky Statutes 355.7-102
  • Governing body: means the legislative authority of the issuer. See Kentucky Statutes 66.011
  • Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
  • Grantor: The person who establishes a trust and places property into it.
  • Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • 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.
  • 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.
  • Impeachment: (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.
  • Indictment: 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.
  • Individual: means a natural person. See Kentucky Statutes 141.010
  • Industrial processing: includes : (a) Refining. See Kentucky Statutes 139.010
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Installment lease contract: means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent. See Kentucky Statutes 355.2A-103
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • Inter vivos: Transfer of property from one living person to another living person.
  • interest equivalent: means those payments or portions of payments, however denominated, that constitute or represent consideration for forbearing the collection of money, or for deferring the receipt or payment of money to a future time. See Kentucky Statutes 66.011
  • 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: OCC
  • Internal Revenue Code: means :
    (a) For taxable years beginning on or after January 1, 2018, but before January 1,
    2019, the Internal Revenue Code in effect on December 31, 2017, including the provisions contained in Pub. See Kentucky Statutes 141.010
  • Intestate: Dying without leaving a will.
  • 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 Kentucky Statutes 355.7-102
  • Issuer: means a county, city, urban-county, charter county, or other taxing district, and for purposes of making any determinations required under this chapter, may include an authorized representative of the issuer. See Kentucky Statutes 66.011
  • Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Kentucky Statutes 355.4-104
  • Joint 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.
  • 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.
  • 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: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Kentucky Statutes 355.2A-103
  • 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
  • Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this article. See Kentucky Statutes 355.2A-103
  • Lease contract: means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. See Kentucky Statutes 355.2A-103
  • Lease or rental: means any transfer of possession or control of tangible personal property for a fixed or indeterminate term for consideration. See Kentucky Statutes 139.010
  • Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Kentucky Statutes 355.2A-103
  • Legacy: A gift of property made by will.
  • Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
  • Legatee: A beneficiary of a decedent
  • Legislation: means an ordinance or resolution passed by a governing body. See Kentucky Statutes 66.011
  • Lessee: means a person who acquires the right to possession and use of goods under a lease. See Kentucky Statutes 355.2A-103
  • Lessor: means a person who transfers the right to possession and use of goods under a lease. See Kentucky Statutes 355.2A-103
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: means a charge against or interest in goods to secure payment of a debt or performance of an obligation, but the term does not include a security interest. See Kentucky Statutes 355.2A-103
  • 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).
  • Limited liability pass-through entity: means any pass-through entity that affords any of its partners, members, shareholders, or owners, through function of the laws of this state or laws recognized by this state, protection from general liability for actions of the entity. See Kentucky Statutes 141.010
  • Lineal descendant: Direct descendant of the same ancestors.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Livestock: means cattle, sheep, swine, goats, horses, alpacas, llamas, buffaloes, or any other animals of the bovine, ovine, porcine, caprine, equine, or camelid species. See Kentucky Statutes 446.010
  • Lot: means a parcel or a single article that is the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract. See Kentucky Statutes 355.2A-103
  • Machinery for new and expanded industry: means machinery:
    1. See Kentucky Statutes 139.010
  • Mandatory sinking fund redemption requirements: means amounts required by proceedings to be deposited in a sinking fund for the purpose of paying, by mandatory redemption prior to stated maturity, the principal of bonds that is due and payable in a subsequent year or fiscal year. See Kentucky Statutes 66.011
  • Manufacturing: means any process through which material having little or no commercial value for its intended use before processing has appreciable commercial value for its intended use after processing by the machinery. See Kentucky Statutes 139.010
  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • Marketplace: means any physical or electronic means through which one (1) or more retailers may advertise and sell tangible personal property, digital property, or
    services, or lease tangible personal property or digital property, such as a catalog, Internet Web site, or television or radio broadcast, regardless of whether the tangible personal property, digital property, or retailer is physically present in this state. See Kentucky Statutes 139.010
  • Marketplace provider: includes but is not limited to a person that satisfies the requirements of this subsection through the ownership, operation, or control of a digital distribution service, digital distribution platform, online portal, or application store. See Kentucky Statutes 139.010
  • Merchant lessee: means a lessee that is a merchant with respect to goods of the kind subject to the lease. See Kentucky Statutes 355.2A-103
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • Modified gross income: means the greater of:
    (a) Adjusted gross income as defined in 26 U. See Kentucky Statutes 141.010
  • Month: means calendar month. See Kentucky Statutes 446.010
  • 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.
  • 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
  • Natural resource: means all forms of minerals including but not limited to rock, stone, limestone, shale, gravel, sand, clay, natural gas, and natural gas liquids which are contained in or on the soils or waters of this state. See Kentucky Statutes 143A.010
  • Net indebtedness: means the principal amount of outstanding bonds of an issuer as determined in accordance with KRS 66. See Kentucky Statutes 66.011
  • 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.
  • Nonresident: means any individual not a resident of this state. See Kentucky Statutes 141.010
  • Notes: means bonds that mature no later than five (5) years from the date they are issued. See Kentucky Statutes 66.011
  • Number of withholding exemptions claimed: means the number of withholding exemptions claimed in a withholding exemption certificate in effect under KRS
    141. See Kentucky Statutes 141.010
  • Oath: A promise to tell the truth.
  • Obligation: means instruments in writing, which are not bonds within the meaning of this chapter, that evidence an obligation to repay money borrowed, or to pay interest by, or to pay at any future time other money obligations, including, without limitation, installment sale, lease, lease purchase, or similar agreements, which obligations bear interest or an interest equivalent. See Kentucky Statutes 66.011
  • 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.
  • Occasional sale: includes :
    1. See Kentucky Statutes 139.010
  • Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.
  • Other direct mail: includes but is not limited to:
    1. See Kentucky Statutes 139.010
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Owned or constructively owned: means owning shares or having an ownership interest in the real estate investment trust, or owning an interest in an entity that owns shares or has an ownership interest in the real estate investment trust. See Kentucky Statutes 141.010
  • Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
  • Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
  • 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.
  • Person: includes any individual, firm, copartnership, joint venture, association, social club, fraternal organization, corporation, estate, trust, business trust, receiver, trustee, syndicate, cooperative, assignee, governmental unit or agency, or any other group or combination acting as a unit. See Kentucky Statutes 139.010
  • Person: means "person" as defined in Section 7701(a)(1) of the Internal Revenue
    Code. See Kentucky Statutes 141.900
  • Personal property: All property that is not real property.
  • Petit jury: A group of citizens who hear the evidence presented by both sides at trial and determine the facts in dispute. Federal criminal juries consist of 12 persons. Federal civil juries consist of six persons.
  • Plaintiff: 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.
  • 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.
  • Power 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: OCC
  • 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.
  • Prepared food: means :
    1. See Kentucky Statutes 139.485
  • present sale: means a sale which is accomplished by the making of the contract. See Kentucky Statutes 355.2-106
  • Present value: means the amount as of a date certain of one (1) or more sums payable in the future, discounted to the date certain. See Kentucky Statutes 355.2A-103
  • Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
  • Prewritten computer software: means :
    1. See Kentucky Statutes 139.010
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Probate: Proving a will
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Processing: includes cleaning, breaking, sizing, dust allaying, treating to prevent freezing, or loading or unloading for any purpose. See Kentucky Statutes 143.010
  • Processing: includes but is not limited to breaking, crushing, cleaning, drying, sizing, or loading or unloading for any purpose. See Kentucky Statutes 143A.010
  • product: means tangible personal property, an item transferred electronically, or a service. See Kentucky Statutes 139.010
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • public funds: means sums actually received in cash or negotiable instruments from all sources unless otherwise described by any state agency, state- owned corporation, university, department, cabinet, fiduciary for the benefit of any form of state organization, authority, board, bureau, interstate compact, commission, committee, conference, council, office, or any other form of organization whether or not the money has ever been paid into the Treasury and whether or not the money is still in the Treasury if the money is controlled by any form of state organization, except for those funds the management of which is to be reported to the Legislative Research Commission pursuant to KRS 42. See Kentucky Statutes 446.010
  • Public funds: means any funds derived from the levy of a tax, fee, assessment, or charge, or the issuance of bonds by the state or a city, county, or special purpose governmental entity. See Kentucky Statutes 65A.010
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • publicly traded partnership affiliates: shall include any limited liability company or limited partnership for which at least eighty percent (80%) of the limited liability company member interests or limited partner interests are owned directly or indirectly by the publicly traded partnership. See Kentucky Statutes 141.900
  • Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See Kentucky Statutes 355.2A-103
  • Purchase: includes :
    1. See Kentucky Statutes 139.010
  • qualifying entity: means a resident:
    a. See Kentucky Statutes 139.010
  • Quorum: The number of legislators that must be present to do business.
  • real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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: FDIC
  • Recycling purposes: means those activities undertaken in which materials that would otherwise become solid waste are collected, separated, or processed in order to be reused or returned to use in the form of raw materials or products. See Kentucky Statutes 139.010
  • Refund: means to provide for the payment of debt charges and expenses related to that payment at or prior to retirement by purchase, call for redemption, payment at maturity, or otherwise, outstanding obligations of an issuer or its instrumentality, including, without limitation, bonds. See Kentucky Statutes 66.011
  • Register: means the books kept and maintained for registration, exchange, and transfer of registered bonds. See Kentucky Statutes 66.011
  • Registered mail: means any governmental, commercial, or electronic method of delivery that allows a document or package to have:
    (a) Its chain of custody recorded in a register to enable its location to be tracked. See Kentucky Statutes 446.010
  • Registered taxpayer: means a taxpayer who holds a valid coal tax certificate of registration required under KRS 143. See Kentucky Statutes 143.010
  • Regular election: means the election in even-numbered years at which members of Congress are elected and the election in odd-numbered years at which state officers are elected. See Kentucky Statutes 446.010
  • Related party: means two (2) or more persons, organizations, or businesses owned or controlled directly or indirectly by the same interest. See Kentucky Statutes 143.010
  • 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.
  • Remand: When an appellate court sends a case back to a lower court for further proceedings.
  • Remote retailer: means a retailer with no physical presence in this state. See Kentucky Statutes 139.010
  • repair or replacement parts: means tires, brakes, engines, transmissions, drive trains, chassis, body parts, and their components. See Kentucky Statutes 139.480
  • Reporting period: means the period for which each taxpayer shall compute his tax liability and remit the tax due to the department. See Kentucky Statutes 143.010
  • 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.
  • Resident: means an individual domiciled within this state or an individual who is not domiciled in this state, but maintains a place of abode in this state and spends in the aggregate more than one hundred eighty-three (183) days of the taxable year in this state. See Kentucky Statutes 141.010
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Retail sale: means any sale, lease, or rental for any purpose other than resale, sublease, or subrent. See Kentucky Statutes 139.010
  • Retailer: means :
    1. See Kentucky Statutes 139.010
  • Ringtones: means digitized sound files that are downloaded onto a device and that may be used to alert the customer with respect to a communication. See Kentucky Statutes 139.010
  • S corporation: means "S corporation" as defined in Section 1361(a) of the Internal
    Revenue Code. See Kentucky Statutes 141.900
  • Sale: includes but is not limited to:
    1. See Kentucky Statutes 139.010
  • sales price: shall include consideration received by the retailer from a third party if:
    1. See Kentucky Statutes 139.010
  • Self-supporting obligations: means obligations issued for the purpose of paying costs of public projects to the extent that receipts of the issuer, other than the proceeds of taxes levied by that issuer, derived from or with respect to that public project or the operation of the public project being financed, or the enterprise, system, or category of public project of which the public project being financed is part, are estimated by the governing body or a representative of the governing body to be sufficient to pay the current expenses of that operation or of that public project, enterprise, or system and the debt charges payable from those receipts on obligations issued for that public project. See Kentucky Statutes 66.011
  • Seller: means a person who sells or contracts to sell goods. See Kentucky Statutes 355.2-103
  • Seller: includes every person engaged in the business of selling tangible personal property, digital property, or services of a kind, the gross receipts from the retail sale of which are required to be included in the measure of the sales tax, and every person engaged in making sales for resale. See Kentucky Statutes 139.010
  • 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.
  • severance: means the physical removal of coal from the earth. See Kentucky Statutes 143.010
  • severed: means the physical removal of the natural resource from the earth or waters of this state by any means. See Kentucky Statutes 143A.010
  • Shipper: means a person that enters into a contract of transportation with a carrier. See Kentucky Statutes 355.7-102
  • Sinking fund: means a fund established for the management of moneys to be used for the retirement of outstanding bonds. See Kentucky Statutes 66.011
  • Soft drinks: means nonalcoholic beverages that contain natural or artificial sweeteners. See Kentucky Statutes 139.485
  • Special purpose governmental entity: shall include entities meeting the requirements established by paragraph (a) of this subsection, whether the entity is formed as a nonprofit corporation under KRS Chapter 273, pursuant to an interlocal cooperation agreement under KRS 65. See Kentucky Statutes 65A.010
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
  • State: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
  • State local debt officer: as used in this chapter and other provisions of law, means the commissioner, Department for Local Government or the commissioner's agent designated in writing. See Kentucky Statutes 66.011
  • 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.
  • Sublease: means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease. See Kentucky Statutes 355.2A-103
  • Subpoena: A command to a witness to appear and give testimony.
  • Subpoena duces tecum: A command to a witness to produce documents.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Kentucky Statutes 355.2A-103
  • Supply contract: means a contract under which a lessor buys or leases goods to be leased. See Kentucky Statutes 355.2A-103
  • Sworn: includes "affirmed" in all cases in which an affirmation may be substituted for an oath. See Kentucky Statutes 446.010
  • Tangible personal property: means personal property which may be seen, weighed, measured, felt, or touched, or which is in any other manner perceptible to the senses and includes natural, artificial, and mixed gas, electricity, water, steam, and prewritten computer software. See Kentucky Statutes 139.010
  • Taxable year: means the calendar year or fiscal year ending during such calendar year, upon the basis of which net income is computed, and in the case of a return made for a fractional part of a year under the provisions of this chapter or under administrative regulations prescribed by the commissioner, "taxable year" means the period for which the return is made. See Kentucky Statutes 141.010
  • Taxing district: means an issuer, other than a county, city, urban-county, or charter county authorized to levy ad valorem taxes within the meaning of Section 157 of the Constitution of Kentucky which is not a school district. See Kentucky Statutes 66.011
  • Taxpayer: means any person liable for tax under this chapter. See Kentucky Statutes 139.010
  • Testator: A male person who leaves a will at death.
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Tobacco: means cigarettes, cigars, chewing or pipe tobacco, or any other item that contains tobacco. See Kentucky Statutes 139.485
  • Ton: means a short ton of 2,000 pounds. See Kentucky Statutes 143.010
  • 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.
  • 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 electronically: means accessed or obtained by the purchaser by means other than tangible storage media. See Kentucky Statutes 139.010
  • Transportation expense: means :
    1. See Kentucky Statutes 143.010
  • Treatment: when used in a criminal justice context, means targeted interventions that focus on criminal risk factors in order to reduce the likelihood of criminal behavior. See Kentucky Statutes 446.010
  • 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.
  • Uniform 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: OCC
  • Use: includes the exercise of:
    1. See Kentucky Statutes 139.010
  • User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
  • Variable 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.
  • Venue: The geographical location in which a case is tried.
  • Verdict: The decision of a petit jury or a judge.
  • Violate: includes failure to comply with. See Kentucky Statutes 446.010
  • Wages: means "wages" as defined in Section 3401(a) of the Internal Revenue
    Code and includes other income subject to withholding as provided in Section
    3401(f) and Section 3402(k), (o), (p), (q), and (s) of the Internal Revenue Code. See Kentucky Statutes 141.900
  • Warehouse: means a person engaged in the business of storing goods for hire. See Kentucky Statutes 355.7-102
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.
  • Year: means calendar year. See Kentucky Statutes 446.010