Terms Used In Maine Revised Statutes > Title 13-C > Chapter 7 - Shareholders

• 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.
• Any election: means primary and general elections and referenda, whether regular or special. See Maine Revised Statutes Title 21-A Sec. 1
• 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.
• 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-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.
• 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.
• Business day: means any day of the calendar year other than a Saturday, Sunday or legal holiday. See Maine Revised Statutes Title 21-A Sec. 1
• Candidate: means any person who has filed a petition under either sections 335 and 336 or sections 354 and 355 and has qualified as a candidate by either procedure, or any person who has received contributions or made expenditures or has given consent for any other person to receive contributions or make expenditures with the intent of qualifying as a candidate. See Maine Revised Statutes Title 21-A Sec. 1
• Caucus: means a meeting of a political party or committee. See Maine Revised Statutes Title 21-A Sec. 1
• Caucus: From the Algonquian Indian language, a caucus meant "to meet together." An informal organization of members of the legislature that exists to discuss issues of mutual concern and possibly to perform legislative research and policy planning for its members. There are regional, political or ideological, ethnic, and economic-based caucuses.
• Central voter registration system: means a single electronic information system and database for voter registration information maintained by the Secretary of State and used by all municipal jurisdictions in the State. See Maine Revised Statutes Title 21-A Sec. 1
• Clear-cut: means any timber harvesting on a forested site greater than 5 acres in size that results in a residual basal area of trees over 4 1/2 inches in diameter measured at 4 1/2 feet above the ground of less than 30 square feet per acre, unless, after harvesting, the site has a well-distributed stand of acceptable growing stock, as defined by rule, of at least 3 feet in height for softwood trees and 5 feet in height for hardwood trees that meets the regeneration standards defined under section 8869, subsection 1. See Maine Revised Statutes Title 12 Sec. 8868
• 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 Maine Revised Statutes Title 11 Sec. 2-1103
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed $25,000. See Maine Revised Statutes Title 11 Sec. 2-1103
• 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.
• County legislative delegation: means all state legislators whose legislative districts, in whole or in part, lie within the boundaries of a county. See Maine Revised Statutes Title 30-A Sec. 1
• County office: means the office of judge of probate, register of probate, county treasurer, register of deeds, sheriff, district attorney or county commissioner. See Maine Revised Statutes Title 21-A Sec. 1
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Derivative proceeding: means a civil suit in the right of a domestic corporation or, to the extent provided in section 758, in the right of a foreign corporation. See Maine Revised Statutes Title 13-C Sec. 751
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Election official: means a warden, ward clerk, deputy warden or election clerk. See Maine Revised Statutes Title 21-A Sec. 1
• Election year: means the calendar year within which a particular election is held. See Maine Revised Statutes Title 21-A Sec. 1
• Electoral division: means an area set off for election purposes. See Maine Revised Statutes Title 21-A Sec. 1
• Enroll: means to enlist as a member of a political party. See Maine Revised Statutes Title 21-A Sec. 1
• 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}
• 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
• Fault: means wrongful act, omission, breach or default. See Maine Revised Statutes Title 11 Sec. 2-1103
• Fiduciary: A trustee, executor, or administrator.
• Finance lease: means a lease with respect to which:  
  (i) The lessor does not select, manufacture or supply the goods;  
  (ii) The lessor acquires the goods or the right to possession and use of the goods in connection with the lease; and  
  (iii) One of the following occurs:  

  (A) The lessee receives a copy of the contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract;  

  (B) The lessee's approval of the contract by which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract;  

  (C) The lessee, before signing the lease contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or  

  (D) If the lease is not a consumer lease, the lessor, before the lessee signs the lease contract, informs the lessee in writing: of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person; that the lessee is entitled under this Article to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; and that the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies. See Maine Revised Statutes Title 11 Sec. 2-1103
• 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}
• Forest management plan: means a site-specific document signed by a professional forester outlining proposed activities to ensure compliance with performance standards and regeneration requirements established pursuant to this subchapter. See Maine Revised Statutes Title 12 Sec. 8868
• Fraud: Intentional deception resulting in injury to another.
• General election: means the regular election of state and county officials occurring biennially in November. See Maine Revised Statutes Title 21-A Sec. 1
• Goods: means all things that are movable at the time of identification to the lease contract including mobile homes, or are fixtures (section 2?1309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles or minerals or the like, including oil and gas, before extraction. See Maine Revised Statutes Title 11 Sec. 2-1103
• Governor-elect: whenever used in this chapter and chapter 145, shall be held to mean the candidate most recently elected to the office of Governor of the State of Maine in the November election for choice of Governor, or his successor. See Maine Revised Statutes Title 5 Sec. 1661
• 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.
• Immediate family: means a person's spouse, parent, grandparent, child, grandchild, sister, half-sister, brother, half-brother, stepparent, stepgrandparent, stepchild, stepgrandchild, stepsister, stepbrother, mother-in-law, father-in-law, brother-in-law, sister-in-law, son-in-law, daughter-in-law, guardian, former guardian, domestic partner, the half-brother or half-sister of a person's spouse, or the spouse of a person's half-brother or half-sister. See Maine Revised Statutes Title 21-A Sec. 1
• in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
• 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 the clause, "each delivery is a separate lease" or its equivalent. See Maine Revised Statutes Title 11 Sec. 2-1103
• Joint meeting: An occasion, often ceremonial, when the House and Senate each adopt a unanimous consent agreement
• 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 Maine Revised Statutes Title 11 Sec. 2-1103
• 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 Maine Revised Statutes Title 11 Sec. 2-1103
• 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 Maine Revised Statutes Title 11 Sec. 2-1103
• Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Maine Revised Statutes Title 11 Sec. 2-1103
• Lessee: means a person who acquires the right to possession and use of goods under a lease. See Maine Revised Statutes Title 11 Sec. 2-1103
• Lessor: means a person who transfers the right to possession and use of goods under a lease. See Maine Revised Statutes Title 11 Sec. 2-1103
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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 Maine Revised Statutes Title 11 Sec. 2-1103
• Liquidation harvesting: means the purchase of timberland followed by a harvest that removes most or all commercial value in standing timber, without regard for long-term forest management principles, and the subsequent sale or attempted resale of the harvested land within 5 years. See Maine Revised Statutes Title 12 Sec. 8868
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• may: when used in this Title, is used in a permissive sense to grant authority or permission, but not to create duty, to act in the manner specified by the context. See Maine Revised Statutes Title 21-A Sec. 7
• Merchant lessee: means a lessee that is a merchant with respect to goods of the kind subject to the lease. See Maine Revised Statutes Title 11 Sec. 2-1103
• Minority: when used in reference to age shall mean under the age of 18. See Maine Revised Statutes Title 1 Sec. 72
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Municipal committee: means a city, town or ward committee of a political party. See Maine Revised Statutes Title 21-A Sec. 1
• Municipal officers: means the mayor and aldermen or councillors of a city, the members of the select board or councillors of a town and the assessors of a plantation. See Maine Revised Statutes Title 21-A Sec. 1
• Municipal officers: means the mayor and aldermen or councillors of a city, the members of the select board or councillors of a town and the assessors of a plantation. See Maine Revised Statutes Title 1 Sec. 72
• Municipality: means a city, town or plantation. See Maine Revised Statutes Title 21-A Sec. 1
• Municipality: includes cities, towns and plantations, except that "municipality" does not include plantations in Title 10, chapter 110, subchapter IV; or Title 30?A, Part 2. See Maine Revised Statutes Title 1 Sec. 72
• Oath: includes an affirmation, when affirmation is allowed. See Maine Revised Statutes Title 1 Sec. 72
• Oath: 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.
• Parcel: means a contiguous tract or plot of forest land owned by a landowner. See Maine Revised Statutes Title 12 Sec. 8868
• 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: means a political organization which has qualified to participate in a primary or general election under chapter 5. See Maine Revised Statutes Title 21-A Sec. 1
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Political committee: means 2 or more persons associated for the purpose of promoting or defeating a candidate, party or principle. See Maine Revised Statutes Title 21-A Sec. 1
• Present value: means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. See Maine Revised Statutes Title 11 Sec. 2-1103
• Primary election: means the regular election for the election of nominees of a party for the general election. See Maine Revised Statutes Title 21-A Sec. 1
• Professional forester: means a person licensed pursuant to Title 32, chapter 76. See Maine Revised Statutes Title 12 Sec. 8868
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift or any other voluntary transaction creating an interest in goods. See Maine Revised Statutes Title 11 Sec. 2-1103
• Quorum: The number of legislators that must be present to do business.
• Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Registrar: means the registrar or deputy registrar of voters of a municipality. See Maine Revised Statutes Title 21-A Sec. 1
• 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.
• 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.
• Residence: means that place where the person has established a fixed and principal home to which the person, whenever temporarily absent, intends to return. See Maine Revised Statutes Title 21-A Sec. 1
• Residence address: means the street and number or other designation indicating the physical location of a person's residence. See Maine Revised Statutes Title 21-A Sec. 1
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• 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: OCC}
• Separation zone: means an area that surrounds a clear-cut and separates it from other clear-cuts. See Maine Revised Statutes Title 12 Sec. 8868
• 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.
• Shareholder: includes a beneficial owner whose shares are held in a voting trust or held by a nominee on the beneficial owner's behalf. See Maine Revised Statutes Title 13-C Sec. 751
• Signature: includes a signature stamp and a signature written by another registered voter on behalf of an individual in accordance with the procedure set forth in section 153?A and, for an individual who is unable to sign that individual's own name, a mark. See Maine Revised Statutes Title 21-A Sec. 1
• Special election: means an election other than a regular election. See Maine Revised Statutes Title 21-A Sec. 1
• 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 Maine Revised Statutes Title 11 Sec. 2-1103
• Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Maine Revised Statutes Title 11 Sec. 2-1103
• Timber harvesting: means the cutting or removal of trees or forest products that when cut or removed are transported to a roundwood processing operation, as defined in section 8881, subsection 10. See Maine Revised Statutes Title 12 Sec. 8868
• Treasurer: means a person appointed by a candidate or a political committee to accept or disburse money to promote or defeat a candidate, party or principle. See Maine Revised Statutes Title 21-A Sec. 1
• Trial: 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.
• Voter: means a person registered to vote. See Maine Revised Statutes Title 21-A Sec. 1
• Voting district: means an area set off from another in the same municipality for voting purposes. See Maine Revised Statutes Title 21-A Sec. 1
• Write-in candidate: means a person whose name does not appear on the ballot under the office designation to which a voter may wish to elect the candidate. See Maine Revised Statutes Title 21-A Sec. 1