Maine Revised Statutes > Title 18-C > Article 6 > Part 2 – Multiple-Party Accounts
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Terms Used In Maine Revised Statutes > Title 18-C > Article 6 > Part 2 - Multiple-Party Accounts
- Account: means a contract of deposit between a depositor and a financial institution and includes a checking account, savings account, certificate of deposit and share account. See Maine Revised Statutes Title 18-C Sec. 6-201
- Agent: means a person authorized to make account transactions for a party. See Maine Revised Statutes Title 18-C Sec. 6-201
- Agriculture: means the production, keeping or maintenance for sale or lease of plants or animals, including, but not limited to, forages and sod crops, grains and seed crops, dairy animals and dairy products, poultry and poultry products, livestock, fruits and vegetables and ornamental and greenhouse products. See Maine Revised Statutes Title 38 Sec. 436-A
- 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
- Beneficiary: means a person named as one to whom sums on deposit in an account are payable on request after death of all parties or for whom a party is named as trustee. See Maine Revised Statutes Title 18-C Sec. 6-201
- Coastal wetlands: means all tidal and subtidal lands; all lands with vegetation present that is tolerant of salt water and occurs primarily in a salt water or estuarine habitat; and any swamp, marsh, bog, beach, flat or other contiguous low land that is subject to tidal action during the highest tide level for the year in which an activity is proposed as identified in tide tables published by the National Ocean Service. See Maine Revised Statutes Title 38 Sec. 436-A
- 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.
- Decedent: A deceased person.
- 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.
- Fiduciary: A trustee, executor, or administrator.
- Financial institution: means an organization authorized to do business under state or federal laws relating to financial institutions and includes a bank, trust company, savings bank, building and loan association, savings and loan company or association and credit union. See Maine Revised Statutes Title 18-C Sec. 6-201
- 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.
- Great pond: means any inland body of water which in a natural state has a surface area in excess of 10 acres and any inland body of water artificially formed or increased which has a surface area in excess of 30 acres except for the purposes of this article, where the artificially formed or increased inland body of water is completely surrounded by land held by a single owner. See Maine Revised Statutes Title 38 Sec. 436-A
- 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.
- lands: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
- 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
- Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
- Lien: A claim against real or personal property in satisfaction of a debt.
- Multiple-party account: means an account payable on request to one or more of 2 or more parties, whether or not a right of survivorship is mentioned. See Maine Revised Statutes Title 18-C Sec. 6-201
- 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
- Normal high-water line: means that line which is apparent from visible markings, changes in the character of soils due to prolonged action of the water or changes in vegetation, and which distinguishes between predominantly aquatic and predominantly terrestrial land. See Maine Revised Statutes Title 38 Sec. 436-A
- 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 person who, by the terms of an account, has a present right, subject to request, to payment from the account other than as a beneficiary or agent. See Maine Revised Statutes Title 18-C Sec. 6-201
- POD designation: means the designation of:
A. See Maine Revised Statutes Title 18-C Sec. 6-201Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Quorum: The number of legislators that must be present to do business. Request: means a request for payment complying with all terms of the account, including special requirements concerning necessary signatures and regulations of the financial institution. See Maine Revised Statutes Title 18-C Sec. 6-201 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. Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners. River: means a free-flowing body of water including its associated flood plain wetlands from that point at which it provides drainage for a watershed of 25 square miles to its mouth. See Maine Revised Statutes Title 38 Sec. 436-A Service of process: The service of writs or summonses to the appropriate party. Statute: A law passed by a legislature. Stream: means a free-flowing body of water from the outlet of a great pond or the confluence of 2 perennial streams as depicted on the most recent, highest resolution version of the national hydrography dataset available from the United States Geological Survey on the website of the United States Geological Survey or the national map to the point where the stream becomes a river or where the stream meets the shoreland zone of another water body or wetland. See Maine Revised Statutes Title 38 Sec. 436-A Summons: Another word for subpoena used by the criminal justice system. Sums on deposit: means the balance payable on an account, including interest and dividends earned, whether or not included in the current balance, and any deposit life insurance proceeds added to the account by reason of death of a party. See Maine Revised Statutes Title 18-C Sec. 6-201 Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent Terms of the account: includes the deposit agreement and other terms and conditions, including the form, of the contract of deposit. See Maine Revised Statutes Title 18-C Sec. 6-201 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. United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72 Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72