Terms Used In Maine Revised Statutes Title 33 Sec. 1551

• 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.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Historic property: shall mean a structure, a plot of land which was the setting of an event or any combination of land and buildings, including the surrounding air space, which has a special historical, architectural or archaeological interest or value, and which is predominantly in its original, historical or natural conditions. See Maine Revised Statutes Title 33 Sec. 1551
• Owner: means any person, corporation, partnership, organization or other legal entity, including a municipality, county or other political subdivision of the State, an agency of the Federal Government and any quasi-governmental entity, which owns or controls historic property. See Maine Revised Statutes Title 33 Sec. 1551
• 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.
• Preservation agreement: shall mean any deed, will or other instrument executed by or on behalf of the owner of historic property, or an order of taking, which includes within it the terms of a preservation interest. See Maine Revised Statutes Title 33 Sec. 1551
• Preservation interest: shall mean a right created by a preservation agreement which may be in the form of a restriction, easement, covenant or condition which is held by a qualified holder and which pertains to preserving or restoring historic property. See Maine Revised Statutes Title 33 Sec. 1551
• Qualified holder: shall mean a nonprofit preservation or historical organization whose purposes include preservation of historic property or a governmental body. See Maine Revised Statutes Title 33 Sec. 1551