Maryland Code, COMMERCIAL LAW 12-701
Terms Used In Maryland Code, COMMERCIAL LAW 12-701
- 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.
- 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 an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
(b) “Applicant” means any person who applies to a creditor:
(1) Directly for an extension, renewal, or continuation of credit; or
(2) Indirectly by use of an existing credit plan for an amount exceeding a previously established credit limit.
(c) “Commissioner” means the Commissioner of Financial Regulation.
(d) “Credit” means the right granted by a creditor to a debtor to:
(1) Defer payment of a debt;
(2) Incur a debt and defer its payment; or
(3) Purchase property or services and defer payment for it.
(e) “Creditor” means any person who regularly:
(1) Extends, renews, or continues credit for personal, family or household purposes; or
(2) Arranges for the extension, renewal, or continuation of credit.
(f) “Person” includes an individual, corporation, business trust, statutory trust, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal or commercial entity.