Terms Used In Minnesota Statutes > Chapter 116V - Agricultural Utilization Research Institute

• Bequest: Property gifted by will.
• Chair: includes chairman, chairwoman, and chairperson. See Minnesota Statutes 645.44
• Contract: A legal written agreement that becomes binding when signed.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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}
• 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.
• Personal property: All property that is not real property.