Terms Used In Nevada Revised Statutes > Chapter 112 - Fraudulent Transfers (Uniform Act)

• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Affiliate: means :

  (a) A person who directly or indirectly owns, controls or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities:

  (1) As a fiduciary or agent without sole discretionary power to vote the securities; or

  (2) Solely to secure a debt, if the person has not exercised the power to vote;

  (b) A corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote, by the debtor or a person who directly or indirectly owns, controls or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities:

  (1) As a fiduciary or agent without sole power to vote the securities; or

  (2) Solely to secure a debt, if the person has not in fact exercised the power to vote;

  (c) A person whose business is operated by the debtor under a lease or other agreement, or a person substantially all of whose assets are controlled by the debtor; or

  (d) A person who operates the debtor"s business under a lease or other agreement or controls substantially all of the debtor"s assets. See Nevada Revised Statutes 112.150

• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• 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.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• 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.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Asset: means property of a debtor, but the term does not include:

  (a) Property to the extent it is encumbered by a valid lien;

  (b) Property to the extent it is generally exempt under nonbankruptcy law; or

  (c) An interest in property held in tenancy by the entireties or as community property to the extent it is not subject to process by a creditor holding a claim against only one tenant. See Nevada Revised Statutes 112.150

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• Claim: means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured. See Nevada Revised Statutes 112.150
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Continuance: Putting off of a hearing ot trial until a later time.
• 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.
• Creditor: means a person who has a claim. See Nevada Revised Statutes 112.150
• Debt: means liability on a claim. See Nevada Revised Statutes 112.150
• Debtor: means a person who is liable on a claim. See Nevada Revised Statutes 112.150
• Decedent: A deceased person.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
• 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.
• Fiduciary: A trustee, executor, or administrator.
• 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}
• Fraud: Intentional deception resulting in injury to another.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insider: includes :

  (a) If the debtor is a natural person:

  (1) A relative of the debtor or of a general partner of the debtor;

  (2) A partnership in which the debtor is a general partner;

  (3) A general partner in a partnership described in subparagraph (2); and

  (4) A corporation of which the debtor is a director, officer or person in control;

  (b) If the debtor is a corporation:

  (1) A director of the debtor;

  (2) An officer of the debtor;

  (3) A person in control of the debtor;

  (4) A partnership in which the debtor is a general partner;

  (5) A general partner in a partnership described in subparagraph (4); and

  (6) A relative of a general partner, director, officer or person in control of the debtor;

  (c) If the debtor is a partnership:

  (1) A general partner in the debtor;

  (2) A relative of a general partner in, a general partner of, or a person in control of the debtor;

  (3) Another partnership in which the debtor is a general partner;

  (4) A general partner in a partnership described in subparagraph (3); and

  (5) A person in control of the debtor;

  (d) An affiliate, or an insider of an affiliate as if the affiliate were the debtor; and

  (e) A managing agent of the debtor. See Nevada Revised Statutes 112.150

• Lien: means a charge against or an interest in property to secure payment of a debt or performance of an obligation, and includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common-law lien and a statutory lien. See Nevada Revised Statutes 112.150
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Oath: A promise to tell the truth.
• 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 a government and a governmental subdivision or agency. See Nevada Revised Statutes 112.150
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Property: means anything that may be the subject of ownership. See Nevada Revised Statutes 112.150
• Relative: means a natural person related by consanguinity within the third degree as determined by the common law, a spouse, or a natural person related to a spouse within the third degree as so determined, and includes a natural person in an adoptive relationship within the third degree. See Nevada Revised Statutes 112.150
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• Summons: Another word for subpoena used by the criminal justice system.
• Testator: A male person who leaves a will at death.
• Transfer: means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset, and includes payment of money, release, lease and creation of a lien or other encumbrance. See Nevada Revised Statutes 112.150
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Verdict: The decision of a petit jury or a judge.