Terms Used In Nevada Revised Statutes > Chapter 91 - Commodities

• Abstract of judgment: In a federal criminal proceeding, A certification from a U.S. District Court clerk that a judgment of restitution was entered against the defendant owing to the victim. If the defendant inherits, owns, or sells real property or holdings, these assets can then be attached at the state and local levels as well.
• 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.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Articles: means either the articles of incorporation of a professional corporation or the articles of organization of a professional limited-liability company. See Nevada Revised Statutes 89.020
• Beneficiary: means the beneficiary of the deed of trust or the successor in interest of the beneficiary or any person designated or authorized to act on behalf of the beneficiary or its successor in interest. See Nevada Revised Statutes 107.015
• Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority.
• 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.
• Cooperative: has the meaning ascribed to it in NRS 116. See Nevada Revised Statutes 107.015
• Decedent: A deceased person.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• 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}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Facsimile machine: means a device which receives and copies a reproduction or facsimile of a document or photograph which is transmitted electronically or telephonically by telecommunications lines. See Nevada Revised Statutes 107.015
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• 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.
• Grantor: The person who establishes a trust and places property into it.
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Hearsay: Statements by a witness who did not see or hear the incident in question but heard about it from someone else. Hearsay is usually not admissible as evidence in court.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensed: means legally authorized by the appropriate regulating board of this State to engage in a regulated profession in this State. See Nevada Revised Statutes 89.020
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Noncommercial lender: means a lender which makes a loan secured by a deed of trust on owner-occupied housing and which is not a bank, financial institution or other entity regulated pursuant to title 55 of NRS. See Nevada Revised Statutes 107.015
• Owner: means the owner of stock in a professional corporation or the owner of a member"s interest, as defined in NRS 86. See Nevada Revised Statutes 89.020
• Owner-occupied housing: means housing that is occupied by an owner as the owner"s primary residence. See Nevada Revised Statutes 107.015
• 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 with an interest: means any person who has or claims any right, title or interest in, or lien or charge upon, the real property described in a deed of trust, as evidenced by any document or instrument recorded in the office of the county recorder of the county in which any part of the real property is situated. See Nevada Revised Statutes 107.015
• Professional association: means a common-law association of two or more persons licensed or otherwise legally authorized to render professional service within this State when created by written articles of association which contain in substance the following provisions characteristic of corporate entities:

  (a) The death, insanity, bankruptcy, retirement, resignation, expulsion or withdrawal of any member of the association does not cause its dissolution. See Nevada Revised Statutes 89.020

• Professional corporation: means a corporation organized under this chapter to render a professional service. See Nevada Revised Statutes 89.020
• Professional entity: means either a professional corporation or a professional limited-liability company. See Nevada Revised Statutes 89.020
• Professional limited-liability company: means a limited-liability company organized pursuant to this chapter to render professional service. See Nevada Revised Statutes 89.020
• Professional service: means any type of personal service which may legally be performed only pursuant to a license, certificate of registration or other legal authorization. See Nevada Revised Statutes 89.020
• Proprietary lease: has the meaning ascribed to it in NRS 116. See Nevada Revised Statutes 107.015
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Quorum: The number of legislators that must be present to do business.
• Regulating board: means the body which regulates and authorizes the admission to the profession which a professional entity or a professional association is authorized to perform. See Nevada Revised Statutes 89.020
• Residential foreclosure: means the sale of a single-family residence under a power of sale granted by NRS 107. See Nevada Revised Statutes 107.015
• Sale in lieu of a foreclosure sale: has the meaning ascribed to it in NRS 40. See Nevada Revised Statutes 107.015
• Service of process: The service of writs or summonses to the appropriate party.
• Single-family residence: means a structure that is comprised of not more than four units. See Nevada Revised Statutes 107.015
• Subpoena: A command to a witness to appear and give testimony.
• Surety: means a corporation authorized to transact surety business in this State pursuant to NRS 679A. See Nevada Revised Statutes 107.015
• Surety bond: means a bond issued by a surety for the reconveyance of a deed of trust pursuant to this section. See Nevada Revised Statutes 107.015
• Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Title insurer: has the meaning ascribed to it in NRS 692A. See Nevada Revised Statutes 107.015
• Trustee: means the trustee of record. See Nevada Revised Statutes 107.015
• Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
• Unit: has the meaning ascribed to it in NRS 116. See Nevada Revised Statutes 107.015