§ 600 Merger; when authorized
§ 601 Merger agreement; authorization; approval; filing
§ 601-A Purchase of assets
§ 601-B Approval or disapproval of merger or purchase of assets
§ 601-C Sale, lease, exchange or other disposition of property, rights, privileges and franchises
§ 602 Effect of merger
§ 603 Issuance of new certificates of stock or other consideration
§ 604 Rights of dissenting stockholders
§ 604-A Transfer of fiduciary relationships
§ 605 Voluntary liquidation; sale of assets; forfeiture of charter by non-user
§ 605-A Transfer of deposit liabilities of bank or trust company; sale or pledge of assets to facilitate such transfer
§ 606 When superintendent may take possession of banking organization; when possession may be surrendered
§ 607 Manner and time within which taking possession may be tested
§ 609 Resumption of business by bank, trust company or industrial bank; retirement of certificates; applicability to stock-form savings banks a…
§ 610 Resumption of business in accordance with plan of reorganization
§ 611 Special deputies; assistants; counsel and other employees
§ 611-A Appointment of single judge
§ 612 Certificates to be recorded and received in evidence
§ 612-A Payment of wages
§ 613 Payment by superintendent of expenses of liquidation
§ 614 Obtaining possession of pleadings, et cetera, in actions against which attorneys' liens are asserted
§ 615 On taking possession, superintendent shall notify those holding assets; effect of notification; turnover of assets and payment of debts o…
§ 616 Inventory of assets; where filed
§ 617 Disposition of property held as bailee, or depositary; opening of safe deposit boxes; disposal of contents
§ 618 Liquidation and conservation of assets; compromising debts and claims; deposit of moneys collected; preference; superintendent, as liquid…
§ 618-A Repudiation of contracts
§ 619 Prosecution and defense of actions; actions preferred; limitations; power to execute instruments; exemption from filing and other fees
§ 620 Notice to creditors to make proof of claims; form of claims; claims for priority of payment
§ 620-A Certain claims shall not be accepted
§ 622 List of claims duly presented; filing
§ 623 Filing objections to claims presented or listed; procedure upon claim under objection
§ 624 Acceptance and rejection of claims and accounts; filing of list thereof; secured claims and accounts; determination of priorities
§ 625 Effect of accepting claims and accounts; limitation upon actions to establish claims and accounts; necessary allegations; effect of judgment
§ 626 Judgments recovered shall not be liens
§ 627 Dividends to creditors; distributions to stockholders; dissolution; destruction of documents
§ 628 Payment of dividends when deposits have been made available by Federal Deposit Insurance Corporation
§ 629 Payment of dividends to minors, trustees or joint depositors; payment of dividends where adverse claim is asserted; interpleader in certa…
§ 630 Claims of shareholders and members of credit unions and savings and loan associations
§ 631 Actions against directors, trustees, managers or officers for violation of their official duties
§ 633 Service of notice or process during time of war
§ 634 Power to appoint regulator or insurer as receiver; additional powers

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Terms Used In New York Laws > Banking > Article 13 - Merger; Voluntary Dissolution; Superintendent's Taking Possession; Reorganization; Liquidation

  • Acquittal:
    1. Judgement that a criminal defendant has not been proved guilty beyond a reasonable doubt.
    2. A verdict of "not guilty."
     
  • Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • Allegation: something that someone says happened.
  • 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.
  • Amortization: Paying off a loan by regular installments.
  • 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.
  • Appraisal: A determination of property value.
  • 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
  • Arrest: Taking physical custody of a person by lawful authority.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
  • balance sheet liability contribution: when used in relation to the New York city employees' retirement system, shall mean a payment of contribution which is required by the provisions of item (iv) of subparagraph (a) of paragraph one of subdivision b of section 13-127 of the administrative code of the city of New York to be made to such retirement system with respect to any fiscal year of the city preceding July first, nineteen hundred ninety. See N.Y. Education Law 6202
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • 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
  • Bequest: Property gifted by will.
  • board: means the board of higher education of the city of New York. See N.Y. Education Law 6250
  • board of trustees: means the board of trustees of the city university of New York. See N.Y. Education Law 6202
  • Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
  • city: shall mean the city of New York. See N.Y. Education Law 6250
  • city university: shall mean the city university of New York, including each senior college and each community college. See N.Y. Education Law 6202
  • city university: means the city university of New York under the jurisdiction of the board of higher education of the city of New York. See N.Y. Education Law 6250
  • Commissioner: means the commissioner, chief supervisor or chief officer of a department. See N.Y. Real Property Actions and Proceedings Law 796
  • 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.
  • comptroller: shall mean the comptroller of the city of New York. See N.Y. Education Law 6250
  • conservatee: means a person who has suffered substantial impairment of his ability to care for his property or has become unable to provide for himself or others dependent upon him for support for whom a conservator of his property has been appointed, pursuant to § 77. See N.Y. Real Property Actions and Proceedings Law 1701
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Coptic Orthodox Church: refers to the Apostolic Church presided over by His Holiness, the Pope of Alexandria (Egypt) and the Patriarch of the See of St. See N.Y. Religious Corporations Law 451
  • 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.
  • Counterclaim: A claim that a defendant makes against a plaintiff.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Department: means a department, agency or office. See N.Y. Real Property Actions and Proceedings Law 796
  • Dependent: A person dependent for support upon another.
  • 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.
  • Devise: To gift property by will.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • dispose of: means to sell, convey, exchange, mortgage, release or lease. See N.Y. Real Property Actions and Proceedings Law 1701
  • Dower: A widow
  • dwelling: shall mean any building or structure or portion thereof which is occupied in whole or in part as the home, residence or sleeping place of one or more human beings and is either rented, leased, let or hired out, to be occupied, or is occupied as the residence or home of three or more families living independently of each other; or is a garden-type maisonette dwelling project as defined in the multiple dwelling law or other similar dwellings which in their aggregate are arranged or designed to provide three or more apartments, have common facilities such as but not limited to a sewer line, water main, or heating plant and are operated as a unit under common ownership, notwithstanding that certificates of occupancy were issued for portions thereof as one or two family dwellings or that the dwellings are not a multiple dwelling as defined in the multiple dwelling law. See N.Y. Real Property Actions and Proceedings Law 782
  • electing employee: shall mean any eligible employee who exercises his election pursuant to this article to come under the optional retirement program. See N.Y. Education Law 6250
  • eligible employees: means members of the instructional staffs of the colleges administered by the board of higher education in the city of New York pursuant to the provisions of Article one hundred twenty-five of the education law, who are employed in the following titles: president, dean, director, professor, associate professor, assistant professor, instructor, tutor, fellow, lecturer, librarian, associate librarian, assistant librarian, library assistant, registrar, assistant registrar, registrar's assistant, principal, first assistant, supervisor, assistant teacher, critic teacher, teacher, college science assistant, college science technician, college engineering technician, and any other members of the instructional staffs of such colleges as defined in section sixty-two hundred six, subdivision 1b of the education law, and such other titles as the board in its discretion may add thereto, by reason of their close relationship to the educational purposes required to carry on the functions of the city university. See N.Y. Education Law 6250
  • 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
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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.
  • Ex officio: Literally, by virtue of one's office.
  • Executor: A male person named in a will to carry out the decedent
  • 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 Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Fiduciary: A trustee, executor, or administrator.
  • 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.
  • 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.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
  • Grantor: The person who establishes a trust and places property into it.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Habeas corpus: A writ that is usually used to bring a prisoner before the court to determine the legality of his imprisonment. It may also be used to bring a person in custody before the court to give testimony, or to be prosecuted.
  • incompetent person: means a person incompetent to manage his affairs of whose property a committee has been appointed pursuant to § 78. See N.Y. Real Property Actions and Proceedings Law 1701
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • insurer: shall mean a life insurance corporation, or other corporation subject to supervision by the department of financial services of the state of New York. See N.Y. Education Law 6250
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • interest in real property: includes any term, estate or other interest in real property, vested or contingent, of an infant in being, an incompetent person, or a conservatee including an inchoate right of dower and a possibility of reverter, and also the contingent interest of an infant not in being. See N.Y. Real Property Actions and Proceedings Law 1701
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
  • Intestate: Dying without leaving a will.
  • Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
  • Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • manufactured home: means a structure, transportable in one or more sections, which in the traveling mode, is eight body feet or more in width or forty body feet or more in length, or, when erected on site, is three hundred twenty or more square feet, and which is built on a permanent chassis and designed to be used as a dwelling with or without a permanent foundation when connected to the required utilities, and includes the plumbing, heating, air-conditioning, and electrical systems contained therein; except that such term shall include a "mobile home" as defined in subdivision five of this section, and shall include a structure which meets all the requirements of this subdivision except the size requirements and with respect to which the manufacturer voluntarily files a certification required by the secretary of housing and urban development. See N.Y. Real Property Actions and Proceedings Law 790
  • manufactured home park: means a contiguous parcel of privately owned land which is used for the accommodation of three or more manufactured homes occupied for year-round living. See N.Y. Real Property Actions and Proceedings Law 790
  • manufactured home resident: means one who rents space in a manufactured home park from a manufactured home park owner or operator for the purpose of locating his or her manufactured home or one who rents a manufactured home in a manufactured home park from a manufactured home park owner or operator. See N.Y. Real Property Actions and Proceedings Law 790
  • mayor: shall mean the mayor of the city of New York. See N.Y. Education Law 6202
  • Minority leader: See Floor Leaders
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • 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.
  • Municipality: means a county, city, town or village. See N.Y. Real Property Actions and Proceedings Law 796
  • 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
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • nineteen hundred eighty unfunded accrued liability adjustment: when used in relation to the New York city employees' retirement system, shall mean the total amount which is determined pursuant to the provisions of items (i), (ii), (iii), (iv) and (v) of subparagraph (c) of paragraph (3) of subdivision b of section 13-127 of the administrative code of the city of New York to be the amount to be paid as a charge or applied as a credit, as the case may be, pursuant to the provisions of subparagraph (b) of paragraph (1) of such subdivision b, with respect to employer contributions to such retirement system for any fiscal year of the city preceding July first, nineteen hundred ninety. See N.Y. Education Law 6202
  • nineteen hundred eighty-two unfunded accrued liability adjustment: when used in relation to the New York city employees' retirement system, shall mean the total amount which is determined pursuant to the provisions of item (vi) of subparagraph (c) of paragraph three of subdivision b of section 13-127 of the administrative code of the city of New York to be the amount to be applied as a credit pursuant to the provisions of subparagraph (b) of paragraph (1) of such subdivision b, with respect to employer contributions to such retirement system for any fiscal year of the city preceding July first, nineteen hundred ninety. See N.Y. Education Law 6202
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • NYCERS nineteen hundred eighty-five unfunded accrued liability adjustment attributable to the senior colleges: shall mean the total amount which is determined pursuant to the provisions of sub-items (H), (I), (J) and (J-1) of item (vii) of subparagraph (c) of paragraph three of subdivision b of section 13-127 of the administrative code of the city of New York to be the amount to be applied as a credit in favor of the city of New York and the state of New York with respect to their required contributions to the contingent reserve fund of the New York city employees' retirement system for any fiscal year of the city preceding July first, nineteen hundred ninety. See N.Y. Education Law 6202
  • NYCTRS nineteen hundred eighty-five unfunded accrued liability adjustment: shall mean the total amount which is determined pursuant to the provisions of paragraph ten of subdivision e of section 13-527 of the administrative code of the city of New York to be the amount to be applied as a credit, pursuant to the provisions of subparagraph c-1 of paragraph two of subdivision a of such section 13-527, with respect to employer contributions to the New York city teachers' retirement system for fiscal years of the city preceding July first, nineteen hundred ninety. See N.Y. Education Law 6202
  • NYCTRS nineteen hundred eighty-six unfunded accrued liability adjustment: shall mean the total amount which is determined pursuant to the provisions of paragraph eleven of subdivision e of section 13-527 of the administrative code of the city of New York to be the amount to be applied as a credit, pursuant to the provisions of subparagraph c-2 of paragraph two of subdivision a of such section 13-527, with respect to employer contributions to the New York city teachers' retirement system for fiscal years of the city preceding July first, nineteen hundred ninety. See N.Y. Education Law 6202
  • Oath: A promise to tell the truth.
  • 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.
  • Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
  • optional retirement program: means the retirement program established pursuant to this article. See N.Y. Education Law 6250
  • Oversight: Committee review of the activities of a Federal agency or program.
  • owner: shall mean and include the owner or owners of the freehold of the premises or lesser estate therein, mortgagee or vendee in possession, assignee of rents, receiver, executor, trustee, lessee, agent, or any other person, firm or corporation, directly or indirectly in control of a dwelling, but shall not include a receiver appointed pursuant to § 309 of the multiple dwelling law. See N.Y. Real Property Actions and Proceedings Law 781
  • Owner: means the owner or owners of the dwelling, mortgagee or vendee in possession, assignee of rents, receiver, executor, trustee, lessee, agent, or any other person or entity directly or indirectly in control of a dwelling, but shall not include a receiver appointed pursuant to § 309 of the multiple dwelling law. See N.Y. Real Property Actions and Proceedings Law 796
  • 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: means an individual, partnership, corporation, association, trust or other group or legal entity, however organized. See N.Y. Real Property Actions and Proceedings Law 796
  • Personal property: All property that is not real property.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
  • possibility of reverter: means the possibility that upon breach of a condition or termination of an estate by limitation the right of re-entry will vest in, or real property will revert to, an infant, incompetent person or conservatee or his heirs solely or in common with others. See N.Y. Real Property Actions and Proceedings Law 1701
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • premises: means any building or structure or portion thereof which is occupied in whole or in part as the home, residence or sleeping place of one or more human beings and is either rented, leased, let or hired out, to be occupied as such, including, but not limited to, an apartment building, a condominium, a townhouse, a single-family house or a multiple-family residence building. See N.Y. Real Property Actions and Proceedings Law 796
  • Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
  • Pro se: A Latin term meaning "on one's own behalf"; in courts, it refers to persons who present their own cases without lawyers.
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Probate: Proving a will
  • 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.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • salary: means all amounts paid by or for the city of New York as compensation for services rendered by an eligible employee. See N.Y. Education Law 6250
  • senior college: shall mean an institution of higher education in the city of New York, which is governed and administered by the board of trustees, including, but not limited to, a professional or graduate institution, an institution for research, an administrative institution, and, except as otherwise provided, Medgar Evers college, New York city college of technology (formerly known as "New York city technical college" and "New York city community college"), and the college of Staten Island, but not including a community college. See N.Y. Education Law 6202
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Subpoena: A command to a witness to appear and give testimony.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Tenancy by the entirety: A type of joint tenancy between husband and wife that is recognized in some States. Neither party can sever the joint tenancy relationship; when a spouse dies, the survivor acquires full title to the property.
  • Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
  • Testate: To die leaving a will.
  • Testator: A male person who leaves a will at death.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • True bill: Another word for indictment.
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
  • Venue: The geographical location in which a case is tried.
  • Verdict: The decision of a petit jury or a judge.
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.