§ 1-507.20 Short title; definitions
§ 1-507.21 Applicability of Article and of common law
§ 1-507.22 Powers of the court
§ 1-507.23 Types of receiverships
§ 1-507.24 Appointment of receivers; receivership not a trust
§ 1-507.25 Eligibility of receiver
§ 1-507.26 Bond
§ 1-507.27 Defenses and immunities; discovery
§ 1-507.28 Powers and duties of receivers
§ 1-507.29 Receiver as lien creditor; real estate recording; subsequent sales of real estate
§ 1-507.30 Duties of debtor
§ 1-507.31 Employment and compensation of professionals
§ 1-507.32 Schedules of property and claims
§ 1-507.33 Notice
§ 1-507.34 Notices; motions; orders
§ 1-507.35 Records; interim reports; status hearings
§ 1-507.36 Removal of receivers
§ 1-507.37 Termination of receiverships; final report
§ 1-507.38 Actions by or against receiver; actions relating to receivership property
§ 1-507.39 Procedure for determining individual business debtor’s exempt property
§ 1-507.40 Turnover of receivership property
§ 1-507.41 Ancillary receiverships
§ 1-507.42 Stays
§ 1-507.43 Utility service
§ 1-507.44 Receivership financing
§ 1-507.45 Executory contracts
§ 1-507.46 Use or transfer of receivership property not in ordinary course
§ 1-507.47 Abandonment of property
§ 1-507.48 Liens against after-acquired property
§ 1-507.49 Claims process
§ 1-507.50 Objection to and allowance of claims
§ 1-507.51 Priority of claims
§ 1-507.52 Interest on unsecured claims
§ 1-507.53 Distributions
§ 1-507.54 Effect of enforcement by secured party

Terms Used In North Carolina General Statutes > Chapter 1 > Article 38A - North Carolina Commercial Receivership Act

  • 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.
  • Allowable expense: Reasonable charges incurred for reasonably needed products, services, and accommodations, including those for medical care, rehabilitation, medically-related property, and other remedial treatment and care. See North Carolina General Statutes 15B-2
  • 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.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • 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.
  • Arraignment: A proceeding in which an individual who is accused of committing a crime is brought into court, told of the charges, and asked to plead guilty or not guilty.
  • 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-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • Bank: means a financial institution, including but not limited to a national bank, state chartered bank, savings bank, or credit union that is insured by the Federal Deposit Insurance Corporation or a comparable agency of the federal or state government. See North Carolina General Statutes 45A-3
  • 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
  • Beneficiary: Any of the following persons:

    a. See North Carolina General Statutes 36D-2

  • Borrower: means the maker of the promissory note evidencing the loan to be delivered at the closing. See North Carolina General Statutes 45A-3
  • Certified check: means a check with respect to which the drawee bank certifies by signature on the check of an officer or other authorized employee of the bank that (i) the signature of the drawer on the check is genuine and the bank has set aside funds that are equal to the amount of the check and will be used to pay the check or (ii) the bank will pay the check upon presentment. See North Carolina General Statutes 45A-3
  • Charge to the jury: The judge's instructions to the jury concerning the law that applies to the facts of the case on trial.
  • 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.
  • Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority.
  • Circumstantial evidence: All evidence except eyewitness testimony.
  • Claimant: Any of the following persons who claims an award of compensation under this Article:

    a. See North Carolina General Statutes 15B-2

  • Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
  • Closing: means the time agreed upon by the purchaser, seller, and lender (if applicable), when the execution and delivery of the documents necessary to consummate the transaction contemplated by the parties to the contract occurs, and includes a loan closing. See North Carolina General Statutes 45A-3
  • Closing funds: means the gross or net proceeds of the real estate transaction, including any loan funds, to be disbursed by the settlement agent as part of the disbursement of settlement proceeds on behalf of the parties. See North Carolina General Statutes 45A-3
  • Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
  • Collateral source: A source of benefits or advantages for economic loss otherwise compensable that the victim or claimant has received or that is readily available to the victim or the claimant from any of the following sources:

    a. See North Carolina General Statutes 15B-2

  • Collected funds: means funds deposited and irrevocably credited to a settlement agent's account used to fund the disbursement of settlement proceeds which account is a trust account, escrow account, or an account held by a company or its subsidiary which is licensed and supervised by the North Carolina Commissioner of Banks. See North Carolina General Statutes 45A-3
  • Commission: The Crime Victims Compensation Commission established by N. See North Carolina General Statutes 15B-2
  • 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.
  • Community Third Party Trust: A trust funded with the assets of a third party for the benefit of a person of any age with severe chronic disabilities, that is administered by a nonprofit corporation that offers the following services:

    a. See North Carolina General Statutes 36D-2

  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Consumer reporting agency: As defined in N. See North Carolina General Statutes 15B-2
  • 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.
  • Copy: means all identical versions of a document created or existing in paper or electronic form, including the original and all other identical versions of the document. See North Carolina General Statutes 15A-101.1
  • 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.
  • Criminally injurious conduct: Conduct that by its nature poses a substantial threat of personal injury or death, and is punishable by fine or imprisonment or death, or would be so punishable but for the fact that the person engaging in the conduct lacked the capacity to commit the crime under the laws of this State. See North Carolina General Statutes 15B-2
  • 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: The Department of Health and Human Services. See North Carolina General Statutes 36D-2
  • Dependent: An individual wholly or substantially dependent upon the victim for care and support and includes a child of the victim born after his death. See North Carolina General Statutes 15B-2
  • Dependent: A person dependent for support upon another.
  • Devise: To gift property by will.
  • Director: The Director of the Commission appointed under N. See North Carolina General Statutes 15B-2
  • Disbursement of settlement proceeds: means the payment of all closing funds from the transaction by the settlement agent to the persons or entities entitled to that payment. See North Carolina General Statutes 45A-3
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • disposition: means any action which results in termination or indeterminate suspension of the prosecution of a criminal charge. See North Carolina General Statutes 15A-1381
  • Docket: A log containing brief entries of court proceedings.
  • Document: means any pleading, criminal process, subpoena, complaint, motion, application, notice, affidavit, commission, waiver, consent, dismissal, order, judgment, or other writing intended in a criminal or contempt proceeding to authorize or require an action, to record a decision or to communicate or record information. See North Carolina General Statutes 15A-101.1
  • Donee: The recipient of a gift.
  • Donor: The person who makes a gift.
  • Dower: A widow
  • Economic loss: Economic detriment consisting only of allowable expense, work loss, replacement services loss, and household support loss. See North Carolina General Statutes 15B-2
  • Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, Internet, or similar capabilities. See North Carolina General Statutes 15A-101.1
  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
  • Entered: means signed and filed in the office of the clerk of superior court of the county in which the document is to be entered. See North Carolina General Statutes 15A-101.1
  • 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.
  • Executor: A male person named in a will to carry out the decedent
  • Extradition: The formal process of delivering an accused or convicted person from authorities in one state to authorities in another state.
  • Family members: Persons who are related by blood or marriage within the sixth degree to the beneficiary. See North Carolina General Statutes 36D-2
  • Fiduciary: A trustee, executor, or administrator.
  • filed: means :

    a. See North Carolina General Statutes 15A-101.1

  • 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.
  • Follow-along services: Includes the following: (i) those services offered by Community Third Party or Pooled Trusts that are designed to ensure that the needs of each beneficiary are being met for as long as may be required and may include periodic visits to the beneficiary and to the places where the beneficiary receives services, (ii) participation in the development of individualized plans being made by service providers for the beneficiary, and (iii) other similar services consistent with the purposes of this Chapter. See North Carolina General Statutes 36D-2
  • following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
  • 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.
  • 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
  • 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.
  • Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate.
  • in writing: may be construed to include printing, engraving, lithographing, and any other mode of representing words and letters: Provided, that in all cases where a written signature is required by law, the same shall be in a proper handwriting, or in a proper mark. See North Carolina General Statutes 12-3
  • 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
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Inter vivos: Transfer of property from one living person to another living person.
  • 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.
  • 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.
  • Juror: A person who is on the jury.
  • 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
  • Lender: means any person or entity engaged in making or originating loans secured by mortgages or deeds of trust on real estate. See North Carolina General Statutes 45A-3
  • 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.
  • Loan closing: means the time agreed upon by the borrower and lender, as applicable, when the execution and delivery of loan documents by the borrower occurs. See North Carolina General Statutes 45A-3
  • Loan documents: means the note evidencing the debt due to the lender, the deed of trust or mortgage to secure that debt to the lender, and any other documents required by the lender to be executed by the borrower as part of the loan closing transaction. See North Carolina General Statutes 45A-3
  • Loan funds: means the gross or net proceeds of the loan to be disbursed by the settlement agent as part of the disbursement of settlement proceeds on behalf of the borrower and lender. See North Carolina General Statutes 45A-3
  • month: shall be construed to mean a calendar month, unless otherwise expressed; and the word "year" a calendar year, unless otherwise expressed; and the word "year" alone shall be equivalent to the expression "year of our Lord. See North Carolina General Statutes 12-3
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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
  • Noneconomic detriment: Pain, suffering, inconvenience, physical impairment, or other nonpecuniary damage. See North Carolina General Statutes 15B-2
  • oath: shall be construed to include "affirmation" in all cases where by law an affirmation may be substituted for an oath, and in like cases the word "sworn" shall be construed to include the word "affirmed. See North Carolina General Statutes 12-3
  • 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.
  • Original: means :

    a. See North Carolina General Statutes 15A-101.1

  • Oversight: Committee review of the activities of a Federal agency or program.
  • Owner: means each person having a recorded present or future interest in real estate that is identified in a real estate contract subject to this Chapter; but shall not mean or include the trustee in a deed of trust, or the owner or holder of a mortgage, deed of trust, mechanic's or materialman's lien, or other lien or security interest in the real property, or the owner of any easement or license encumbering the real property. See North Carolina General Statutes 47E-3
  • parties: means the seller, purchaser, borrower, lender, and settlement agent, as applicable to the subject transaction. See North Carolina General Statutes 45A-3
  • 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.
  • Per stirpes: The legal means by which the children of a decedent, upon the death of an ancestor at a level above that of the decedent, receive by right of representation the share of the ancestor
  • 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.
  • 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.
  • Preliminary hearing: A hearing where the judge decides whether there is enough evidence to make the defendant have a trial.
  • Presentence report: A report prepared by a court's probation officer, after a person has been convicted of an offense, summarizing for the court the background information needed to determine the appropriate sentence. Source: U.S. Courts
  • President pro tempore: A constitutionally recognized officer of the Senate who presides over the chamber in the absence of the Vice President. The President Pro Tempore (or, "president for a time") is elected by the Senate and is, by custom, the Senator of the majority party with the longest record of continuous service.
  • 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.
  • Pretrial conference: A meeting of the judge and lawyers to discuss which matters should be presented to the jury, to review evidence and witnesses, to set a timetable, and to discuss the settlement of the case.
  • Probable cause: A reasonable ground for belief that the offender violated a specific law.
  • Probate: Proving a will
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Probation officers: Screen applicants for pretrial release and monitor convicted offenders released under court supervision.
  • property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Public defender: Represent defendants who can't afford an attorney in criminal matters.
  • Quorum: The number of legislators that must be present to do business.
  • Real estate contract: means a contract for the transfer of ownership of real property by the means described in N. See North Carolina General Statutes 47E-3
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Real property: means the lot or parcel, and the dwelling unit(s) thereon, described in a real estate contract subject to this Chapter. See North Carolina General Statutes 47E-3
  • 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.
  • Remand: When an appellate court sends a case back to a lower court for further proceedings.
  • Replacement services loss: Expenses reasonably incurred in obtaining ordinary and necessary services in lieu of those the injured person would have performed, not for income but for the benefit of himself or his family, if he had not been injured. See North Carolina General Statutes 15B-2
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
  • Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
  • satellite-based monitoring: means monitoring with an electronic monitoring device that is not removed from a person's body, that is utilized by the supervising agency in conjunction with a Web-based computer system that actively monitors, identifies, tracks, and records a person's location at least once every minute 24 hours a day, that has a battery life of at least 48 hours without being recharged, that timely records and reports or records the person's presence near or within a crime scene or prohibited area or the person's departure from a specified geographic location, and that has incorporated into the software the ability to automatically compare crime scene data with locations of all persons being electronically monitored so as to provide any correlation daily or in real time. See North Carolina General Statutes 15A-101.1
  • seal: shall be construed to include an impression of such official seal, made upon the paper alone, as well as an impression made by means of a wafer or of wax affixed thereto. See North Carolina General Statutes 12-3
  • Settlement: means the time when the settlement agent has received the duly executed deed, deed of trust or mortgage, and other loan documents and funds required to carry out the terms of the contracts between the parties. See North Carolina General Statutes 45A-3
  • 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.
  • Settlement agent: means the person or persons responsible for conducting the settlement and disbursement of the settlement proceeds, and includes any individual, corporation, partnership, or other entity conducting the settlement and disbursement of the closing funds. See North Carolina General Statutes 45A-3
  • Severe chronic disability: A disability which impairs one or more areas of independent functioning. See North Carolina General Statutes 36D-2
  • Signature: means any symbol, including, but not limited to, the name of an individual, which is executed by that individual, personally or through an authorized agent, with the intent to authenticate or to effect the issuance or entry of a document. See North Carolina General Statutes 15A-101.1
  • Sole benefit: No individual other than the beneficiary benefits from the trust, either directly or indirectly. See North Carolina General Statutes 36D-2
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
  • 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.
  • Surplus trust funds: All funds remaining in the trust upon termination of the trust, whether by death of the beneficiary or otherwise. See North Carolina General Statutes 36D-2
  • 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.
  • Testate: To die leaving a will.
  • Testator: A male person who leaves a will at death.
  • Testify: Answer questions in court.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • title transaction: means any transaction affecting title to any interest in real property, including but not limited to title by will or descent, title by tax deed, or by trustee's, referee's, commissioner's, guardian's, executor's, administrator's, or sheriff's deed, contract, lease or reservation, or judgment or order of any court, as well as warranty deed, quitclaim deed, or mortgage. See North Carolina General Statutes 47B-8
  • 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.
  • Transfer: means the sale, gift, conveyance, assignment, inheritance, or other transfer of an ownership interest in real property located in this State. See North Carolina General Statutes 39A-2
  • Transfer fee: means a fee or charge payable upon the transfer of an interest in real property or payable for the right to make or accept such transfer, regardless of whether the fee or charge is a fixed amount or is determined as a percentage of the value of the property, the purchase price, or other consideration given for the transfer. See North Carolina General Statutes 39A-2
  • Transfer fee covenant: means a declaration or covenant purporting to affect real property that requires or purports to require the payment of a transfer fee to the declarant or other person specified in the declaration or covenant or to their successors or assigns, upon a subsequent transfer of an interest in the real property. See North Carolina General Statutes 39A-2
  • Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
  • Trial jury: A group of citizens who hear the evidence presented by both sides at trial and determine the facts in dispute. Federal criminal juries consist of 12 persons. Federal civil juries consist of six persons.
  • True bill: Another word for indictment.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Trustee: An original, additional, or successor trustee, and a cotrustee, whether or not appointed or confirmed by a court. See North Carolina General Statutes 36D-2
  • Trustee: A person or institution holding and administering property in trust.
  • Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
  • United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
  • Venue: The geographical location in which a case is tried.
  • Verdict: The decision of a petit jury or a judge.
  • Victim: A person who suffers personal injury or death proximately caused by criminally injurious conduct. See North Carolina General Statutes 15B-2
  • Victim advocate: work with prosecutors and assist the victims of a crime.
  • Work loss: Loss of income from work that the injured person would have performed if he had not been injured and expenses reasonably incurred by him to obtain services in lieu of those he would have performed for income, reduced by any income from substitute work actually performed by him, or by income he would have earned in available appropriate substitute work that he was capable of performing but unreasonably failed to undertake. See North Carolina General Statutes 15B-2
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.
  • Writ of certiorari: An order issued by the Supreme Court directing the lower court to transmit records for a case for which it will hear on appeal.