Terms Used In Oregon Statutes > Chapter 130 - Uniform Trust Code

• Action: includes recoupment, counterclaim, setoff, suit in equity and any other proceeding in which rights are determined, including an action for possession. See Oregon Statutes 90.100
• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Agent: means any person who has:

  (A) Actual oral or written authority, either express or implied, to make or to authorize the making of expenditures on behalf of a candidate or on behalf of a political committee supporting or opposing a measure; or

  (B) Been placed in a position within the campaign organization where it would reasonably appear that in the ordinary course of campaign-related activities the person may authorize expenditures. See Oregon Statutes 260.005

• 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.
• 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.
• 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.
• Articles of incorporation: means the articles of incorporation described in ORS § 65. See Oregon Statutes 65.001
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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.
• 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}
• Bias crime: has the meaning given that term in ORS § 147. See Oregon Statutes 90.100
• Board of directors: means the individual or individuals who are vested with overall management of the affairs of a domestic corporation or foreign corporation, irrespective of the name that designates the individual or individuals. See Oregon Statutes 65.001
• Bylaws: means a set of provisions for managing and regulating a corporation's affairs that the corporation must adopt under ORS § 65. See Oregon Statutes 65.001
• Caucus: From the Algonquian Indian language, a caucus meant "to meet together." An informal organization of members of the legislature that exists to discuss issues of mutual concern and possibly to perform legislative research and policy planning for its members. There are regional, political or ideological, ethnic, and economic-based caucuses.
• 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.
• City: includes any incorporated village or town. See Oregon Statutes 174.100
• Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• Committee director: means any person who directly and substantially participates in decision-making on behalf of a political committee concerning the solicitation or expenditure of funds and the support of or opposition to candidates or measures. See Oregon Statutes 260.005
• Common disaster: A sudden and extraordinary misfortune that brings about the simultaneous or near-simultaneous deaths of two or more associated persons, such as husband and wife.
• 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.
• Condemner: means the state, any city, county, school district, municipal or public corporation, political subdivision or any instrumentality or any agency thereof or a private corporation that has the power to exercise the right of eminent domain. See Oregon Statutes 35.215
• Continuance: Putting off of a hearing ot trial until a later time.
• Controlled committee: means a political committee that, in connection with the making of contributions or expenditures:

  (a) Is controlled directly or indirectly by a candidate or a controlled committee; or

  (b) Acts jointly with a candidate or controlled committee. See Oregon Statutes 260.005

• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Corporation: means a domestic corporation or a foreign corporation. See Oregon Statutes 65.001
• County clerk: means the county clerk or the county official in charge of elections. See Oregon Statutes 260.005
• County court: includes board of county commissioners. See Oregon Statutes 174.100
• 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.
• Delegate: means a person who is elected or appointed to vote in a representative assembly for electing a director or directors or on other matters. See Oregon Statutes 65.001
• Devise: To gift property by will.
• Director: means an individual who acts as a member of the board of directors, who has a right to vote on questions concerning the management and regulation of a corporation's affairs and who is:

  (a) An appointed director;

  (b) A designated director; or

  (c) A director elected by the incorporators, directors or members. See Oregon Statutes 65.001

• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Distribution: means a payment to a person from the income or assets of a corporation, other than a payment of reasonable value to a person for property received or services performed or a payment that furthers the corporation's purposes. See Oregon Statutes 65.001
• Docket: A log containing brief entries of court proceedings.
• Domestic corporation: means a nonprofit corporation that is not a foreign corporation and that is incorporated under or subject to the provisions of this chapter. See Oregon Statutes 65.001
• Donor: The person who makes a gift.
• Dwelling unit: means a structure or the part of a structure that is used as a home, residence or sleeping place by one person who maintains a household or by two or more persons who maintain a common household. See Oregon Statutes 90.100
• Elector: means an individual qualified to vote under Article II, section 2, of the Oregon Constitution. See Oregon Statutes 260.005
• Employee: means an individual that a corporation employs, including an officer or director whom the corporation employs with compensation for services beyond the services of board membership. See Oregon Statutes 65.001
• 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.
• Entity: means a domestic corporation, foreign corporation, business corporation and foreign business corporation, profit and nonprofit unincorporated association, corporation sole, business trust, partnership, two or more persons that have a joint or common economic interest, any state, the United States, a federally recognized Native American or American Indian tribal government and any foreign government. See Oregon Statutes 65.001
• 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.
• expenditure: includes the payment or furnishing of money or anything of value or the incurring or repayment of indebtedness or obligation by or on behalf of a candidate, political committee or person in consideration for any services, supplies, equipment or other thing of value performed or furnished for any reason, including support of or opposition to a candidate, political committee or measure, or for reducing the debt of a candidate for nomination or election to public office. See Oregon Statutes 260.005
• Facility: means a manufactured dwelling park or a marina. See Oregon Statutes 90.100
• 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.
• Fee: means a nonrefundable payment of money. See Oregon Statutes 90.100
• 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}
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{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.
• Good faith: means honesty in fact in the conduct of the transaction concerned. See Oregon Statutes 90.100
• Governmental subdivision: means a unit of government, including an authority, county, district and municipality. See Oregon Statutes 65.001
• 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.
• 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}
• Independent expenditure: means an expenditure by a person for a communication in support of or in opposition to a clearly identified candidate or measure that is not made with the cooperation or with the prior consent of, or in consultation with, or at the request or suggestion of, a candidate or any agent or authorized committee of the candidate, or any political committee or agent of a political committee supporting or opposing a measure. See Oregon Statutes 260.005
• Individual: means a natural person, including the guardian of an incompetent individual. See Oregon Statutes 65.001
• Initiative petition: means a petition to initiate a measure for which a prospective petition has been filed but that is not yet a measure. See Oregon Statutes 260.005
• Inter vivos: Transfer of property from one living person to another living person.
• 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}
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Judge: means judge of the Supreme Court, Court of Appeals, circuit court or the Oregon Tax Court. See Oregon Statutes 260.005
• Landlord: includes a person who is authorized by the owner, lessor or sublessor to manage the premises or to enter into a rental agreement. See Oregon Statutes 90.100
• 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).
• local government: means all cities, counties and local service districts located in this state, and all administrative subdivisions of those cities, counties and local service districts. See Oregon Statutes 174.116
• Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
• Measure: includes any of the following submitted to the people for their approval or rejection at an election:

  (a) A proposed law. See Oregon Statutes 260.005

• Member: means a person that is entitled, under a domestic corporation's or foreign corporation's articles of incorporation or bylaws, to exercise any of the rights described in ORS § 65. See Oregon Statutes 65.001
• Membership: means the rights and obligations a member has under this chapter. See Oregon Statutes 65.001
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mutual benefit corporation: means a domestic corporation that is organized to serve and operates primarily to serve the mutual interests of a group of persons, but is not a public benefit corporation or religious corporation. See Oregon Statutes 65.001
• 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}
• 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.
• Nonprofit corporation: means a mutual benefit corporation, a public benefit corporation or a religious corporation. See Oregon Statutes 65.001
• Notice: means a notice described in ORS § 65. See Oregon Statutes 65.001
• Oath: A promise to tell the truth.
• Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.
• Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year.
• Owner: includes a mortgagee in possession and means one or more persons, jointly or severally, in whom is vested:

  (a) All or part of the legal title to property; or

  (b) All or part of the beneficial ownership and a right to present use and enjoyment of the premises. See Oregon Statutes 90.100

• owner of the property: means the owner of property. See Oregon Statutes 35.215
• 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 person as defined by ORS § 174. See Oregon Statutes 35.215
• Person: means an individual, corporation, limited liability company, labor organization, association, firm, partnership, joint stock company, club, organization or other combination of individuals having collective capacity. See Oregon Statutes 260.005
• Person: includes an individual or organization. See Oregon Statutes 90.100
• Person: means an individual or an entity. See Oregon Statutes 65.001
• person with a disability: means any person who:

  (a) Has a physical or mental impairment which substantially limits one or more major life activities;

  (b) Has a record of such an impairment; or

  (c) Is regarded as having such an impairment. See Oregon Statutes 174.107

• Petition committee: means an initiative, referendum or recall petition committee organized under ORS § 260. See Oregon Statutes 260.005
• 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.
• Political committee: means a combination of two or more individuals, or a person other than an individual, that has:

  (a) Received a contribution for the purpose of supporting or opposing a candidate, measure or political party; or

  (b) Made an expenditure for the purpose of supporting or opposing a candidate, measure or political party. See Oregon Statutes 260.005

• 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}
• Prepaid rent: means any payment of money to the landlord for a rent obligation not yet due. See Oregon Statutes 90.100
• 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.
• Private condemner: means a private corporation that has the power to exercise the right of eminent domain. See Oregon Statutes 35.215
• Probate: Proving a will
• Proceeding: means a civil, criminal, administrative or investigatory action. See Oregon Statutes 65.001
• Property: means real or personal property or any interest therein of any kind or nature that is subject to condemnation. See Oregon Statutes 35.215
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Public benefit corporation: means a domestic corporation that:

  (a) Is formed as a public benefit corporation under ORS § 65. See Oregon Statutes 65.001

• Public condemner: means condemner other than private condemner. See Oregon Statutes 35.215
• Public office: means any national, state, county, district, city office or position, except a political party office, that is filled by the electors. See Oregon Statutes 260.005
• Quorum: The number of legislators that must be present to do business.
• Recall petition: means a petition to recall a public officer for which a prospective petition has been filed but that is not yet a measure. See Oregon Statutes 260.005
• 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}
• Referendum petition: means a petition to refer a measure for which a prospective petition has been filed but that is not yet a measure. See Oregon Statutes 260.005
• Regular district election: means the regular district election described in ORS § 255. See Oregon Statutes 260.005
• Religious corporation: means a domestic corporation that is formed as a religious corporation under ORS § 65. See Oregon Statutes 65.001
• Remand: When an appellate court sends a case back to a lower court for further proceedings.
• Rent: means any payment to be made to the landlord under the rental agreement, periodic or otherwise, in exchange for the right of a tenant and any permitted pet to occupy a dwelling unit to the exclusion of others and to use the premises. See Oregon Statutes 90.100
• Rental agreement: includes a lease. See Oregon Statutes 90.100
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Security deposit: means a refundable payment or deposit of money, however designated, the primary function of which is to secure the performance of a rental agreement or any part of a rental agreement. See Oregon Statutes 90.100
• 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.
• Sexual assault: has the meaning given that term in ORS § 147. See Oregon Statutes 90.100
• Stalking: means the behavior described in ORS § 163. See Oregon Statutes 90.100
• state government: means the executive department, the judicial department and the legislative department. See Oregon Statutes 174.111
• State office: means the office of Governor, Secretary of State, State Treasurer, Attorney General, Commissioner of the Bureau of Labor and Industries, state Senator, state Representative, judge or district attorney. See Oregon Statutes 260.005
• State Treasury: includes those financial assets the lawful custody of which are vested in the State Treasurer and the office of the State Treasurer relating to the custody of those financial assets. See Oregon Statutes 174.100
• 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.
• Testator: A male person who leaves a will at death.
• to and including: when used in a reference to a series of statute sections, subsections or paragraphs. See Oregon Statutes 174.100
• 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.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• 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: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
• Venue: The geographical location in which a case is tried.
• Verdict: The decision of a petit jury or a judge.
• Violate: includes failure to comply. See Oregon Statutes 174.100
• Vote: means an authorization by written ballot or written consent, where permitted, or by another method that a corporation specifies as an authorization. See Oregon Statutes 65.001
• 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.
• Written: means embodied as a document. See Oregon Statutes 65.001