Terms Used In Oregon Statutes > Chapter 63 > Conversions and Mergers

• 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
• Articles of organization: means the document described in ORS § 63. See Oregon Statutes 63.001
• 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.
• 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}
• Board: means the Construction Contractors Board. See Oregon Statutes 701.005
• Commercial contractor: means a licensed contractor that holds an endorsement as a:

  (a) Commercial general contractor level 1;

  (b) Commercial specialty contractor level 1;

  (c) Commercial general contractor level 2;

  (d) Commercial specialty contractor level 2; or

  (e) Commercial developer. See Oregon Statutes 701.005

• Commercial developer: means a developer of property that is zoned for or intended for use compatible with a small commercial or large commercial structure. See Oregon Statutes 701.005
• Construction debt: means an amount owed:

  (a) Under an order or arbitration award issued by the board that has become final by operation of law;

  (b) Under a judgment, arbitration award or civil penalty that has become final by operation of law arising from construction activities within the United States;

  (c) Under a judgment or civil penalty that has become final by operation of law arising from a failure to comply with ORS § 656. See Oregon Statutes 701.005

• Contractor: means any of the following:

  (a) A person that, for compensation or with the intent to sell, arranges or undertakes or offers to undertake or submits a bid to construct, alter, repair, add to, subtract from, improve, inspect, move, wreck or demolish, for another, a building, highway, road, railroad, excavation or other structure, project, development or improvement attached to real estate, or to do any part thereof. See Oregon Statutes 701.005

• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Developer: means a contractor that owns property or an interest in property and engages in the business of arranging for construction work or performing other activities associated with the improvement of real property, with the intent to sell the property. See Oregon Statutes 701.005
• Entity: means a domestic or foreign limited liability company, corporation, professional corporation, foreign corporation, domestic or foreign nonprofit corporation, domestic or foreign cooperative corporation, profit or nonprofit unincorporated association, business trust, domestic or foreign general or limited 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 or any foreign government. See Oregon Statutes 63.001
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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
• General contractor: means a contractor whose business operations require the use of more than two unrelated building trades or crafts that the contractor supervises or performs in whole or part, whenever the sum of all contracts on any single property, including materials and labor, exceeds an amount established by rule by the board. See Oregon Statutes 701.005
• Home improvement: means a renovation, remodel, repair or alteration by a residential contractor to an existing owner-occupied:

  (A) Residence that is a site-built home;

  (B) Condominium, rental residential unit or other residential dwelling unit that is part of a larger structure, if the property interest in the unit is separate from the property interest in the larger structure;

  (C) Modular home constructed off-site;

  (D) Manufactured dwelling; or

  (E) Floating home, as defined in ORS § 830. See Oregon Statutes 701.005

• Home inspector: means a person who, for a fee, inspects and provides written reports on the overall physical condition of a residential structure. See Oregon Statutes 701.005
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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}
• Key employee: means an employee or owner of a contractor who is a corporate officer, manager, superintendent, foreperson or lead person or any other employee the board identifies by rule. See Oregon Statutes 701.005
• Large commercial structure: means a structure that is not a residential structure or small commercial structure. See Oregon Statutes 701.005
• 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.
• Member: means a person with both an ownership interest in a limited liability company and all the rights and obligations of a member specified under this chapter. See Oregon Statutes 63.001
• Officer: means any of the following persons:

  (a) A president, vice president, secretary, treasurer or director of a corporation. See Oregon Statutes 701.005

• Operating agreement: means any valid agreement, written or oral, of the member or members as to the affairs of a limited liability company and the conduct of the limited liability company's business. See Oregon Statutes 63.001
• Party: includes an individual who was, is or is threatened to be made a named defendant or respondent in a proceeding. See Oregon Statutes 63.001
• 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

• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Proceeding: means any threatened, pending or completed action, suit or proceeding whether civil, criminal, administrative or investigatory and whether formal or informal. See Oregon Statutes 63.001
• public body: means state government bodies, local government bodies and special government bodies. See Oregon Statutes 174.109
• 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.
• Residential contractor: means a licensed contractor that holds an endorsement as a:

  (a) Residential general contractor;

  (b) Residential specialty contractor;

  (c) Residential limited contractor;

  (d) Residential developer;

  (e) Residential locksmith services contractor;

  (f) Residential restoration contractor;

  (g) Home inspector services contractor;

  (h) Home services contractor; or

  (i) Home energy performance score contractor. See Oregon Statutes 701.005

• Residential developer: means a developer of property that is zoned for or intended for use compatible with a residential or small commercial structure. See Oregon Statutes 701.005
• Responsible managing individual: means an individual who:

  (a) Is an owner described in ORS § 701. See Oregon Statutes 701.005

• 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.
• Specialty contractor: includes a person who performs work regulated under ORS § 446. See Oregon Statutes 701.005
• Subpoena: A command to a witness to appear and give testimony.
• Testify: Answer questions in court.
• 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.
• Trustee: A person or institution holding and administering property in trust.
• Worker leasing company: means a person licensed under ORS § 656. See Oregon Statutes 701.005
• Zero-lot-line dwelling: means a single-family dwelling unit constructed in a group of attached units in which:

  (a) Each attached unit extends from foundation to roof with open space on two sides; and

  (b) Each dwelling unit is separated by a property line. See Oregon Statutes 701.005