Terms Used In Rhode Island General Laws > Chapter 31-46 - Rhode Island Salvage Law

• 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.
• 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.
• 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.
• Motor vehicle: means any vehicle driven or drawn by mechanical power for use on the public streets, roads, and highways;

  (2)  "Odometer" means an instrument for measuring and recording the actual distance a motor vehicle travels while in operation;

  (3)  "Person" means any individual, sole proprietorship, partnership, corporation, or business trust including, but not limited to, private individuals and motor vehicle dealers, both wholesale and retail, whether the private individual or dealer is a dealer in the ordinary course of business or not;

  (4)  "Repair and replacement" means to restore to a sound working condition by replacing the instrument or any part thereof or by correcting what is inoperative;

  (5)  "Transfer" means to acquire ownership by purchase, gift, bequest, or any other means. See Rhode Island General Laws 31-23.2-2

• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• 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.