Terms Used In Rhode Island General Laws > Chapter 42-116 - Rhode Island Depositors Economic Protection Corporation

• 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.
• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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.
• Board: means the board of directors of the corporation. See Rhode Island General Laws 42-116-3
• Bonds: means the bonds, notes, or other evidences of indebtedness of the corporation. See Rhode Island General Laws 42-116-3
• Commission: means the select commission to investigate the failure of RISDIC insured financial institutions established pursuant to P. See Rhode Island General Laws 42-116-3
• Commission costs: means those costs and expenses in the aggregate not to exceed three million eight hundred thousand dollars ($3,800,000) incurred by the commission for services rendered pursuant to a written contract entered into by the commission in furtherance of its purpose, but only to the extent that those costs and expenses have been designated as commission costs and expenses by an affirmative vote of a majority of the members of the commission. See Rhode Island General Laws 42-116-3
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: means the Rhode Island depositors economic protection corporation. See Rhode Island General Laws 42-116-3
• 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.
• Cost: means any or all costs incurred by the corporation in connection with its operation and in connection with acquiring, managing, restructuring, refinancing, marketing, selling, and disposing of the assets of eligible institutions and/or the corporation including, without limiting the generality of the foregoing, amounts for the following: acquisition, restructuring, refinancing, marketing, sale and disposition of real property, loans and loan participations, including without limitation, commercial loans, real estate construction loans, commercial mortgage loans, consumer installment loans, home equity loans and residential mortgage loans, together with all unpaid interest thereon, including all promissory notes evidencing the loans, all loan agreements, mortgages, security agreements, financing statements, assignments of leases and rents, loan indemnity agreements, guarantees and letters of credit (and any cash proceeds thereof which have not been applied against the obligations under any of the loans) and any other forms of collateral or credit enhancement related to the loans, all cash held by a financial institution as collateral in connection with any loans, all accounts receivable arising from the eligible institution's business, and all letter of credit agreements, fees of trustees and other depositories, legal and auditing fees, premiums and fees for insurance, letters and lines of credit and other credit facilities and, services of engineers, environmental, property management and financial experts and other consultants, and working capital and administrative expenses, legal expenses and other expenses necessary or incidental to the aforesaid. See Rhode Island General Laws 42-116-3
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the department of business regulation. See Rhode Island General Laws 42-116-3
• Deposit liabilities: means liabilities of an eligible institution in respect of time, savings, demand or other deposits of the institution, including without limitation certificates of deposit, individual retirement accounts, escrow and fiduciary accounts, and unpaid cashiers checks issued to depositors or issued to or for depositors in the course of a withdrawal from an account at the institution. See Rhode Island General Laws 42-116-3
• Eligible institution: means : (i) any credit union, loan and investment company, bank and trust company or other depository institution; (A) the accounts of which were insured by the Rhode Island share and deposit indemnity corporation as of December 30, 1990, and (B) for which a conservator or receiver had been appointed subsequent to January 1, 1991; and (ii) any conservator or appointed receiver; and (iii) the Rhode Island share and deposit indemnity corporation; and (iv) Heritage Loan and Investment Company. See Rhode Island General Laws 42-116-3
• 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.
• 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}
• 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.
• 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.
• in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
• 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}
• 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}
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• 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.
• 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.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Majority leader: see Floor Leaders
• Minority leader: See Floor Leaders
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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}
• 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.
• Person: means any natural or corporate person, including bodies politic and corporate, public departments, offices, agencies, authorities and political subdivisions of the state, corporations, societies, associations and partnerships, and subordinate instrumentalities of any one or more political subdivisions of the state. See Rhode Island General Laws 42-116-3
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• 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.
• 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 estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Revenues: means when used with reference to the corporation, any receipts, fees, payments, moneys, revenues or other payments received or to be received by the corporation in the exercise of its corporate powers under this chapter, including without limitation loan repayments, grants, aid, appropriations and other assistance from the state, the United States or any corporation, department or instrumentality of either or of a political subdivision thereof, bond proceeds, investment earnings, insurance proceeds, amounts in reserves and other funds and accounts established by or pursuant to this chapter or in connection with the issuance of bonds, and any other taxes, assessments, fees, charges, awards or other income or amounts received or receivable by the corporation. See Rhode Island General Laws 42-116-3
• seal: shall be construed to include an impression of the seal made with or without the use of wax or wafer on the paper. See Rhode Island General Laws 43-3-15
• 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.
• Statute: A law passed by a legislature.
• 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.
• town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
• Trust agreement: means a trust agreement, loan agreement, security agreement, reimbursement agreement, currency or interest rate exchange agreement or other security instrument, and a resolution, loan order or other vote, authorizing, securing, or otherwise providing for the issue of bonds or loans. See Rhode Island General Laws 42-116-3
• 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}
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8