Terms Used In Rhode Island General Laws > Chapter 42-133 - Tobacco Settlement Financing Corporation Act

• 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.
• 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.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• 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 governing body of the corporation. See Rhode Island General Laws 42-133-3
• Bonds: means bonds, notes (but only as provided in § 42-133-8(6)(e)), or other evidences of indebtedness of the corporation, all of which shall be in all events payable solely from and secured solely by such portion of the state's tobacco receipts as are sold to the corporation and pledged to secure the bonds, and issued pursuant to the authorizations contained in this chapter, all of which shall be issued under the name of or known as obligations of the corporation. See Rhode Island General Laws 42-133-3
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: means the corporation authorized, created, and established pursuant to this chapter. See Rhode Island General Laws 42-133-3
• 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.
• Escrow: means the escrow as that term is defined in the master settlement agreement. See Rhode Island General Laws 42-133-3
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Escrow agent: means the escrow agent as that term is defined in the master settlement agreement. See Rhode Island General Laws 42-133-3
• 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.
• 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.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Independent auditor: means the independent auditor as that term is defined in the master settlement agreement. See Rhode Island General Laws 42-133-3
• 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}
• 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.
• 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.
• Master settlement agreement: means the settlement agreement and related documents entered into on November 23, 1998, by the state and the four (4) principal United States tobacco product manufacturers, as amended and supplemented. See Rhode Island General Laws 42-133-3
• 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.
• Oversight: Committee review of the activities of a Federal agency or program.
• Participating manufacturers: means the participating manufacturers as that term is defined in the master settlement agreement. See Rhode Island General Laws 42-133-3
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Personal property: All property that is not real property.
• Quorum: The number of legislators that must be present to do business.
• 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.
• 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.
• State: means the state of Rhode Island. See Rhode Island General Laws 42-133-3
• Statute: A law passed by a legislature.
• Testify: Answer questions in court.
• Trustee: A person or institution holding and administering property in trust.
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8