Terms Used In Tennessee Code > Title 47 > Chapter 2A > Part 5 > C - Default by Lessee

• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• bet: means a sum of money that is risked by a bettor on the unknown outcome of one (1) or more sporting events, including, but not limited to, the form of fixed-odds betting, a future bet, live betting, a money line bet, pari-mutuel betting, parlay bet, pools, proposition bet, spread bet, or in any other form or manner as authorized by rule promulgated by the council. See Tennessee Code 4-49-102
• Bettor: means a person who is:
  (A) Twenty-one (21) years of age or older. See Tennessee Code 4-49-102
• Bond: means a bond held in escrow for the purpose of maintaining adequate reserves to account for losses suffered by a licensee and owed to bettors. See Tennessee Code 4-49-102
• Cheating: means improving the chances of winning or of altering the outcome by deception, interference, or manipulation of a sporting event or of any equipment, including software pertaining to or used in relation to the equipment, used for or in connection with the sporting event on which wagers are placed or are invited, including attempts and conspiracy to cheat. See Tennessee Code 4-49-102
• Collegiate: means belonging to, or involving, a public or private institution of higher education. See Tennessee Code 4-49-102
• Collegiate sporting event: means a sporting or athletics event involving a sports or athletics team of a public or private institution of higher education. See Tennessee Code 4-49-102
• Contract: A legal written agreement that becomes binding when signed.
• Council: means the sports wagering council. See Tennessee Code 4-49-102
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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.
• 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.
• Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (§. See Tennessee Code 47-2A-103
• Interactive sports wagering: means placing a wager on a sporting event via the internet, a mobile device, or other telecommunications platform. See Tennessee Code 4-49-102
• Key personnel: means individuals who have the power to exercise significant influence over sports wagering in this state and who are associated with the applicant for licensure or registration as:
  (i) A principal owner of more than five percent (5%) of the applicant. See Tennessee Code 4-49-102
• Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Tennessee Code 47-2A-103
• 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}
• Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this chapter. See Tennessee Code 47-2A-103
• Lease contract: means the total legal obligation that results from the lease agreement as affected by this chapter and any other applicable rules of law. See Tennessee Code 47-2A-103
• Lessee: means a person who acquires the right to possession and use of goods under a lease. See Tennessee Code 47-2A-103
• Lessor: means a person who transfers the right to possession and use of goods under a lease. See Tennessee Code 47-2A-103
• License: means a license to accept wagers from bettors on sporting events issued under §. See Tennessee Code 4-49-102
• Licensee: means a person who holds a license issued under §. See Tennessee Code 4-49-102
• Month: means a calendar month. See Tennessee Code 1-3-105
• Online sports wagering platform: means the combination of hardware, software, and data networks used to manage, administer, or control sports wagering and any associated wagers accessible by any electronic means, including mobile applications and internet websites accessed via a mobile device or computer. See Tennessee Code 4-49-102
• Person: means an individual, group of individuals, trust, or business entity. See Tennessee Code 4-49-102
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Present value: means the amount as of a date certain of one (1) or more sums payable in the future, discounted to the date certain. See Tennessee Code 47-2A-103
• 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.
• Sporting event: means any professional sporting or athletic event, including motorsports and e-sports, any collegiate sporting or athletic event, or any Olympic sporting or athletic event sanctioned by a national or international organization or association. See Tennessee Code 4-49-102
• Sports governing body: means the organization, league, or association that oversees a sport and prescribes final rules and enforces codes of conduct with respect to such sport and participants therein. See Tennessee Code 4-49-102
• State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• Supervisory employee: means a principal or employee having the authority to act on behalf of a licensee or whose judgment is being relied upon to manage and advance the business operations of a licensee. See Tennessee Code 4-49-102
• Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Tennessee Code 47-2A-103
• Trustee: A person or institution holding and administering property in trust.
• Vendor: means a person who:
  (i) Provides one (1) or more of the following:

  (a) Geolocation services. See Tennessee Code 4-49-102
• Venue: The geographical location in which a case is tried.
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105