Terms Used In Tennessee Code > Title 48 > FOR-PROFIT BUSINESS CORPORATIONS > Chapter 11 > Part 1 - Short Title and Reservation of Power (§§ 48-11-101 — 48-11-104)

• 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.
• 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 Tennessee education lottery corporation. See Tennessee Code 4-51-102
• Business: includes every trade, occupation, profession, investment activity and other lawful purpose for gain or the preservation of assets whether or not carried on for profits. See Tennessee Code 48-202-101
• Claimant agency: means any state agency, department, board, bureau, commission, or authority to which an individual owes a debt or that acts on behalf of an individual to collect a debt. See Tennessee Code 4-51-202
• Clerk: means the officer acting as clerk of the governing body. See Tennessee Code 9-11-102
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Corporation: means the Tennessee education lottery corporation. See Tennessee Code 4-51-102
• Debt: means any liquidated sum due and owing any claimant agency, which sum has accrued through contract, subrogation, tort, or operation of law, regardless of whether there is an outstanding judgment for the sum or any sum that is due and owing any person and is enforceable by the state or any of the claimant agencies of the state. See Tennessee Code 4-51-202
• Debtor: means any individual owing money or having a delinquent account with any claimant agency, which obligation has not been adjudicated as satisfied by court order, set aside by court order, or discharged in bankruptcy. See Tennessee Code 4-51-202
• Funding bonds: means bonds issued to pay or to extend the time of payment of debt not evidenced by bonds. See Tennessee Code 9-11-102
• 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
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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 individual, corporation, partnership, unincorporated association, or other legal entity. See Tennessee Code 4-51-102
• Prize: means the proceeds of any lottery prize awarded under part 1 of this chapter. See Tennessee Code 4-51-202
• proceeds: means all lottery revenue derived from the sale of lottery tickets or shares and all other moneys derived from the lottery or received by the Tennessee education lottery corporation. See Tennessee Code 4-51-102
• Property: includes both personal and real property. See Tennessee Code 1-3-105
• Refunding bonds: means bonds issued to pay or to extend the time of payment of debts evidenced by bonds. See Tennessee Code 9-11-102
• 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
• 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.
• Unit: includes each county and city in the state, which shall issue bonds under this chapter. See Tennessee Code 9-11-102
• written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105