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

• 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.
• Authority: means the Tennessee local development authority, a public agency and instrumentality of the state, created by this chapter, or if such authority shall be abolished, the board, body, commission or agency succeeding to the principal functions thereof or to which the powers and duties granted or imposed upon the authority shall be given by law. See Tennessee Code 4-31-102
• 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 any bond authorized and issued pursuant to this chapter. See Tennessee Code 4-31-102
• 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
• Collector: includes any person entrusted with the collection of public revenue. See Tennessee Code 1-3-105
• Collegiate: means belonging to, or involving, a public or private institution of higher education. See Tennessee Code 4-49-102
• Commercial unit: means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See Tennessee Code 47-2A-103
• Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed twenty-five thousand dollars ($25,000). See Tennessee Code 47-2A-103
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Council: means the sports wagering council. See Tennessee Code 4-49-102
• County mayor: means and includes "county executive" unless the context clearly indicates otherwise. See Tennessee Code 1-3-105
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the department of environment and conservation, or, if the department shall be abolished, the board, body, commission or agency succeeding to the principal functions thereof or to which the powers and duties granted or imposed upon the department shall be given by law. See Tennessee Code 4-31-102
• Department of transportation: means the Tennessee department of transportation and its successors. See Tennessee Code 4-31-1202
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• eligible costs: includes the costs of preliminary engineering, traffic and revenue studies, environmental studies, right-of-way acquisition, legal and financial services associated with the development of the qualified project, construction, construction management, facilities and other costs necessary for the qualified project. See Tennessee Code 4-31-1202
• Eligible project: means :
  (i) A transportation infrastructure project, including streets, highways, bridges, tunnels and any related roadway facilities. See Tennessee Code 4-31-1202
• 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.
• Finance lease: means a lease with respect to which:
  (i) the lessor does not select, manufacture, or supply the goods. See Tennessee Code 47-2A-103
• Financing agreement: means any agreement entered into between the authority and a qualified borrower pertaining to a loan entered into under this part. See Tennessee Code 4-31-1202
• 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.
• Fixed-odds betting: means bets made at predetermined odds or on the spread where the return to the bettor is unaffected by any later change in odds or the spread. See Tennessee Code 4-49-102
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fund: means the Tennessee transportation state infrastructure fund. See Tennessee Code 4-31-1202
• Future bet: means a wager made on the occurrence of an event in the future relating to a sporting event. See Tennessee Code 4-49-102
• 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
• Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
• Gross handle: means the total amount of gross wagers less cancelled or voided wagers received by the licensee over a specified period of time. See Tennessee Code 4-49-102
• Installment lease contract: means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent. 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
• 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.
• 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
• 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.
• Live betting: means a type of wager that is placed after the sporting event being wagered on has commenced and whose odds on events occurring are adjusted in real time. See Tennessee Code 4-49-102
• Loan: means an obligation subject to repayment that is provided by the fund to a qualified borrower for all or part of the eligible costs of a qualified project. See Tennessee Code 4-31-1202
• Lot: means a parcel or a single article that is the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract. See Tennessee Code 47-2A-103
• Merchant lessee: means a lessee that is a merchant with respect to goods of the kind subject to the lease. See Tennessee Code 47-2A-103
• Minor: means a person who is less than twenty-one (21) years of age. See Tennessee Code 4-49-102
• Month: means a calendar month. See Tennessee Code 1-3-105
• Note: means any note authorized and issued pursuant to this chapter. See Tennessee Code 4-31-102
• 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.
• 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
• Pari-mutuel betting: means a type of bet in which all wagers on a particular occurrence are pooled and winnings are paid in accordance with the size of the pool and the number of winners. See Tennessee Code 4-49-102
• Parlay bet: means a single wager that incorporates two (2) or more individual bets for purposes of earning a higher payout if each bet incorporated within the wager wins. See Tennessee Code 4-49-102
• Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
• Person: means an individual, group of individuals, trust, or business entity. See Tennessee Code 4-49-102
• 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
• Property: includes both personal and real property. See Tennessee Code 1-3-105
• Proposition bet: means a wager made regarding the occurrence or nonoccurrence during a sporting event of an event that does not directly affect the final outcome of the sporting event. See Tennessee Code 4-49-102
• Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See Tennessee Code 47-2A-103
• Qualified borrower: means any governmental unit authorized to construct, operate, or own a qualified project. See Tennessee Code 4-31-1202
• Qualified project: means an eligible project that has been recommended by the department of transportation to receive a loan from the fund to defray an eligible cost. See Tennessee Code 4-31-1202
• Quorum: The number of legislators that must be present to do business.
• Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
• Road: includes public bridges and may be held equivalent to the words "county way" "county road" or "state road". See Tennessee Code 1-3-105
• Security: means that which is determined by the authority to be acceptable to secure a loan to a qualified borrower under this part and includes, but is not limited to, project revenues, ad valorem taxes, state-shared taxes, letters of credit and bond insurance. See Tennessee Code 4-31-1202
• 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
• Spread: means the predicted scoring differential between two (2) persons or teams engaged in a sporting event. See Tennessee Code 4-49-102
• State: means the state of Tennessee. See Tennessee Code 4-31-102
• 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
• State-shared taxes: means taxes imposed and collected by the state pursuant to law and allocated by law to local government units, whether allocated for a particular purpose or for the general use of such local government units. See Tennessee Code 4-31-102
• 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
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• 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.
• Trustee: A person or institution holding and administering property in trust.
• United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• Vendor: means a person who:
  (i) Provides one (1) or more of the following:

  (a) Geolocation services. See Tennessee Code 4-49-102
• written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105