Terms Used In Vermont Statutes > Title 11C > Chapter 16 - Conversion and Merger

• 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.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Articles of organization: means the articles of organization of a mutual benefit enterprise required by section 302 of this title. See
• Board of directors: means the board of directors of a mutual benefit enterprise. See
• Bylaws: means the bylaws of a mutual benefit enterprise. See
• Continuance: Putting off of a hearing ot trial until a later time.
• Counterclaim: A claim that a defendant makes against a plaintiff.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Entity: means a person other than an individual. See
• 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}
• Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Government loss mitigation program: means :

• 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.
• Member: means a person that is admitted as a patron member or investor member or both in a mutual benefit enterprise. See
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Mutual benefit enterprise: means an enterprise organized under this title. See
• 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.
• Organic law: means the statute providing for the creation of an entity or principally governing its internal affairs. See
• Organic rules: means the articles of organization and bylaws of a mutual benefit enterprise. See
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
• Person: means an individual; corporation; business trust; cooperative; estate; trust; partnership; limited partnership; limited liability company; mutual benefit enterprise; joint venture; association; public corporation; government or governmental subdivision, agency, or instrumentality; or any other legal or commercial entity. See
• Plaintiff: The person who files the complaint in a civil lawsuit.
• 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.
• Service of process: The service of writs or summonses to the appropriate party.
• State: means a state of the United States, District of Columbia, Puerto Rico, the U. See
• Statute: A law passed by a legislature.
• Testify: Answer questions in court.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Voting power: means the total current power of members to vote on a particular matter for which a vote may or is to be taken. See
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.