Terms Used In Alaska Statutes > Title 5 > Chapter 25 - Watercraft

• action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• affiliate: means a person that directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, a corporation subject to this chapter. See Alaska Statutes 10.06.990
• alien: means
  (A) an individual who is not a citizen or national of the United States, or who is not lawfully admitted to the United States for permanent residence, or paroled into the United States under 8 U. See Alaska Statutes 10.06.990
• 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.
• Amortization: Paying off a loan by regular installments.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• approval of the outstanding shares: means approved by the affirmative vote of a majority of the outstanding shares entitled to vote. See Alaska Statutes 10.06.990
• approval of the shareholders: means approved or ratified by the affirmative vote of a majority of the shares entitled to vote represented at a duly held meeting at which a quorum is present or by the written consent of shareholders (Alaska Stat. See Alaska Statutes 10.06.990
• articles of incorporation: means the original or restated articles of incorporation and all amendments and includes articles of merger. See Alaska Statutes 10.06.990
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• authorized shares: means the shares of all classes that the corporation may issue. See Alaska Statutes 10.06.990
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• 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.
• 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}
• board: means the board of directors of a domestic or foreign corporation. See Alaska Statutes 10.06.990
• bona fide nonprofit organization: means an organization that the department has determined qualifies as a bona fide nonprofit organization under Alaska Stat. See Alaska Statutes 06.60.990
• borrower: means an individual who receives a mortgage loan. See Alaska Statutes 06.60.990
• Chambers: A judge's office.
• clerical or support duties: includes , subsequent to the receipt of an application,
  (A) the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a mortgage loan. See Alaska Statutes 06.60.990
• commissioner: means the commissioner of commerce, community, and economic development or a designee of the commissioner. See Alaska Statutes 10.06.990
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• common shares: means shares that have no preference over other shares with respect to distribution of assets on liquidation or with respect to payment of dividends. See Alaska Statutes 10.06.990
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• consumer reporting agency: means a consumer reporting agency that compiles and maintains files on consumers on a nationwide basis. See Alaska Statutes 06.60.990
• consumer reporting agency that compiles and maintains files on consumers on a nationwide basis: has the meaning given in 15 U. See Alaska Statutes 06.60.990
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• control: means the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise. See Alaska Statutes 06.60.990
• control: means
  (A) owning directly or indirectly, or having the power to vote, 25 percent or more of a class of voting securities of a corporation subject to this chapter. See Alaska Statutes 10.06.990
• control person: means an individual described in the uniform mortgage lender and mortgage broker application form of the registry who directly or indirectly exercises control over the applicant. See Alaska Statutes 06.60.990
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 06.60.990
• depository institution: has the meaning given in 12 U. See Alaska Statutes 06.60.990
• director: means a natural person designated in the articles of incorporation or elected by the incorporators as a director and includes a natural person and successor of that person designated, elected, or appointed by any other name or title to act as a director. See Alaska Statutes 10.06.990
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• domestic corporation: means a corporation for profit subject to the provisions of this chapter, but does not include a foreign corporation or a national bank. See Alaska Statutes 10.06.990
• dwelling: means a residential structure or mobile home that contains one to four family housing units, or the individual units of condominiums or cooperatives. See Alaska Statutes 06.60.990
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• 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}
• 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.
• Ex officio: Literally, by virtue of one's office.
• Executive session: A portion of the Senate's daily session in which it considers executive business.
• Executor: A male person named in a will to carry out the decedent
• federal banking agency: means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the director of the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation. See Alaska Statutes 06.60.990
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• 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.
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• 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}
• foreign corporation: means a corporation for profit organized under laws other than the laws of Alaska for a purpose for which a corporation may be organized under this chapter. See Alaska Statutes 10.06.990
• Fraud: Intentional deception resulting in injury to another.
• fund: means the mortgage loan originator surety fund established under Alaska Stat. See Alaska Statutes 06.60.990
• fund claim: means a claim against the fund. See Alaska Statutes 06.60.990
• fund fee: means the fee required to be paid by Alaska Stat. See Alaska Statutes 06.60.990
• 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
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grantor: The person who establishes a trust and places property into it.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• hold out: means to represent to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that the person can or will perform an activity for which a license is required under this chapter. See Alaska Statutes 06.60.990
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• individual: means a natural person. See Alaska Statutes 06.60.990
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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}
• Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
• Intestate: Dying without leaving a will.
• 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.
• knowingly: has the meaning given in Alaska Stat. See Alaska Statutes 06.60.990
• 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}
• license: means a license issued under this chapter. See Alaska Statutes 06.60.990
• licensed mortgage loan originator: means a person who holds a mortgage loan originator license issued under this chapter. See Alaska Statutes 06.60.990
• licensee: means a person who holds a license issued under this chapter. See Alaska Statutes 06.60.990
• 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.
• loan processor or underwriter: means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person required to be licensed or exempt from licensing under this chapter. See Alaska Statutes 06.60.990
• manufactured home: has the meaning given in AS 45. See Alaska Statutes 06.60.990
• month: means a calendar month unless otherwise expressed. See Alaska Statutes 01.10.060
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• mortgage broker: means a person who, for compensation or gain, or in the expectation of compensation or gain, directly or indirectly, by telephone, by electronic means, by mail, through the Internet, in person, or by the person itself or a mortgage loan originator,
  (A) arranges with a variety of lending sources, including private lenders, institutional investors, or wholesale lenders, to provide financing for mortgage loans. See Alaska Statutes 06.60.990
• mortgage license: means a license issued under this chapter to operate as a mortgage lender or a mortgage broker. See Alaska Statutes 06.60.990
• mortgage licensee: means a person who holds a mortgage license. See Alaska Statutes 06.60.990
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• mortgage loan: means a residential mortgage loan. See Alaska Statutes 06.60.990
• mortgage loan originator license: means a license issued to a person to operate as a mortgage loan originator. See Alaska Statutes 06.60.990
• municipality: means a political subdivision incorporated under the laws of the state that is a home rule or general law city, a home rule or general law borough, or a unified municipality. See Alaska Statutes 01.10.060
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Nationwide Mortgage Licensing System and Registry: has the meaning given in 12 U. See Alaska Statutes 06.60.990
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• nontraditional mortgage product: means a mortgage product other than a 30-year fixed-rate mortgage. See Alaska Statutes 06.60.990
• Oath: A promise to tell the truth.
• oath: includes affirmation or declaration. See Alaska Statutes 01.10.060
• 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.
• operate: means hold out, do business, offer to provide services, or provide services. See Alaska Statutes 06.60.990
• operate in the state: includes operating in the state from a location outside the state or from an Internet website that originates inside or outside the state. See Alaska Statutes 06.60.990
• organic change: means a merger, consolidation, share exchange, or sale of assets other than in the regular course of business. See Alaska Statutes 10.06.990
• parent: means an affiliate controlling a specified corporation directly or indirectly through one or more intermediaries. See Alaska Statutes 10.06.990
• 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.
• peace officer: means
  (A) an officer of the state troopers. See Alaska Statutes 01.10.060
• person: means an individual, a corporation, a partnership, an association, a joint-stock company, an estate, a trust if the interests of the beneficiaries are evidenced by a security, an unincorporated association, a government, a political subdivision of a government, or a combination of these entities. See Alaska Statutes 10.06.990
• person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
• Personal property: All property that is not real property.
• personal property: includes money, goods, chattels, things in action, and evidences of debt. See Alaska Statutes 01.10.060
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Probate: Proving a will
• program administration fee: means the fee described under Alaska Stat. See Alaska Statutes 06.60.990
• property: includes real and personal property. See Alaska Statutes 01.10.060
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Alaska Statutes 06.60.990
• registered depository institution: means a depository institution that is registered under Alaska Stat. See Alaska Statutes 06.60.990
• registered mortgage loan originator: means an individual who
  (A) is a mortgage loan originator and is an employee of

  (i) a depository institution. See Alaska Statutes 06.60.990
• registry: means the Nationwide Mortgage Licensing System and Registry. See Alaska Statutes 06.60.990
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• residential mortgage loan: means a loan that is primarily for personal, family, or household use and that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling or residential real estate located in the state. See Alaska Statutes 06.60.990
• residential real estate: means real property on which a dwelling is constructed or intended to be constructed, including a manufactured home that has become real property under AS 34. See Alaska Statutes 06.60.990
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Service of process: The service of writs or summonses to the appropriate party.
• 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.
• shareholder: means a holder of record of a share in a corporation. See Alaska Statutes 10.06.990
• shares: means the units into which the proprietary interests in a corporation are divided. See Alaska Statutes 10.06.990
• state: means any of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Northern Mariana Islands, Guam, the Virgin Islands, American Samoa, the Trust Territory of the Pacific Islands, or any other territory or possession of the United States. See Alaska Statutes 10.06.990
• state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Summons: Another word for subpoena used by the criminal justice system.
• surviving corporation: means a corporation into which one or more other corporations are merged. See Alaska Statutes 10.06.990
• Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
• 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.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• unique identifier: means a number or other identifier assigned to a licensee by protocols established by the registry. See Alaska Statutes 06.60.990
• Uphold: The decision of an appellate court not to reverse a lower court decision.
• Verdict: The decision of a petit jury or a judge.
• vote: includes authorization by written consent subject to the provisions of Alaska Stat. See Alaska Statutes 10.06.990
• writing: includes printing. See Alaska Statutes 01.10.060