Terms Used In Delaware Code > Title 6 > Article 4 > Part 2 - Collection of Items; Depositary and Collecting Banks

• Account: means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit. See Delaware Code Title 6 Sec. 4-104
• 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.
• aviation services: means a business conducted by an employer in Delaware:

  1. See Delaware Code Title 30 Sec. 2010

• Banking day: means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions. See Delaware Code Title 6 Sec. 4-104
• 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}
• Beneficiary: has the meaning ascribed to it by common law, including, without limitation, any heir, devisee or legatee of an estate or beneficiary of a trust. See Delaware Code Title 30 Sec. 1601
• Certificate: shall mean the certificate issued by the Delaware State Historic Preservation Officer attesting that certified rehabilitation or, if applicable, phase thereof has been completed and that the documentation of qualified expenditures and project plans that would be required in order to qualify for tax credit under § 47 of the Internal Revenue Code (26 U. See Delaware Code Title 30 Sec. 1812
• Certified historic property: shall mean property located within the State that is:

  a. See Delaware Code Title 30 Sec. 1812

• Certified rehabilitation: shall mean that rehabilitation of a certified historic property or portion thereof which has been certified by the Delaware State Historic Preservation Officer as a substantial rehabilitation and is in conformance with the Standards of the Secretary of the Interior for Rehabilitation (36 C. See Delaware Code Title 30 Sec. 1812
• Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• Child: means a person who has not reached the age of 18 years. See Delaware Code Title 1 Sec. 302
• Clearing house: means an association of banks or other payors regularly clearing items. See Delaware Code Title 6 Sec. 4-104
• Commercial activity: is a n activity constituting a business licensable under § 2301 of this title, other than any of the following business: Amusement conductor, amusement park operator, auctioneer, automobile race operator, bowling alley operator, circus exhibitor, entertainment agent, finance or small loan agency, floor show operator, health spa or health club, junk dealer, motion picture theater, outdoor music festival promoter, pawnbroker, pool table operator, public bath keeper, salvage yard operator and self-service laundry or dry cleaner. See Delaware Code Title 30 Sec. 2020
• 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.
• Community services: means any type of counseling and advice, emergency assistance or medical care furnished to individuals or groups in an impoverished area or for low and moderate income families. See Delaware Code Title 30 Sec. 2002
• community-based development organization: means any locally-based, resident-controlled, nonprofit organization that plans and implements Community Economic Development projects in impoverished areas or for low- and moderate-income people and that holds a ruling from the Internal Revenue Service of the United States Department of the Treasury that the organization is exempt from income taxation under the provisions of the Internal Revenue Code. See Delaware Code Title 30 Sec. 2002
• Continuance: Putting off of a hearing ot trial until a later time.
• 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.
• Credit award: shall mean the amount of qualified expenditures as determined by the State Office as part of the Stage II Approval multiplied by the appropriate amount as determined in § 1813 of this title. See Delaware Code Title 30 Sec. 1812
• Crime prevention: means any activity that aids in the reduction of crime in an impoverished area or to assist low and moderate income families. See Delaware Code Title 30 Sec. 2002
• Customer: means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank. See Delaware Code Title 6 Sec. 4-104
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Delaware qualified research and development: shall mean qualified research as defined in § 41(d) of the Internal Revenue Code of 1986 (Public Law 99-514, 26 U. See Delaware Code Title 30 Sec. 2010
• Delaware qualified research and development expenses: shall mean qualified research expenses as defined in § 41(b) of the Internal Revenue Code of 1986 (Public Law 99-514, 26 U. See Delaware Code Title 30 Sec. 2010
• Delaware State Historic Preservation Officer: shall mean the person designated and appointed in accordance with 16 U. See Delaware Code Title 30 Sec. 1812
• Department: means the Department of Finance. See Delaware Code Title 30 Sec. 101
• Director: means the Director of the Division of Revenue or the Secretary of Finance of the State. See Delaware Code Title 30 Sec. 502
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Distributive share: means , with respect to any member and with respect to any taxable year of such member:

  In the case of a pass-through entity that is classified as a partnership under the Internal Revenue Code, the distributive share of such member for such taxable year of the pass-through entity's income, gain, loss or deduction, or items thereof, as appropriate, determined under § 704 of the Internal Revenue Code [26 U. See Delaware Code Title 30 Sec. 1601

• Division of Revenue: means the Division of Revenue of the Department of Finance of the State. See Delaware Code Title 30 Sec. 502
• Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities (Section 8-102) or instructions for uncertificated securities (Section 8-102), or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft. See Delaware Code Title 6 Sec. 4-104
• dollars: means lawful money of the United States. See Delaware Code Title 1 Sec. 302
• Donor: The person who makes a gift.
• Downtown Development District: means an area of a city or town that has been designated by the Governor as a Downtown Development District in accordance with Chapter 19 of Title 22. See Delaware Code Title 30 Sec. 1812
• Draft: means a draft as defined in Section 3-104 or an item, other than an instrument, that is an order. See Delaware Code Title 6 Sec. 4-104
• Drawee: means a person ordered in a draft to make payment. See Delaware Code Title 6 Sec. 4-104
• Economic development: means any activity that aids in business development and ownership in impoverished areas. See Delaware Code Title 30 Sec. 2002
• Education: means any type of scholastic instruction to an individual who resides in an impoverished area or for low and moderate income families that enables that individual to meet educational requirements for known job vacancies. See Delaware Code Title 30 Sec. 2002
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Expanded facility: is a ny qualified property (other than a replacement facility) resulting from the acquisition, construction, reconstruction, installation or erection of improvements or additions to existing property (not including any improvement or addition resulting from a repair, refurbishing, retooling (such as retooling by an automobile manufacturer), recycling or other similar process or procedure that merely preserves or restores the value of an existing facility, and not including any improvement or addition that, in the determination of the Secretary, does not constitute an integral part of a qualified activity), if such improvements or additions are placed in service by the taxpayer as owner, lessee or sublessee after December 31, 1984, but only to the extent of the taxpayer's qualified investment in such improvements or additions. See Delaware Code Title 30 Sec. 2010
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• 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.
• Fiscal year: shall mean the State's fiscal year. See Delaware Code Title 30 Sec. 1812
• fixed base percentage: shall mean the percentage which the aggregate Delaware qualified research and development expenses for the 4 taxable years immediately preceding the taxable year in which the expenses are taken into account for purposes of Delaware income taxation bear to the aggregate gross receipts for such years. See Delaware Code Title 30 Sec. 2010
• 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}
• Housing: means any activity that aids in substantial renovation or new construction of rental or owner-occupied residences for low and moderate income families in impoverished areas or for low and moderate income families. See Delaware Code Title 30 Sec. 2002
• Impoverished area: means any clearly-defined, economically-distressed urban or rural area in this State that is certified as such by the Delaware State Housing Authority. See Delaware Code Title 30 Sec. 2002
• Internal Revenue Service: means the Internal Revenue Service of the Department of Treasury of the United States. See Delaware Code Title 30 Sec. 502
• Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Delaware Code Title 6 Sec. 4-104
• Job training: means any type of instruction to an individual who resides in an impoverished area or for low and moderate income families that enables an individual to acquire vocational skills so that the individual can become employable or be able to seek a higher grade of employment. See Delaware Code Title 30 Sec. 2002
• Knowledge: means a person's actual knowledge of a fact, rather than the person's constructive knowledge of the fact. See Delaware Code Title 6 Sec. 17-101
• 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}
• Legatee: A beneficiary of a decedent
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• member: means a person treated for federal income tax purposes as either a partner in a partnership or a shareholder of an S corporation, but does not include a beneficiary of an estate or trust. See Delaware Code Title 30 Sec. 1601
• Month: means a calendar month, unless otherwise expressed. See Delaware Code Title 1 Sec. 302
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Neighborhood assistance: means the furnishing of financial assistance, labor, material and technical advice to aid in the physical, economic and community improvement of any part or all of an impoverished area or to assist low and moderate income families through the provision of community services, crime prevention, economic development, education, housing, and job training. See Delaware Code Title 30 Sec. 2002
• Neighborhood organization: means any organization performing neighborhood assistance in an impoverished area or for low and moderate income families and holding a ruling from the Internal Revenue Service of the United States Department of the Treasury that the organization is exempt from income taxation under the provisions of the Internal Revenue Code, or any community development corporation or community-based development organization as defined in this section. See Delaware Code Title 30 Sec. 2002
• New facility: is a ny qualified property (other than an expanded facility or a replacement facility) placed in service by the taxpayer as owner, lessee or sublessee after December 31, 1984; provided, however, that such phrase shall not include any property the original use of which commenced prior to the time the taxpayer placed such property in service if:

  a. See Delaware Code Title 30 Sec. 2010

• Nonresident estate: means an estate which is not a resident estate. See Delaware Code Title 30 Sec. 1601
• Nonresident trust: means a trust that is not a resident trust of this State. See Delaware Code Title 30 Sec. 1601
• 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.
• Owner-occupied historic property: shall mean any certified historic property, or any portion thereof, which is owned by a taxpayer and is being used (or within a reasonable period as may be determined by the Delaware Historic Preservation Office on a case-by-case basis will be used) by such taxpayer as the taxpayer's principal residence. See Delaware Code Title 30 Sec. 1812
• 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.
• Pass-through entity: means any person:

  a. See Delaware Code Title 30 Sec. 1601

• Person: means a natural person, partnership (whether general or limited), limited liability company, trust (including a common law trust, business trust, statutory trust, voting trust or any other form of trust), estate, association (including any group, organization, co-tenancy, plan, board, council or committee), corporation, government (including a country, state, county or any other governmental subdivision, agency or instrumentality), custodian, nominee or any other individual or entity (or series thereof) in its own or any representative capacity, in each case, whether domestic or foreign. See Delaware Code Title 6 Sec. 17-101
• Person: means and includes an individual, a trust, estate, partnership, association, company or corporation. See Delaware Code Title 30 Sec. 502
• Person: shall include any individual; any form of company or corporation which is lawful within the State (including limited liability companies and S corporations), whether or not for profit; any form of partnership which is lawful within the State (including limited liability partnerships); whether or not for profit; any trust or estate; and any lawful joint venture. See Delaware Code Title 30 Sec. 1812
• Personal property: All property that is not real property.
• persons: shall include any individual; any form of company or corporation which is lawful within the State (including limited liability companies and S corporations), any form of partnership which is lawful within the State (including limited liability partnerships); and any trust or estate. See Delaware Code Title 30 Sec. 2002
• Phased rehabilitation: shall mean any certified rehabilitation of a certified historic property reasonably expected to be completed in 2 or more distinct stages of development as more fully described in Treasury Regulation 1-48-12(b)(v) or any successor provision. See Delaware Code Title 30 Sec. 1812
• Property: shall mean real estate, and shall include any building or structure, including multiple-unit structures. See Delaware Code Title 30 Sec. 1812
• Qualified activity: is:

  a. See Delaware Code Title 30 Sec. 2010

• Qualified employee: is a person employed within this State on a regular and full-time basis. See Delaware Code Title 30 Sec. 2010
• Qualified facility: is a ny qualified property located within this State that constitutes a new facility or an expanded facility and that is used by the taxpayer in or in connection with a qualified activity. See Delaware Code Title 30 Sec. 2010
• Qualified facility gross receipts: means the total Delaware gross receipts (as defined and computed under those provisions of Chapter 23, 27 or 29 of this title that apply to the qualified activity in question) attributable to and derived by the taxpayer from the operation of the qualified facility in question. See Delaware Code Title 30 Sec. 2010
• Qualified property: is:

  a. See Delaware Code Title 30 Sec. 2010

• qualified research expenses: shall mean "Delaware qualified research and development expenses" and references to "qualified research" shall mean "Delaware qualified research and development. See Delaware Code Title 30 Sec. 2010
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: is synonymous with the phrase "lands, tenements and hereditaments. See Delaware Code Title 1 Sec. 302
• Related person: means :

  a. See Delaware Code Title 30 Sec. 2010

• 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.
• Replacement facility: is a ny property (other than an expanded facility) that replaces or supersedes any other property located within this State that:

  a. See Delaware Code Title 30 Sec. 2010

• Resident curator: shall mean a person who has entered into a contractual agreement with the owner of a qualified property in which the person agrees to pay for full restoration of the owner's qualifying property in exchange for a life tenancy in the property without remunerative compensation to the owner for the life tenancy. See Delaware Code Title 30 Sec. 1812
• Resident estate: means the estate of a decedent who at death was domiciled in this State. See Delaware Code Title 30 Sec. 1601
• Resident trust: means a trust:

  a. See Delaware Code Title 30 Sec. 1601

• Residential property: shall include cooperatives and condominiums. See Delaware Code Title 30 Sec. 1812
• Secretary: means the Secretary of Finance or the Secretary's delegate. See Delaware Code Title 30 Sec. 2010
• 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.
• State: means a state of the United States, the District of Columbia, Puerto Rico, The United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Delaware Code Title 30 Sec. 502
• State Office: shall mean the Delaware State Historic Preservation Office. See Delaware Code Title 30 Sec. 1812
• Statute: A law passed by a legislature.
• Substantial rehabilitation: shall mean rehabilitation of a certified historic property for which the qualified expenditures, during the 24-month period or 60-month period, as applicable, selected by the taxpayer and ending with or within the taxable year exceed:

  a. See Delaware Code Title 30 Sec. 1812

• Targeted area: means any of the following:

  a. See Delaware Code Title 30 Sec. 2020

• Tax: shall be deemed also to refer to license fees imposed under Part III of this title. See Delaware Code Title 30 Sec. 502
• Taxable: means any person, fiduciary, association of persons, syndicate, joint venture or copartnership subject to making return or to payment of tax imposed by this title. See Delaware Code Title 30 Sec. 101
• Taxpayer: shall include any "person" as defined in this section, and shall include any individual or corporation taxable under Title 5, or taxable under either Chapter 11 or Chapter 19 of this title. See Delaware Code Title 30 Sec. 1812
• Taxpayer: means an individual pass-through entity, as defined in § 1601 of this title, or corporation. See Delaware Code Title 30 Sec. 2010
• Trust: means an entity classified as a trust for federal income tax purposes, other than a trust of which the grantor or another person is treated as the owner of the entire trust under §§ 672 through 679 of the Internal Revenue Code [26 U. See Delaware Code Title 30 Sec. 1601
• Trustee: A person or institution holding and administering property in trust.
• United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302
• Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302