Terms Used In Vermont Statutes > Title 7 > Chapter 9 - Licensing

• Admitted assets: means assets permitted to be reported as admitted assets on the annual statutory financial statement of the insurer for the next preceding year or as shown by a current financial statement. See
• Agency: means the Agency of Transportation. See
• Agency: means the Agency of Agriculture, Food and Markets. See
• Aircraft: means a contrivance used or designed for navigation of or flight in the air and specifically includes ultralight aircraft. See
• Alcohol: means the product of distillation, fermentation, or chemical synthesis, including alcoholic beverages, ethyl alcohol, and nonpotable alcohol. See
• Alcoholic beverages: means malt beverages, vinous beverages, spirits, ready-to-drink spirits beverages, and fortified wines. See
• 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.
• Annual meeting: when applied to towns shall mean the annual town meeting in March or an adjournment thereof. See
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appraisal: A determination of property value.
• appraised value: when used in connection with real estate shall refer to appraisals made or examined and approved by an insurer or its agents. See
• art gallery: means a fixed establishment whose primary purpose is to exhibit or offer for sale works of art; "bookstore" means a fixed establishment whose primary purpose is to offer books for sale; "public library" has the same meaning as in 22 V. See
• Asset-backed security: means a security or other instrument, excluding a mutual fund, evidencing an interest in, or the right to receive payments from, or payable from distributions on, an admitted asset, a pool of admitted assets, or specifically divisible cash flows which are legally transferred to a trust or another special purpose bankruptcy-remote business entity, on the following conditions:

• 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.
• Average final compensation: shall mean :

• 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: shall mean any person in receipt of a pension, an annuity, a retirement allowance, or other benefit as provided by this subchapter. See
• Board: means the Transportation Board. See
• Board: shall mean the board provided for in section 471 of this title to administer the Retirement System. See
• Board of Liquor and Lottery: means the board of control appointed under the provisions of chapter 5 of this title. See
• Boat: means a vessel suitably equipped and operated for the transportation of passengers in interstate commerce. See
• business entity: includes a sole proprietorship, corporation, limited liability company, association, partnership, joint stock company, joint venture, mutual fund, trust, joint tenancy, or other similar form of business organization, whether organized for profit or not for profit. See
• Canada: means Canada, any province of Canada, or any political subdivision of Canada. See
• Cap: means an agreement obligating the seller to make payments to the buyer, with each payment based on the amount by which a reference price or level or the performance or value of one or more underlying interests exceeds a predetermined number, sometimes called the strike rate or strike price. See
• Certificate of approval: means a license granted by the Board of Liquor and Lottery to a manufacturer or distributor of malt beverages, vinous beverages, or ready-to-drink spirits beverages that is not licensed under the provisions of this title that permits the licensee to sell those beverages to holders of a packager's or wholesale dealer's license. See
• Club: means an unincorporated association or a corporation authorized to do business in this State that has been in existence for at least two consecutive years prior to the date of application for a license under this title and owns, hires, or leases a building or space in a building that is suitable and adequate for the reasonable and comfortable use and accommodation of its members and their guests and contains suitable and adequate kitchen and dining room space and equipment implements and facilities. See
• Commissioner of Liquor and Lottery: means the executive officer of the Board of Liquor and Lottery appointed under the provisions of chapter 5 of this title. See
• 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.
• Consumer commodity: means any food, drug, device, or cosmetic and other article, product, or commodity of any other kind or class, except for drugs sold only by prescription:

• Control commissioners: means the commissioners of a municipality appointed under section 166 of this title. See
• corporation: means and includes individuals, partnerships, associations, and corporations, owning or conducting any transportation business or property, other than railroads and aircraft, which are covered by the provisions of this chapter. See
• Covered: means that an insurer owns or can immediately acquire, through the exercise of options, warrants, or conversion rights already owned, the underlying interest in order to fulfill or secure its obligations under a call option, cap, or floor it has written or has set aside under a custodial or escrow agreement cash or cash equivalents with a market value equal to the amount required to fulfill its obligations under a put option it has written, in an income generation transaction. See
• Creditable service: shall mean service for which credit is allowed under section 458 of this title, plus service transferred under section 495 of this title. See
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the Department of Liquor and Lottery. See
• Department: shall mean any department, institution, or agency of this State government. See
• Dependent: A person dependent for support upon another.
• Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
• Derivative instrument: means an agreement, option, instrument, or a series or combination thereof:

• Derivative transaction: means a transaction involving the use of one or more derivative instruments. See
• destination resort: is a resort that contains at least 100 acres of land, offers at least 50 units of sleeping accommodations, offers meal and beverage service to the public for consideration, and has related sports and recreational facilities for the convenience or enjoyment of its guests. See
• Destination resort master license: means a license granted by the Board of Liquor and Lottery pursuant to section 242 of this title permitting a destination resort to designate licensed caterers and commercial caterers that will be permitted to cater individual events within the boundaries of the resort without being required to obtain a request-to-cater permit for each individual event. See
• Dining car: means a railroad car on which meals are prepared and served. See
• Direct: when used in connection with "obligation" means that a designated obligor shall be primarily liable on the instrument representing the obligation. See
• Division: means the Division of Liquor Control in the Department of Liquor and Lottery. See
• Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
• Domestic jurisdiction: means the United States, any state of the United States, or any political subdivision of any of the foregoing. See
• Employee: includes deputy State's Attorneys, victim advocates employed by a State's Attorney pursuant to 13 V. See
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• 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}
• Equity interest: means any of the following that are not rated credit instruments:

• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Executor: A male person named in a will to carry out the decedent
• 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.
• 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}
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• First-class license: means a license permitting the licensee to sell malt beverages, vinous beverages, and ready-to-drink spirits beverages to the public for consumption only on the premises for which the license is granted. See
• 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.
• Floor: means an agreement obligating the seller to make payments to the buyer in which each payment is based on the amount by which a predetermined number, sometimes called the floor rate or price, exceeds a reference price, level, performance, or value of one or more underlying interests. 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}
• Foreign jurisdiction: means a jurisdiction other than a domestic jurisdiction or Canada. See
• Fortified wine permit: means a permit granted to a second-class licensee that permits the licensee to export and sell fortified wines to the public for consumption off the licensed premises. See
• Fortified wines: means vinous beverages, including those to which spirits have been added during manufacture, containing at least 16 percent alcohol but not more than 23 percent alcohol by volume at 60 degrees Fahrenheit and all vermouths containing not more than 23 percent alcohol by volume at 60 degrees Fahrenheit. See
• Fourth-class license: means a license permitting a licensed manufacturer or rectifier to sell by the unopened container and distribute by sample, with or without charge, beverages manufactured by the licensee. See
• Future: means an agreement, traded on a qualified exchange or qualified foreign exchange, to make or take delivery of, or effect a cash settlement based on the actual or expected price, level, performance, or value of, one or more underlying interests. See
• grades: means the standards for potatoes established by the U. See
• Group G member: means the following employees who are first employed in the positions listed in this subdivision (F) on or after July 1, 2023, or who are members of the System as of June 30, 2022 and make an irrevocable election to prospectively join Group G on or before June 30, 2023, pursuant to the terms set by the Board: facility employees of the Department of Corrections, as Department of Corrections employees who provide direct security and treatment services to offenders under supervision in the community, as employees of a facility for justice-involved youth, or as Vermont State Hospital employees or as employees of its successor in interest, who provide direct patient care. See
• Grow: means :

• Grower: means a person who is registered with the Agency to produce hemp crops. See
• Guaranteed: means that the guarantor will perform the obligation of the obligor or will purchase the obligation to the extent of the guaranty. See
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Hedging transaction: means a derivative transaction that is entered into and maintained to reduce:

• Hemp: means the plant Cannabis sativa L. See
• hemp-infused products: means all products with the federally defined tetrahydrocannabinol concentration level for hemp derived from, or made by, processing hemp plants or plant parts, which are prepared in a form available for commercial sale, including cosmetics, personal care products, food intended for animal or human consumption, cloth, cordage, fiber, fuel, paint, paper, construction materials, plastics, and any product containing one or more hemp-derived cannabinoids, such as cannabidiol. See
• Income generation transaction: means a derivative transaction involving the writing of covered call options, covered put options, covered caps, or covered floors that is intended to generate income or enhance return. See
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• Keg: means a reusable container capable of holding at least five gallons of malt beverage or at least two-and-one-half gallons of vinous beverage. See
• 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}
• Legal age: means 21 years of age or older. See
• 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.
• Listed bond mutual fund: means a mutual fund that at all times qualifies for inclusion on the "bond fund list" within the Purposes and Procedures of the NAIC Investment Analysis Office or any successor publication. See
• Malt beverages: means all fermented beverages of any name or description manufactured for sale from malt, wholly or in part, or from any malt substitute, known as, among other things, beer, ale, or lager, containing not less than one percent nor more than 16 percent alcohol by volume at 60 degrees Fahrenheit. See
• Medical Board: shall mean the board of physicians provided for in section 471 of this title. See
• Member: means any employee included in the membership of the Retirement System under section 457 of this title. See
• Minor: means an individual who has not attained 21 years of age. See
• Money market mutual fund: means a mutual fund that meets the conditions of 17 C. See
• Month: shall mean a calendar month and "year" shall mean a calendar year and be equivalent to the expression "year of our Lord. See
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan: means an obligation secured by a mortgage, deed of trust, trust deed, or other consensual lien on real estate. 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.
• Municipality: means a county, city, village, town, or any other political subdivision of this State and any public corporation, authority, or district of this State that is or may be authorized by law to acquire, establish, construct, maintain, improve, or operate transportation facilities or services. See
• Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
• Mutual fund: means an investment company or, in the case of an investment company that is organized as a series company, an investment company series that, in either case, is registered with the U. See
• NAIC: means the National Association of Insurance Commissioners. See
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Normal retirement date: means :

• 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.
• obligation: means that a designated obligor shall be primarily liable on the instrument representing the obligation. See
• Option: means an agreement giving the buyer the right to buy or receive (a "call option"), sell or deliver (a "put option"), enter into, extend, or terminate or effect a cash settlement based on the actual or expected price, level, performance, or value of one or more underlying interests. See
• Outside consumption permit: means a permit granted by the Division of Liquor Control allowing the holder of a first-class, first- and third-class, or fourth-class license to allow for consumption of alcoholic beverages in a delineated outside area. See
• Oversight: Committee review of the activities of a Federal agency or program.
• 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.
• Pension: shall mean annual payments for life derived from contributions by the State. See
• Person: means an individual, firm, partnership, corporation, company, association, joint stock association, or body politic, including a trustee, receiver, assignee, or other similar representative. See
• Personal property: All property that is not real property.
• Potential exposure: means the amount determined in accordance with the NAIC Annual Statement Instructions. See
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Process: includes transporting, aggregating, packaging hemp from a single grower or multiple growers, or manufacturing hemp products or hemp-infused products from hemp concentrate. See
• Processor: means a person who is registered with the Agency to process hemp crops. See
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Qualified bank: means :

• Qualified clearinghouse: means a clearinghouse for, and subject to the rules of, a qualified exchange or a qualified foreign exchange, which provides clearing services, including acting as a counterparty to each of the parties to a transaction, such that the parties no longer have credit risk as to each other. See
• Qualified exchange: means :

• Qualified foreign exchange: means a foreign exchange, board of trade, or contract market located outside the United States, its territories, or possessions:

• Qualified primary credit source: means the credit source to which an insurer looks for payment as to an investment and against which an insurer has a direct claim for full and timely payment, evidenced by a contractual right for which an enforcement action can be brought in a domestic jurisdiction or Canada. See
• Quorum: The number of legislators that must be present to do business.
• Rated credit instrument: means a contractual right to receive cash or another rated credit instrument from another entity, which instrument:

• Ready-to-drink spirits beverage: means an alcoholic beverage containing more than one percent alcohol by volume and not more than 12 percent alcohol by volume at 60 degrees Fahrenheit obtained by distillation, by chemical synthesis, or through concentration by freezing and mixed with nonalcoholic beverages, flavoring, or coloring materials. See
• real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Request-to-cater permit: means a permit granted by the Division of Liquor Control authorizing a licensed caterer or commercial caterer to cater individual events. See
• Retail dealer: means any person who sells or furnishes malt beverages, vinous beverages, or ready-to-drink spirits beverages to the public. See
• Retail delivery permit: means a permit granted by the Division of Liquor Control that permits a second-class licensee to deliver malt beverages and vinous beverages sold from the licensed premises for consumption off the premises to an individual who is 21 years of age or older at a physical address in Vermont. See
• Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). ^{Source: OCC}
• road: shall include bridges thereon and their approaches. See
• said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. See
• Sampler flight: means a flight, ski, paddle, or any similar device by design or name intended to hold alcoholic beverage samples for the purpose of comparison. See
• seal: shall include an impression of the official seal made upon paper alone or by means of a wafer or wax affixed thereto. See
• Second-class license: means a license permitting the licensee to export and to sell malt beverages, vinous beverages, or ready-to-drink spirits beverages to the public for consumption off the premises for which the license is granted. See
• Secretary: means the Secretary of Transportation. See
• Secretary: means the Secretary of Agriculture, Food and Markets. See
• Secretary: means the Secretary of Agriculture, Food and Markets. See
• Service: shall mean service as an employee for which compensation is paid by the State. See
• 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.
• Shell business entity: means a business entity having no economic substance except as a vehicle for owning interests in assets issued, owned, or previously owned by a person domiciled in a foreign jurisdiction. See
• Social Security benefit: shall mean the amount of the member's primary insurance benefit or disability insurance benefit under Title II of the Social Security Act and such other benefit or benefits as may be payable on the member's account under said title, computed on the basis of such act as in effect at the time of retirement and limited to the portion of such benefit or benefits that is attributable to service for which the member receives credit under section 458 of this title, to which a member or other person on his or her account is or would upon proper application be entitled, irrespective of earnings the member or members may be receiving in excess of any limit on earnings for full entitlement to such benefit or benefits. See
• Special event permit: means a permit granted by the Division of Liquor Control permitting a licensed manufacturer or rectifier to sell, by the glass or by the unopened bottle, alcoholic beverages manufactured or rectified by the license holder at an event open to the public that has been approved by the local control commissioners. See
• Special rated credit instrument: means a rated credit instrument that is:

• Special venue serving permit: means a permit granted by the Division of Liquor Control permitting an art gallery, bookstore, public library, or museum to conduct an event at which malt or vinous beverages, or both, are served by the glass to the public. See
• Spirits: means beverages that contain more than one percent alcohol obtained by distillation, by chemical synthesis, or through concentration by freezing; vinous beverages containing more than 23 percent alcohol; and malt beverages containing more than 16 percent alcohol by volume at 60 degrees Fahrenheit. See
• Subpoena: A command to a witness to appear and give testimony.
• SVO: means the Securities Valuation Office of the NAIC or any successor office established by the NAIC. See
• Swap: means an agreement to exchange or to net payments at one or more times based on the actual or expected price, level, performance, or value of one or more underlying interests. See
• Third-class license: means a license granted by the Board of Liquor and Lottery permitting the licensee to sell spirits and fortified wines for consumption only on the premises for which the license is granted. See
• Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
• Trustee: A person or institution holding and administering property in trust.
• Underlying interest: means the assets, liabilities, other interests, or a combination thereof underlying a derivative instrument, such as any one or more securities, currencies, rates, indices, commodities, or derivative instruments. See
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
• Venue: The geographical location in which a case is tried.
• Village: shall mean an incorporated village. See
• Vinous beverages: means all fermented beverages of any name or description manufactured or obtained for sale from the natural sugar content of fruits or other agricultural product, containing sugar, the total alcoholic content of which is not less than one percent nor more than 16 percent by volume at 60 degrees Fahrenheit. See
• Warrant: means an instrument that gives the holder the right to purchase an underlying financial instrument at a given price and time or at a series of prices and times outlined in the warrant agreement. See
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.