Illinois Compiled Statutes > 65 ILCS 55 – Municipal Federal Grant Tax and Bond Act
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Terms Used In Illinois Compiled Statutes > 65 ILCS 55 - Municipal Federal Grant Tax and Bond Act
- 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.
- 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.
- 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
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Verdict: The decision of a petit jury or a judge.