| regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed $40,000. See Illinois Compiled Statutes 810 ILCS 5/2A-103Continuance: Putting off of a hearing ot trial until a later time.decree: is synonymous with the word "judgment". See Illinois Compiled Statutes 5 ILCS 70/1.24Deed: The legal instrument used to transfer title in real property from one person to another.Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.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. CourtsEscrow: Money given to a third party to be held for payment until certain conditions are met.Executive session: A portion of the Senate's daily session in which it considers executive business.Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.Finance lease: means a lease with respect to | | (i) the lessor does not select, manufacture, or | | (ii) the lessor acquires the goods or the right | | to possession and use of the goods in connection with the lease; and |
| (iii) one of the following occurs: (A) the lessee receives a copy of the | | contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract; |
| (B) the lessee's approval of the contract by | | which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract; |
| (C) the lessee, before signing the lease | | contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or |
| (D) if the lease is not a consumer lease, the | | lessor, before the lessee signs the lease contract, informs the lessee in writing (a) of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person, (b) that the lessee is entitled under this Article to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods, and (c) that the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies. See Illinois Compiled Statutes 810 ILCS 5/2A-103Fiscal 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.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: OCCFreedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCCGift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.Goods: means all things that are movable at the | | time of identification to the lease contract, or are fixtures (Section 2A-309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See Illinois Compiled Statutes 810 ILCS 5/2A-103Heretofore: means any time previous to the day on which the statute takes effect; and the word "hereafter" at any time after such day. See Illinois Compiled Statutes 5 ILCS 70/1.17Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.Installment lease contract: means a lease | | contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent. See Illinois Compiled Statutes 810 ILCS 5/2A-103Interest 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: OCCLease: means a transfer of the right to | | possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Illinois Compiled Statutes 810 ILCS 5/2A-103Lease agreement: means the bargain, with respect | | to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this Article. See Illinois Compiled Statutes 810 ILCS 5/2A-103Lease contract: means the total legal obligation | | | | | | to possession and use of goods under a lease. See Illinois Compiled Statutes 810 ILCS 5/2A-103Lineal descendant: Direct descendant of the same ancestors.Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.Lot: means a parcel or a single article that is | | | | merchant with respect to goods of the kind subject to the lease. See Illinois Compiled Statutes 810 ILCS 5/2A-103Minority leader: See Floor LeadersMortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCCPlaintiff: The person who files the complaint in a civil lawsuit.Present value: means the amount as of a date | | | | mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See Illinois Compiled Statutes 810 ILCS 5/2A-103Quorum: The number of legislators that must be present to do business.Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDICSettlement: 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.Statute: A law passed by a legislature.Supplier: means a person from whom a lessor buys | | or leases goods to be leased under a finance lease. See Illinois Compiled Statutes 810 ILCS 5/2A-103Tort: 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.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
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