Terms Used In Arizona Laws > Title 11 > Chapter 2 > Article 14 - County Long-Term Obligations

• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Adverse claim: means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer or deal with the financial asset. See Arizona Laws 47-8102
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Clearing corporation: means :

  (a) A person that is registered as a "clearing agency" under the federal securities laws;

  (b) A federal reserve bank; or

  (c) Any other person that provides clearance or settlement services with respect to financial assets that would require it to register as a clearing agency under the federal securities laws but for an exclusion or exemption from the registration requirement, if its activities as a clearing corporation, including promulgation of rules, are subject to regulation by a federal or state governmental authority. See Arizona Laws 47-8102

• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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.
• Entitlement holder: means a person identified in the records of a securities intermediary as the person having a security entitlement against the securities intermediary. See Arizona Laws 47-8102
• Entitlement order: means a notification communicated to a securities intermediary directing transfer or redemption of a financial asset to which the entitlement holder has a security entitlement. See Arizona Laws 47-8102
• 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}
• Financial asset: except as otherwise provided in section 47-8103, means:

  (a) A security;

  (b) An obligation of a person or a share, participation or other interest in a person or in property or an enterprise of a person, which is, or is of a type, dealt in or traded on financial markets, or which is recognized in any area in which it is issued or dealt in as a medium for investment; or

  (c) Any property that is held by a securities intermediary for another person in a securities account if the securities intermediary has expressly agreed with the other person that the property is to be treated as a financial asset under this chapter. See Arizona Laws 47-8102

• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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.
• Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
• Population: means the population according to the most recent United States decennial census. See Arizona Laws 1-215
• Property: includes both real and personal property. See Arizona Laws 1-215
• Securities intermediary: means :

  (a) A clearing corporation; or

  (b) A person, including a bank or broker, that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity. See Arizona Laws 47-8102

• Security: except as otherwise provided in section 47-8103, means an obligation of an issuer or a share, participation or other interest in an issuer or in property or an enterprise of an issuer:

  (a) Which is represented by a security certificate in bearer or registered form, or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer;

  (b) Which is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests or obligations; and

  (c) Which:

  (i) Is, or is of a type, dealt in or traded on securities exchanges or securities markets; or

  (ii) Is a medium for investment and by its terms expressly provides that it is a security governed by this chapter. See Arizona Laws 47-8102

• Security entitlement: means the rights and property interest of an entitlement holder with respect to a financial asset specified in article 5 of this chapter. See Arizona Laws 47-8102
• Statute: A law passed by a legislature.
• Trustee: A person or institution holding and administering property in trust.