Terms Used In Arizona Laws > Title 44 > Chapter 12 > Article 1 - Definitions

• Bequest: Property gifted by will.
• Commodity: means any agricultural, grain or livestock product or by-product, any metal or mineral including a precious metal, any gem or gemstone whether characterized as precious, semiprecious or otherwise, any fuel whether liquid, gaseous or otherwise, any foreign currency and all other goods, articles, products or items of any kind. See Arizona Laws 44-1801
• Commodity exchange act: means the act of Congress known as the commodity exchange act (7 United States Code, chapter 1). See Arizona Laws 44-1801
• Commodity investment contract: means any account, agreement or contract for the purchase or sale, primarily for speculation or investment purposes and not for use or consumption by the offeree or purchaser, of one or more commodities, whether for immediate or subsequent delivery or whether delivery is intended by the parties, and whether characterized as a cash contract, deferred shipment or deferred delivery contract, forward contract, futures contract, installment or margin contract, leverage contract or otherwise. See Arizona Laws 44-1801
• Commodity option: means any account, agreement or contract giving a party to the account, agreement or contract the right but not the obligation to purchase or sell one or more commodities or one or more commodity investment contracts, whether characterized as an option, privilege, indemnity, bid, offer, put, call, advance guaranty, decline guaranty or otherwise. See Arizona Laws 44-1801
• 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.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Devise: To gift property by will.
• Director: means the director of the securities division of the commission. See Arizona Laws 44-1801
• Division: means the securities division of the commission. See Arizona Laws 44-1801
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• 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.
• Fiduciary: A trustee, executor, or administrator.
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Issuer: means any person who issues or proposes to issue any security, except:

  (a) With respect to certificates of deposit, voting-trust certificates, collateral-trust certificates, certificates of interest or shares in an unincorporated investment trust, whether or not of the fixed, restricted management or unit type, issuer means the person or persons performing the acts and assuming the duties of depositor or manager pursuant to the provisions of the trust or other agreement or instrument under which such securities are issued. See Arizona Laws 44-1801

• 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 tender: coins, dollar bills, or other currency issued by a government as official money. ^{Source: U.S. Mint}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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.
• offer for sale: means an attempt or offer to dispose of, or solicitation of an order or offer to buy, a security or interest in a security for value or any sale or offer for sale of a warrant or right to subscribe to another security of the same issuer or of another issuer. See Arizona Laws 44-1801
• 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.
• Person: means an individual, corporation, partnership, association, joint stock company or trust, limited liability company, government or governmental subdivision or agency or any other unincorporated organization. See Arizona Laws 44-1801
• Precious metal: means the following in either coin, bullion or other form:

  (a) Silver. See Arizona Laws 44-1801

• Property: includes both real and personal property. See Arizona Laws 1-215
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Real property investment contract: means a contract for the sale or purchase of a promissory note secured directly or collaterally by a mortgage, deed of trust or other lien on real property, including a contract as defined in section 33-741, or any agreement, arrangement or understanding in connection with such note, lien or contract in which a person agrees, implies to do or does any of the following, whether or not the investor is aware that any of the following actions are contemplated or taken:

  (a) Guarantee the note, lien or contract against loss at any time. See Arizona Laws 44-1801

• Registered dealer: means a dealer registered under this chapter. See Arizona Laws 44-1801
• Salesman: means an individual, other than a dealer, employed, appointed or authorized by a dealer to sell securities in this state. See Arizona Laws 44-1801
• sell: means a sale or any other disposition of a security or interest in a security for value and includes a contract to make such sale or disposition. See Arizona Laws 44-1801
• 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.
• subscription: includes a mark, if a person cannot write, with the person's name written near it and witnessed by a person who writes the person's own name as witness. See Arizona Laws 1-215
• Underwriter: means a person who has acquired from an issuer with a view to, or sells for an issuer in connection with, the distribution of any securities or participates or has a direct or indirect participation in such undertaking, or participates or has a participation in the direct or indirect underwriting of such undertaking. See Arizona Laws 44-1801
• United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
• Viatical or life settlement investment contract: means an agreement for consideration for the purchase, assignment, transfer, sale, devise or bequest of any portion of the death benefit under or ownership of either an insurance policy or certificate of insurance. See Arizona Laws 44-1801
• Virtual coin: means a digital representation of value that can be digitally traded and that functions as a medium of exchange, unit of account and store of value. See Arizona Laws 44-1801