Terms Used In Indiana Code > Title 32 > Article 25 - Condominiums

• 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.
• authority: refers to the Indiana finance authority. See Indiana Code 5-1-17.5-4
• board: refers to the board of directors of an association of co-owners of a condominium. See Indiana Code 32-25-8.5-2
• board: refers to the board of directors of the commission. See Indiana Code 5-1-17.5-5
• bonds: has the meaning set forth in Indiana Code 5-1-17.5-6
• budget agency: means the budget agency established by IC 4-12-1-3. See Indiana Code 5-1-17.5-7
• budget committee: means the budget committee established by IC 4-12-1-3. See Indiana Code 5-1-17.5-8
• claim: refers to any of the following:

  Indiana Code 32-25-8.5-3

• claimant: refers to a party who has a claim against another party. See Indiana Code 32-25-8.5-4
• commission: refers to the Indiana motorsports commission created by this chapter. See Indiana Code 5-1-17.5-9
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• department: refers to the department of state revenue. See Indiana Code 5-1-17.5-10
• 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}
• exempt claim: refers to any of the following claims or actions:

  Indiana Code 32-25-8.5-5

• 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.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• 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.
• 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}
• Grantor: The person who establishes a trust and places property into it.
• Highway: includes county bridges and state and county roads, unless otherwise expressly provided. See Indiana Code 1-1-4-5
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• Inter vivos: Transfer of property from one living person to another living person.
• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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 proceedings: refers to either of the following:

  Indiana Code 32-25-8.5-6

• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• motorsports investment district: means the geographic area established as a motorsports investment district under this chapter. See Indiana Code 5-1-17.5-11
• 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.
• party: refers to any of the following:

  Indiana Code 32-25-8.5-7

• Plaintiff: The person who files the complaint in a civil lawsuit.
• political subdivision: has the meaning set forth in IC 36-1-2-13. See Indiana Code 5-1-17.5-13
• Population: has the meaning set forth in Indiana Code 1-1-4-5
• qualified motorsports facility: means a facility that:

  Indiana Code 5-1-17.5-14

• Quorum: The number of legislators that must be present to do business.
• respondent: refers to the party against whom a claimant has a claim. See Indiana Code 32-25-8.5-8
• Service of process: The service of writs or summonses to the appropriate party.
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5