Terms Used In Indiana Code > Title 5 > Article 1 > Chapter 13 - Disposition of Surplus Bond Proceeds

• 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.
• Conviction: A judgement of guilt against a criminal defendant.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Grantor: The person who establishes a trust and places property into it.
• grantor: means every person by whom an estate or interest in land is:

  Indiana Code 32-17-1-1

• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• prior property law: refers to the statutes that are repealed or amended in the recodification act of the 2002 regular session of the general assembly as the statutes existed before the effective date of the applicable or corresponding provision of the recodification act of the 2002 regular session of the general assembly. See Indiana Code 32-16-1-1
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Statute: A law passed by a legislature.