Terms Used In Florida Statutes > Chapter 605 - Florida Revised Limited Liability Company Act

• Acquired entity: means the entity that has all of one or more of its classes or series of interests acquired in an interest exchange. See Florida Statutes 605.0102
• Acquiring entity: means the entity that acquires all of one or more classes or series of interests of the acquired entity in an interest exchange. See Florida Statutes 605.0102
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affiliate: means a person that, directly or indirectly, owns at least 10 percent but less than 25 percent of the financial guaranty insurance corporation or that is at least 10 percent but less than 25 percent, directly or indirectly, owned by a financial guaranty insurance corporation. See Florida Statutes 627.971
• 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.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Articles of conversion: means the articles of conversion required under…. See Florida Statutes 605.0102
• Articles of domestication: means the articles of domestication required under…. See Florida Statutes 605.0102
• Articles of interest exchange: means the articles of interest exchange required under…. See Florida Statutes 605.0102
• Articles of merger: means the articles of merger required under…. See Florida Statutes 605.0102
• Articles of organization: means the articles of organization required under…. See Florida Statutes 605.0102
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Authorized representative: means :
  (a) In the case of the formation of a limited liability company, a person authorized by a prospective member of the limited liability company to form the company by executing and filing its articles of organization with the department. See Florida Statutes 605.0102
• Average annual debt service: means the amount of insured unpaid principal and interest on an issue of obligations, multiplied by the number of the insured obligations in the issue, each obligation representing a $1,000 par value, divided by an amount equal to the aggregate life of all the obligations in the issue. See Florida Statutes 627.971
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bequest: Property gifted by will.
• Business day: means Monday through Friday, excluding any day that a national banking association is not open for normal business transactions. See Florida Statutes 605.0102
• Collateral: means :
  (a) Cash;
  (b) The market value of investment grade securities, other than securities evidencing an interest in the projects financed with the proceeds of the insured obligations;
  (c) The scheduled cash flow from investment grade obligations scheduled to be received on or prior to the date of scheduled debt service on the insured obligation;
  (d) A conveyance or mortgage of real property; or
  (e) A letter of credit;

  if deposited with or held by the corporation; held in trust by a trustee, acceptable to the office, for the benefit of the corporation; or held in trust, pursuant to the bond indenture, by a trustee acceptable to the office, for the benefit of bondholders in the form of sinking funds or other reserves which may be used solely for the payment of debt service. See Florida Statutes 627.971

• 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.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Completed operations liability: means liability arising out of the installation, maintenance, or repair of any product at a site which is not owned or controlled by:
  (a) Any person who performs that work; or
  (b) Any person who hires an independent contractor to perform that work; but shall include liability for activities which are completed or abandoned before the date of the occurrence giving rise to the liability. See Florida Statutes 627.942
• Consolidation: means any transaction in which a financial institution or servicer makes its premium collection services available to its mortgage debtors in connection with a particular insurer's ("new insurer") offer of mortgage insurance, which offer is made to debtors who, immediately prior to the offer, had mortgage insurance with another insurer ("old insurer") and were paying premiums for that insurance with their monthly mortgage payments. See Florida Statutes 627.982
• Contingency reserve: means an additional liability reserve established to protect policyholders against the effects of adverse economic cycles or other unforeseen circumstances. See Florida Statutes 627.971
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Conversion: means a transaction authorized under ss. See Florida Statutes 605.0102
• Converted entity: means the converting entity as it continues in existence after a conversion. See Florida Statutes 605.0102
• Converting entity: means the domestic entity that approves a plan of conversion pursuant to…. See Florida Statutes 605.0102
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Counterclaim: A claim that a defendant makes against a plaintiff.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Day: means a calendar day. See Florida Statutes 605.0102
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Department: means the Department of State. See Florida Statutes 605.0102
• Dependent: A person dependent for support upon another.
• Devise: To gift property by will.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Distribution: means a transfer of money or other property from a limited liability company to a person on account of a transferable interest or in the person's capacity as a member. See Florida Statutes 605.0102
• Distributional interest: means the right under an unincorporated entity's organic law and organic rules to receive distributions from the entity. See Florida Statutes 605.0102
• Domesticated limited liability company: means the domesticating entity as it continues in existence after a domestication. See Florida Statutes 605.0102
• Domesticating entity: means a non-United States entity that approves a domestication pursuant to the law of its jurisdiction of formation. See Florida Statutes 605.0102
• Domestication: means a transaction authorized under ss. See Florida Statutes 605.0102
• Donor: The person who makes a gift.
• Entity: means :
  1. See Florida Statutes 605.0102
• 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}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• Executor: A male person named in a will to carry out the decedent
• 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.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• Filing entity: means an entity whose formation requires the filing of a public organic record. See Florida Statutes 605.0102
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Financial guaranty insurance: means a surety bond, insurance policy, an indemnity contract issued by an insurer, or any similar guaranty, under which loss is payable upon proof of occurrence of financial loss to an insured claimant, obligee, or indemnitee as a result of:
  1. See Florida Statutes 627.971
• Financial guaranty insurance corporation: means a stock or mutual insurer licensed to transact financial guaranty insurance business in this state. See Florida Statutes 627.971
• 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}
• Foreign limited liability company: means an unincorporated entity that was formed in a jurisdiction other than this state and is denominated by that law as a limited liability company. See Florida Statutes 605.0102
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governance interest: means a right under the organic law or organic rules of an unincorporated entity, other than as a governor, agent, assignee, or proxy, to:
  (a) Receive or demand access to information concerning an entity or its books and records;
  (b) Vote for or consent to the election of the governors of the entity; or
  (c) Receive notice of, vote on, or consent to an issue involving the internal affairs of the entity. See Florida Statutes 605.0102
• Governmental unit: means the United States, Canada, a state, territory, or possession of the United States, the District of Columbia, a province of Canada, a municipality, or a political subdivision of any of the foregoing, or any public agency or instrumentality thereof. See Florida Statutes 627.971
• Governor: means :
  (a) A director of a business corporation;
  (b) A director or trustee of a nonprofit corporation;
  (c) A general partner of a general partnership;
  (d) A general partner of a limited partnership;
  (e) A manager of a manager-managed limited liability company;
  (f) A member of a member-managed limited liability company;
  (g) A director or a trustee of a real estate investment trust; or
  (h) Any other person under whose authority the powers of an entity are exercised and under whose direction the activities and affairs of the entity are managed pursuant to the organic law and organic rules of the entity. See Florida Statutes 605.0102
• Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. ^{Source: Federal Reserve}
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Hazardous financial condition: means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able:
  (a) To meet obligations to policyholders with respect to known claims and reasonably anticipated claims; or
  (b) To pay other obligations in the normal course of business. See Florida Statutes 627.942
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Industrial development bond: means any security, or other instrument under which a payment obligation is created, issued by or on behalf of a governmental unit to finance a project serving a private industrial, commercial, or manufacturing purpose and payable from the revenues of the project or by any private, for-profit entity. See Florida Statutes 627.971
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Inter vivos: Transfer of property from one living person to another living person.
• Interest: means :
  (a) A share in a business corporation;
  (b) A membership in a nonprofit corporation;
  (c) A partnership interest in a general partnership;
  (d) A partnership interest in a limited partnership;
  (e) A membership interest in a limited liability company;
  (f) A share or beneficial interest in a real estate investment trust;
  (g) A member's interest in a limited cooperative association;
  (h) A beneficial interest in a statutory trust, business trust, or common law business trust; or
  (i) A governance interest or distributional interest in another entity. See Florida Statutes 605.0102
• Interest exchange: means a transaction authorized under ss. See Florida Statutes 605.0102
• Interest holder: means :
  (a) A shareholder of a business corporation;
  (b) A member of a nonprofit corporation;
  (c) A general partner of a general partnership;
  (d) A general partner of a limited partnership;
  (e) A limited partner of a limited partnership;
  (f) A member of a limited liability company;
  (g) A shareholder or beneficial owner of a real estate investment trust;
  (h) A beneficiary or beneficial owner of a statutory trust, business trust, or common law business trust; or
  (i) Another direct holder of an interest. See Florida Statutes 605.0102
• Interest holder liability: means :
  (a) Personal liability for a liability of an entity which is imposed on a person:

  1. See Florida Statutes 605.0102
• Interest 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: OCC}
• Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
• Investor: means a person or an entity, or an affiliate thereof, holding a beneficial interest in loans secured by real property. See Florida Statutes 627.9903
• 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.
• Jurisdiction of formation: means , with respect to an entity:
  (a) The jurisdiction under whose organic law the entity is formed, incorporated, or created or otherwise comes into being; however, for these purposes, if an entity exists under the law of a jurisdiction different from the jurisdiction under which the entity originally was formed, incorporated, or created or otherwise came into being, then the jurisdiction under which the entity then exists is treated as the jurisdiction of formation; or
  (b) In the case of a limited liability partnership or foreign limited liability partnership, the jurisdiction in which the partnership's statement of qualification or equivalent document is filed. See Florida Statutes 605.0102
• Lapse: means the date on which a mortgagor has failed to comply with a mortgage agreement's requirements to maintain valid and sufficient insurance upon mortgaged real property. See Florida Statutes 627.9903
• 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 representative: means , with respect to a natural person, the personal representative, executor, guardian, or conservator or any other person who is empowered by applicable law with the authority to act on behalf of the natural person, and, with respect to a person other than a natural person, a person who is empowered by applicable law with the authority to act on behalf of the person. See Florida Statutes 605.0102
• Lender: means a person or an entity, or an affiliate thereof, making loans secured by an interest in real property. See Florida Statutes 627.9903
• Letter of credit: means :
  (a) The stated amount of a clean unconditional, irrevocable letter of credit issued by a bank or trust company whose debt rating applicable to the term of the insured obligation is in one of the two highest generic lettered rating classifications by a securities rating agency acceptable to the office; or
  (b) Fifty percent of the stated amount of a clean unconditional, irrevocable letter of credit issued by a bank or trust company whose debt rating applicable to the term of the insured obligation is in a rating classification other than as set forth in paragraph (a). See Florida Statutes 627.971
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Liability: means legal liability for damages, including costs of defense, legal costs and fees, and other claims expenses, because of injuries to other persons, damage to their property, or other damage or loss to such other persons resulting from or arising out of:
  (a) Any business, whether for profit or nonprofit, trade, product, services (including professional services), premises, or operations; or
  (b) Any activity of any state or local government, or any agency or political subdivision thereof. See Florida Statutes 627.942
• 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.
• Loan transfer: means a transaction in which the servicing of a block of mortgage loans is transferred from one servicer to another. See Florida Statutes 627.982
• Loss ratio: means the ratio of incurred losses to earned premium. See Florida Statutes 627.9903
• Majority-in-interest: means those members who hold more than 50 percent of the then-current percentage or other interest in the profits of the limited liability company owned by all of its members; however, as used in ss. See Florida Statutes 605.0102
• Manager: means a person who, under the operating agreement of a manager-managed limited liability company, is responsible, alone or in concert with others, for performing the management functions stated in ss. See Florida Statutes 605.0102
• Manager-managed limited liability company: means a limited liability company that is manager-managed by virtue of the operation of…. See Florida Statutes 605.0102
• Master collateral protection insurance policy: means a group policy issued to a lender or servicer which provides coverage for all loans in the lender's or servicer's loan portfolio as needed. See Florida Statutes 627.9903
• Member: means a person who:
  (a) Is a member of a limited liability company under…. See Florida Statutes 605.0102
• Member-managed limited liability company: means a limited liability company that is not a manager-managed limited liability company. See Florida Statutes 605.0102
• Merger: means a transaction authorized under ss. See Florida Statutes 605.0102
• Merging entity: means an entity that is a party to a merger and exists immediately before the merger becomes effective. See Florida Statutes 605.0102
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage agreement: means the written document setting forth an obligation or a liability of any kind secured by a lien on real property and due from, owing by, or incurred by a mortgagor to a lender on account of a mortgage loan, which document includes the security agreement, the deed of trust, other documents of similar effect, and any other document incorporated by reference. See Florida Statutes 627.9903
• Mortgage insurance: means life, accidental death, or disability insurance, or any combination thereof, designed to pay off all or a part of a mortgage loan in the event of the insured's death or disability. See Florida Statutes 627.982
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Mortgagor: means a person who is obligated on a mortgage loan pursuant to a mortgage agreement. See Florida Statutes 627.9903
• Municipal bonds: means municipal obligation bonds and industrial development bonds. See Florida Statutes 627.971
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• new plan: means the mortgage insurance coverage or mortgage insurance plan for which the financial institution collects premiums beginning on the effective date of consolidation. See Florida Statutes 627.982
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• 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.
• old plan: means the mortgage insurance coverage or mortgage insurance plan the insured debtor had or participated in immediately prior to the consolidation. See Florida Statutes 627.982
• Operating agreement: means an agreement, whether referred to as an operating agreement or not, which may be oral, implied, in a record, or in any combination thereof, of the members of a limited liability company, including a sole member, concerning the matters described in…. See Florida Statutes 605.0102
• Organic law: means the law of the jurisdiction in which an entity was formed. See Florida Statutes 605.0102
• Organic rules: means the public organic record and private organic rules of an entity. See Florida Statutes 605.0102
• Oversight: Committee review of the activities of a Federal agency or program.
• 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, business corporation, nonprofit corporation, partnership, limited partnership, limited liability company, limited cooperative association, unincorporated nonprofit association, statutory trust, business trust, common law business trust, estate, trust, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or another legal or commercial entity. See Florida Statutes 605.0102
• person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
• Personal property: All property that is not real property.
• Personal risk liability: means liability for damages because of injury to any person, damage to property, or other loss or damage resulting from any personal, familial, or household responsibilities or activities, rather than from responsibilities or activities referred to in subsection (4) under the definition of "liability. See Florida Statutes 627.942
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plan: means a plan of merger, plan of interest exchange, plan of conversion, or plan of domestication, as appropriate in the particular context. See Florida Statutes 605.0102
• Plan of conversion: means a plan under…. See Florida Statutes 605.0102
• Plan of domestication: means a plan under…. See Florida Statutes 605.0102
• Plan of interest exchange: means a plan under…. See Florida Statutes 605.0102
• Plan of merger: means a plan under…. See Florida Statutes 605.0102
• Plan of operation or a feasibility study: means an analysis which presents the expected activities and results of a risk retention group, including, at a minimum:
  (a) For each state in which it intends to operate, the coverages, deductibles, coverage limits, rates, and rating classification systems for each line of insurance the group intends to offer. See Florida Statutes 627.942
• political subdivision: include counties, cities, towns, villages, special tax school districts, special road and bridge districts, bridge districts, and all other districts in this state. See Florida Statutes 1.01
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Premium: means the charge, as specified by rule of the commission, which is made by a title insurer for a title insurance policy, including the charge for performance of primary title services by a title insurer or title insurance agent or agency, and incurring the risks incident to such policy, under the several classifications of title insurance contracts and forms. See Florida Statutes 627.7711
• Principal office: means the principal executive office of a limited liability company or foreign limited liability company, regardless of whether the office is located in this state. See Florida Statutes 605.0102
• Private organic rules: means the rules, whether or not in a record, which govern the internal affairs of an entity, are binding on all its interest holders, and are not part of its public organic record, if any. See Florida Statutes 605.0102
• Probate: Proving a will
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Product liability: means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage, including damages resulting from the loss of use of property, arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product, but does not include the liability of any person for those damages if the product involved was in the possession of such a person when the incident giving rise to the claim occurred. See Florida Statutes 627.942
• Property: means all property, whether real, personal, mixed, tangible, or intangible, or a right or interest therein. See Florida Statutes 605.0102
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Protected agreement: means :
  (a) A record evidencing indebtedness and any related agreement in effect on January 1, 2014;
  (b) An agreement that is binding on an entity on January 1, 2014;
  (c) The organic rules of an entity in effect on January 1, 2014; or
  (d) An agreement that is binding on any of the governors or interest holders of an entity on January 1, 2014. See Florida Statutes 605.0102
• Public organic record: means a record, the filing of which by a governmental body is required to form an entity, and an amendment to or restatement of that record. See Florida Statutes 605.0102
• Purchasing group: means any group which:
  (a) Has as one of its purposes the purchase of liability insurance on a group basis. See Florida Statutes 627.942
• Quorum: The number of legislators that must be present to do business.
• Real estate owned property: means property owned or held by a lender or servicer as a result of a foreclosure under the related mortgage agreement or acceptance of a deed in lieu of foreclosure. See Florida Statutes 627.9903
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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: FDIC}
• Registered foreign entity: means a foreign entity that is authorized to transact business in this state pursuant to a record filed with the department. See Florida Statutes 605.0102
• Registered foreign limited liability company: means a foreign limited liability company that has a certificate of authority to transact business in this state pursuant to a record filed with the department. See Florida Statutes 605.0102
• registered mail: includes certified mail with return receipt requested. See Florida Statutes 1.01
• Reinsurance: means cessions qualifying for credit under…. See Florida Statutes 627.971
• Replacement cost value: means the estimated cost to replace covered property at the time of loss or damage without deduction for depreciation. See Florida Statutes 627.9903
• right of contribution: means property or a benefit described in…. See Florida Statutes 605.0102
• Risk retention group: means any corporation or other limited liability association:
  (a) Whose primary activity consists of assuming and spreading all or any portion of the liability exposure of its group members. See Florida Statutes 627.942
• Service of process: The service of writs or summonses to the appropriate party.
• servicer: means any entity or organization that services mortgage loans by collecting and accounting for monthly mortgage payments. See Florida Statutes 627.982
• Servicer: means a person or an entity, or an affiliate thereof, contractually obligated to service one or more mortgage loans for a lender or an investor. See Florida Statutes 627.9903
• 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.
• Sign: means , with present intent to authenticate or adopt a record:
  (a) To execute or adopt a tangible symbol; or
  (b) To attach or logically associate an electronic symbol, sound, or process to or with a record, and includes a manual, facsimile, conformed, or electronic signature. See Florida Statutes 605.0102
• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or a territory or insular possession subject to the jurisdiction of the United States. See Florida Statutes 605.0102
• State: means any state of the United States or the District of Columbia. See Florida Statutes 627.942
• 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.
• Subpoena: A command to a witness to appear and give testimony.
• Summons: Another word for subpoena used by the criminal justice system.
• Surviving entity: means the entity that continues in existence after or is created by a merger. See Florida Statutes 605.0102
• 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.
• Title insurer: means any domestic company organized and authorized to do business under the provisions of chapter 624, for the purpose of issuing title insurance, or any insurer organized under the laws of another state, the District of Columbia, or a foreign country and holding a certificate of authority to transact business in this state, for the purpose of issuing title insurance. See Florida Statutes 627.7711
• Transfer: includes :
  (a) An assignment. See Florida Statutes 605.0102
• Transferable interest: means the right, as initially owned by a person in the person's capacity as a member, to receive distributions from a limited liability company in accordance with the operating agreement, whether the person remains a member or continues to own a part of the right. See Florida Statutes 605.0102
• Transferee: means a person to which all or part of a transferable interest is transferred, whether or not the transferor is a member. See Florida Statutes 605.0102
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee: A person or institution holding and administering property in trust.
• Type of entity: means a generic form of entity that is:
  (a) Recognized at common law; or
  (b) Formed under an organic law, whether or not some of the entities formed under that organic law are subject to provisions of that law which create different categories of the form of entity. See Florida Statutes 605.0102
• Verdict: The decision of a petit jury or a judge.
• Writing: means printing, typewriting, electronic communication, or other intentional communication that is reducible to a tangible form. See Florida Statutes 605.0102
• writing: includes handwriting, printing, typewriting, and all other methods and means of forming letters and characters upon paper, stone, wood, or other materials. See Florida Statutes 1.01