Terms Used In Virginia Code > Title 50 > Chapter 2.1 - Virginia Revised Uniform Limited Partnership Act

• Accounting period: includes a part of a calendar year or another period of 12 calendar months or approximately 12 calendar months that begins when an income interest begins or ends when an income interest ends. See Virginia Code 64.2-1033
• Adult: means an individual who is at least 18 years of age. See Virginia Code 64.2-900
• Allegation: something that someone says happened.
• 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.
• Arrest: Taking physical custody of a person by lawful authority.
• Asset-backed security: includes rights or other assets that ensure the servicing or timely distribution of proceeds to the holder of the asset-backed security. See Virginia Code 64.2-1033
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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.
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• Bail: means the pretrial release of a person from custody upon those terms and conditions specified by order of an appropriate judicial officer. See Virginia Code 19.2-119
• 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}
• Beneficiary: means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual's use and benefit under this chapter. See Virginia Code 64.2-900
• Beneficiary: includes :

  1. See Virginia Code 64.2-1033

• Bond: means the posting by a person or his surety of a written promise to pay a specific sum, secured or unsecured, ordered by an appropriate judicial officer as a condition of bail to assure performance of the terms and conditions contained in the recognizance. See Virginia Code 19.2-119
• Certificate of limited partnership: means the certificate referred to in § Virginia Code 50-73.1
• Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• Commission: means the State Corporation Commission. See Virginia Code 50-73.1
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Conservator: means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions. See Virginia Code 64.2-900
• Contribution: means any cash, property, services rendered, or a promissory note or other binding obligation to contribute cash or property or to perform services, which a partner contributes to a limited partnership in his capacity as a partner. See Virginia Code 50-73.1
• 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.
• County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
• Court: means any court vested with appropriate jurisdiction under the Constitution and laws of the Commonwealth. See Virginia Code 19.2-5
• Court: means a circuit court of the Commonwealth. See Virginia Code 64.2-900
• Court: means the court in the Commonwealth having jurisdiction relating to a trust, estate, or life estate or other term interest described in subdivision 2 of § Virginia Code 64.2-1033
• Domestic partnership: means an association of two or more persons to carry on as co-owners a business for profit formed under § Virginia Code 50-73.1
• Donee: The recipient of a gift.
• Entity: includes any domestic or foreign limited partnership or other business entity, any estate or trust, and any state, the United States, and any foreign government. See Virginia Code 50-73.1
• 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}
• Estate: includes the property of the decedent as the estate is originally constituted and the property of the estate as it exists at any time during administration. See Virginia Code 64.2-1033
• Event of withdrawal of a general partner: means an event that causes a person to cease to be a general partner as provided in § Virginia Code 50-73.1
• 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.
• Fiduciary: includes a guardian, committee, trustee, executor, conservator, or personal representative. See Virginia Code 64.2-100
• Fiduciary: includes a trustee, trust director under the Uniform Directed Trust Act (§ Virginia Code 64.2-1033
• 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.
• Foreign limited partnership: means a partnership formed under the laws of any state or jurisdiction other than the Commonwealth and having as partners one or more general partners and one or more limited partners. See Virginia Code 50-73.1
• Foreign partnership: means an association of two or more persons to carry on as co-owners of a business for profit formed under the laws of any state or jurisdiction other than the Commonwealth, and includes, for all purposes of the laws of the Commonwealth, a foreign registered limited liability partnership. See Virginia Code 50-73.1
• Fraud: Intentional deception resulting in injury to another.
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• General partner: means a person who has been admitted to a limited partnership as a general partner in accordance with the partnership agreement and named in the certificate of limited partnership as a general partner. See Virginia Code 50-73.1
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing body: means the board of supervisors of a county, council of a city, or council of a town, as the context may require. See Virginia Code 15.2-102
• in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Virginia Code 1-257
• Incapacitated: means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other disabling cause. See Virginia Code 64.2-900
• Includes: means includes, but not limited to. See Virginia Code 1-218
• Income: includes a part of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in Articles 4 (§ Virginia Code 64.2-1033
• Notary: means notary public. See Virginia Code 1-226
• 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.
• Organic law: means the statute governing the internal affairs of a domestic or foreign limited partnership or eligible entity. See Virginia Code 50-73.1
• Other business entity: means a domestic or foreign stock corporation, nonstock corporation, business trust, limited liability company, or partnership. See Virginia Code 50-73.1
• Partner: means a limited or general partner. See Virginia Code 50-73.1
• 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.
• Partnership agreement: means any valid agreement, written or oral, of the partners as to the affairs of a limited partnership and the conduct of its business. See Virginia Code 50-73.1
• Partnership interest: means a partner's share of the profits and losses of a limited partnership and the right to receive distributions of partnership assets. See Virginia Code 50-73.1
• Person: means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. See Virginia Code 64.2-900
• Person: means any accused, or any juvenile taken into custody pursuant to § Virginia Code 19.2-119
• Person: means an individual, partnership, limited partnership (domestic or foreign), trust, estate, association, corporation, or any other legal or commercial entity. See Virginia Code 50-73.1
• Person: means an individual, estate, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See Virginia Code 64.2-1033
• Personal property: All property that is not real property.
• Personal representative: means an executor, administrator, successor personal representative, special administrator, or person that performs substantially the same function with respect to an estate under the law governing the person's status. See Virginia Code 64.2-1033
• Principal: means property held in trust for distribution to, production of income for, or use by a current or successor beneficiary. See Virginia Code 64.2-1033
• Principal office: means the office, in or out of the Commonwealth, where the principal executive offices of a domestic or foreign limited partnership are located. See Virginia Code 50-73.1
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Public corporation: means the Commonwealth of Virginia or any political subdivision thereof or any incorporated municipality therein or any public agency of the Commonwealth or of any political subdivision thereof or of any municipality therein. See Virginia Code 1-219.1
• Public defender: Represent defendants who can't afford an attorney in criminal matters.
• real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Recognizance: means a signed commitment by a person to appear in court as directed and to adhere to any other terms ordered by an appropriate judicial officer as a condition of bail. See Virginia Code 19.2-119
• Registered limited liability partnership: means a limited partnership or general partnership formed under the laws of the Commonwealth that is registered under § Virginia Code 50-73.1
• 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.
• Remand: When an appellate court sends a case back to a lower court for further proceedings.
• Service of process: The service of writs or summonses to the appropriate party.
• 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.
• State: means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. See Virginia Code 64.2-900
• State: means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. See Virginia Code 50-73.1
• State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
• Successor beneficiary: means a person entitled to receive income or principal or to use property when an income interest or other current interest ends. See Virginia Code 64.2-1033
• Summons: Another word for subpoena used by the criminal justice system.
• Supreme Court: means the Supreme Court of Virginia. See Virginia Code 1-249
• sworn: means "affirm" or "affirmed. See Virginia Code 1-250
• Terms of a trust: means :

  1. See Virginia Code 64.2-1033

• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July one, nineteen hundred seventy-one, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 15.2-102
• Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July 1, 1971, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 1-254
• Transferor: means a person who creates a custodial trust by transfer or declaration. See Virginia Code 64.2-900
• Trust: includes all trusts described in § Virginia Code 64.2-1033
• Trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Virginia Code 64.2-900
• Trustee: means a trustee under a probated will or an inter vivos trust instrument. See Virginia Code 64.2-100
• Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See Virginia Code 64.2-1033
• United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255
• Voter: means a qualified voter as defined in § Virginia Code 15.2-102