41 CFR Part 128-1 – Introduction
Current as of: 2024 | Check for updates
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Other versions
| Subpart 128-1.1 | Regulation System |
| Subpart 128-1.50 | Authorities and Responsibilities for Personal Property Management |
| Subpart 128-1.80 | Seismic Safety Program |
Terms Used In 41 CFR Part 128-1 - Introduction
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.