Terms Used In CFR > Title 13 > Chapter I > Part 107 > Subpart H - Non-Leveraged Licensees--Exceptions to Regulations

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Contract: A legal written agreement that becomes binding when signed.
• 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}
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• you: as used in this part 107 means a Licensee or license applicant, as appropriate, unless otherwise noted. See 13 CFR 107.40