Terms Used In Arizona Laws > Title 42 > Chapter 12 - Property Classification

• Acquiring person: means a person that makes or proposes to make a control share acquisition. See Arizona Laws 10-2701
• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• 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 controls, is controlled by or is under common control with a specified person. See Arizona Laws 10-2701
• algaculture: means the controlled propagation, growth and harvest of algae. See Arizona Laws 42-12151
• 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.
• Articles of incorporation: means the original or restated articles of incorporation or articles of merger and all amendments to the articles of incorporation or merger and includes amended and restated articles of incorporation and articles of amendment and merger. See Arizona Laws 10-140
• Assessed valuation: means the value derived by applying the applicable percentage prescribed by chapter 15, article 1 of this title to the full cash value or limited property value of the property, as applicable. See Arizona Laws 42-11001
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Associate: when used to indicate a relationship with any person, means any of the following:

  (a) Any corporation or entity of which the person is an officer, director or partner or is, directly or indirectly, the beneficial owner of ten per cent or more of any class or series of shares or other equity interest. See Arizona Laws 10-2701

• beneficially owned: when used with respect to shares, refers to any of the following:

  (a) A person who, directly or indirectly through any agreement, arrangement, relationship, understanding or otherwise, whether or not in writing, has or shares the power to vote, or direct the voting of the shares, or has or shares the power to dispose of or direct the disposition of the shares, except that:

  (i) A person is not deemed the beneficial owner of shares tendered pursuant to a tender or exchange offer made by the person or any of the person's affiliates or associates until the tendered shares are accepted for purchase or exchange. See Arizona Laws 10-2701

• 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}
• Benefit corporation: means a corporation that both:

  (a) Has elected to become subject to this chapter. See Arizona Laws 10-2402

• Benefit enforcement proceeding: means any claim or action for either of the following:

  (a) The failure of a benefit corporation to pursue or create general public benefit or a specific public benefit purpose set forth in its articles. See Arizona Laws 10-2402

• Board of directors: means the group of persons vested with the management of the affairs of the corporation irrespective of the name by which the group is designated and includes the governing body or bodies of a water users' association if the articles of incorporation of the water users' association provide for a governing body or bodies denominated other than as a board of directors. See Arizona Laws 10-140
• Business combination: when used in reference to any issuing public corporation and any interested shareholder of the issuing public corporation, means any of the following:

  (a) Any merger or consolidation of the issuing public corporation or any subsidiary of the issuing public corporation with either:

  (i) The interested shareholder. See Arizona Laws 10-2701

• Business day: means a day that is not a Saturday, a Sunday or any other legal holiday in this state. See Arizona Laws 10-140
• Bylaws: means the code of rules adopted for the regulation or management of the affairs of the corporation irrespective of the name by which those rules are designated. See Arizona Laws 10-140
• Class: refers to a group of memberships that have the same rights with respect to voting, dissolution, redemption and transfer. See Arizona Laws 10-3140
• Commercial historic property: means real property that:

  (a) Meets the criteria for classification as class one, paragraph 12 pursuant to section 42-12001 or class four pursuant to section 42-12004, subsection A, paragraphs 2 through 9. See Arizona Laws 42-12101

• Commission: means the Arizona corporation commission. See Arizona Laws 10-140
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Control share acquisition: means an acquisition, directly or indirectly, by an acquiring person of beneficial ownership of shares of an issuing public corporation that, except for article 2 of this chapter, would, when added to all other shares of the issuing public corporation beneficially owned by the acquiring person, entitle the acquiring person, immediately after the acquisition, to exercise or direct the exercise of a new range of voting power within any of the ranges specified in section 10-2722, subsection A, paragraph 4, but does not include any of the following:

  (a) An acquisition by a donee pursuant to an inter vivos gift not made to avoid article 2 of this chapter or by a distributee as defined in section 14-1201. See Arizona Laws 10-2701

• 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 board: means the county board of supervisors sitting as the county board of equalization. See Arizona Laws 42-11001
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deliver: includes sending by mail, private courier, fax or electronic transmission. See Arizona Laws 10-140
• Delivery: means actual receipt by the person or entity to which directed and for electronic transmissions means receipt as described in section 44-7015, subsection B. See Arizona Laws 10-140
• Department: means the department of revenue. See Arizona Laws 42-1001
• Director: means the director of the department. See Arizona Laws 42-1001
• Distribution: means a direct or indirect transfer of money or other property, except its own shares, or incurrence of indebtedness by a corporation to or for the benefit of its shareholders in respect of any of its shares. See Arizona Laws 10-140
• Donee: The recipient of a gift.
• Entity: includes a corporation, foreign corporation, not for profit corporation, profit and not for profit unincorporated association, nonprofit corporation, close corporation, corporation sole or limited liability company, a professional corporation, association or limited liability company, a business trust, estate, partnership, registered limited liability partnership, trust or joint venture, two or more persons having a joint or common economic interest, any person other than an individual and a state, the United States and a foreign government. See Arizona Laws 10-140
• 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.
• 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.
• Fiduciary: A trustee, executor, or administrator.
• Filing: means the commission completing the following procedure with respect to any document delivered for that purpose:

  (a) Determining that the filing fee requirements of section 10-122 have been satisfied. See Arizona Laws 10-140

• 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}
• General public benefit: means a material positive impact on society and the environment, taken as a whole, assessed against a third-party standard, from the business and operations of a benefit corporation. See Arizona Laws 10-2402
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Individual: includes the estate of an incompetent or deceased individual. See Arizona Laws 10-140
• Inter vivos: Transfer of property from one living person to another living person.
• Interested shareholder: when used in reference to any issuing public corporation, means any person, other than the issuing public corporation or any subsidiary of the issuing public corporation, that is either:

  (a) The beneficial owner, directly or indirectly, of ten per cent or more of the voting power of the outstanding shares of the issuing public corporation. See Arizona Laws 10-2701

• Internal revenue code: means the United States internal revenue code of 1986, as amended and in effect as of January 1, 2023, including those provisions that became effective during 2022 with the specific adoption of their retroactive effective dates but excluding all changes to the code enacted after January 1, 2023. See Arizona Laws 42-1001
• Issuing public corporation: means a corporation that has a class of equity securities registered pursuant to section 12 or is subject to section 15(d) of the securities exchange act of 1934 or has elected to be subject to all or part of this chapter pursuant to section 10-2706 and which either:

  (a) Is incorporated under the laws of this state. See Arizona Laws 10-2701

• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Market value: when used in reference to stock or property of any issuing public corporation, means the following:

  (a) In the case of stock, the highest closing sale price during the thirty day period immediately preceding the date in question of the stock on the composite tape for New York stock exchange listed stock or, if the stock is not quoted on the composite tape or not listed on the New York stock exchange, on the principal United States securities exchange registered under the securities exchange act of 1934 on which the stock is listed or, if the stock is not listed on any such exchange, on the national association of securities dealers, inc. See Arizona Laws 10-2701

• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Noncommercial historic property: means real property:

  (a) That is listed in the national register of historic places established and maintained under the national historic preservation act (P. See Arizona Laws 42-12101

• 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.
• 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: includes an individual and entity. See Arizona Laws 10-140
• Person: means a natural person, individual, proprietor, proprietorship, company, corporation, organization, association, joint venture, partner, partnership, trust, estate or limited liability company, the federal or state government, a political subdivision of a state or any other legal entity or combination of entities that owns, controls or has possession of real or personal property. See Arizona Laws 42-11001
• Person: means an individual, a corporation, a partnership, a syndicate, an association, a joint stock company, a trust in which the interests of the beneficiaries are evidenced by securities, an unincorporated organization or entity or a government or political subdivision of a government. See Arizona Laws 10-2701
• Personal property: includes property of every kind, both tangible and intangible, that is not included as real estate. See Arizona Laws 42-11001
• Personal property: All property that is not real property.
• Population: means the population according to the most recent United States decennial census. See Arizona Laws 1-215
• Proceeding: includes a civil suit and a criminal, administrative and investigatory action. See Arizona Laws 10-140
• Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
• Property: includes both real and personal property. See Arizona Laws 1-215
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Residential treatment and education facility: means any residential facility that is subject to Title 15, Chapter 10, Article 6. See Arizona Laws 42-11001
• Roll: means the assessment and tax roll. See Arizona Laws 42-11001
• Shareholder: means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation. See Arizona Laws 10-140
• Shares: means those shares presently entitled to vote in the election of directors of the issuing public corporation. See Arizona Laws 10-2701
• Shares: means the units into which the proprietary interests in a corporation are divided. See Arizona Laws 10-140
• Specific public benefit: includes :

  (a) Providing low-income or underserved individuals or communities with beneficial products or services. See Arizona Laws 10-2402

• Statute: A law passed by a legislature.
• Subsidiary: means , in relation to a person, an entity in which the person owns beneficially or of record fifty per cent or more of the outstanding equity interests. See Arizona Laws 10-2402
• Tender offer: means a tender offer under the securities exchange act of 1934. See Arizona Laws 10-2701
• Third-party standard: means a recognized standard for defining, reporting and assessing corporate social and environmental performance that is:

  (a) Comprehensive because it assesses the effect of a business and its operations on the interests listed in section 10-2431, subsection A, paragraph 1. See Arizona Laws 10-2402

• Trustee: A person or institution holding and administering property in trust.
• under common control with: means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, or otherwise. See Arizona Laws 10-2701
• United States: includes a district, authority, bureau, commission and department and any other agency of the United States. See Arizona Laws 10-140
• United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
• Valuation: means the full cash value or limited property value that is determined for real or personal property, as applicable. See Arizona Laws 42-11001
• Valuation year: means :

  (a) For real property and property valued by the department, the calendar year preceding the year in which the taxes are levied. See Arizona Laws 42-11001

• Vote: includes authorization by written ballot and written consent. See Arizona Laws 10-3140
• Voting power: means the total number of votes entitled to be cast for the election of directors at the time the determination of voting power is made, excluding a vote that is contingent on the happening of a condition or event that has not occurred at the time. See Arizona Laws 10-3140
• Writing: includes printing. See Arizona Laws 1-215