Terms Used In California Codes > Commercial Code > Division 10 > Chapter 5 - Default

• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Aggrieved party: means a party entitled to pursue a remedy. See California Commercial Code 1201
• agreement: means the total legal obligation that results from the parties' agreement as determined by this code and as supplemented by any other applicable laws. See California Commercial Code 1201
• Allegation: something that someone says happened.
• Amortization: Paying off a loan by regular installments.
• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Arrest: Taking physical custody of a person by lawful authority.
• assessed value: means 25 percent of full value to, and including, the 1980-81 fiscal year, and 100 percent of full value for the 1981-82 fiscal year and fiscal years thereafter. See California Government Code 25
• 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.
• Bequest: Property gifted by will.
• Bill of lading: means a document evidencing the receipt of goods for shipment issued by a person engaged in the business of transporting or forwarding goods. See California Commercial Code 1201
• Board: means the Veterinary Medical Board. See California Business and Professions Code 4810
• board: as used in this chapter means the Medical Board of California. See California Business and Professions Code 2002
• Board: means the Podiatric Medical Board of California. See California Business and Professions Code 2461
• Board: means the Scholarshare Investment Board established pursuant to subparagraph (B) of paragraph (2) of subdivision (a) of Section 69984. See California Education Code 69999.8
• business opportunity: shall include the sale or lease of the business and goodwill of an existing business enterprise or opportunity. See California Business and Professions Code 10030
• candidate: includes any officeholder who is subject to a recall election. See California Elections Code 305
• certificate: as used in this chapter are deemed to be synonomous. See California Business and Professions Code 2040
• Clerk: means the clerk of the supervising authority. See California Government Code 58004
• Commercial unit: means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See California Commercial Code 10103
• commission: means the Student Aid Commission created by this article. See California Education Code 69515
• Committee: means the Pooled Money Investment Board. See California Government Code 17220
• Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose. See California Commercial Code 10103
• Continuance: Putting off of a hearing ot trial until a later time.
• contract: means the bargain of the parties in fact, as found in their language or inferred from other circumstances, including course of performance, course of dealing, or usage of trade as provided in Section 1303. See California Commercial Code 1201
• County: includes "city and county. See California Code of Civil Procedure 17
• County office: means the office filled by any county officer. See California Elections Code 313
• Defensible space: means the area adjacent to a structure or dwelling where wildfire prevention or protection practices are implemented to provide defense from an approaching wildfire or to minimize the spread of a structure fire to wildlands or surrounding areas. See California Government Code 51177
• Director: means the Director of Forestry and Fire Protection. See California Government Code 51177
• 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:
• District: means a tax or assessment district. See California Government Code 58004
• Division of Licensing: shall be deemed to refer to the board. See California Business and Professions Code 2002
• economic opportunity: means any of the following:

  California Government Code 52200.2

• Election: means any election including a primary that is provided for under this code. See California Elections Code 318
• Elections official: means any of the following:

  California Elections Code 320

• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• 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}
• Finance lease: means a lease with respect to which (A) the lessor does not select, manufacture, or supply the goods, (B) the lessor acquires the goods or the right to possession and use of the goods in connection with the lease, and (C) one of the following occurs:

  California Commercial Code 10103

• 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}
• freestanding physical plant: means any building that is not physically attached to a building where inpatient services are provided. See California Business and Professions Code 2472
• Fuel: means any combustible material, including petroleum-based products, cultivated landscape plants, grasses, and weeds, and wildland vegetation. See California Government Code 51177
• General election: means either of the following:

  California Elections Code 324

• Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (Section 10309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See California Commercial Code 10103
• Insolvent: means :

  California Commercial Code 1201

• Installment lease contract: means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent. See California Commercial Code 10103
• Judicial office: means the office filled by any judicial officer. See California Elections Code 326
• Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See California Commercial Code 10103
• Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this division. See California Commercial Code 10103
• Lease contract: means the total legal obligation that results from the lease agreement as affected by this division and any other applicable rules of law. See California Commercial Code 10103
• Legislative body: as used in this division , means board of supervisors in the case of a county or city and county, and city council or board of trustees in the case of a city, unless the context otherwise requires. See California Government Code 50002
• Lessee: means a person who acquires the right to possession and use of goods under a lease. See California Commercial Code 10103
• Lessor: means a person who transfers the right to possession and use of goods under a lease. See California Commercial Code 10103
• licensee: as used in this chapter means the holder of a physician's and surgeon's certificate or doctor of podiatric medicine's certificate, as the case may be, who is engaged in the professional practice authorized by the certificate under the jurisdiction of the appropriate board. See California Business and Professions Code 2041
• Local agency: means a city, county, city and county, or district responsible for fire protection within a very high fire hazard severity zone. See California Government Code 51177
• Local agency: as used in this division means county, city, or city and county, unless the context otherwise requires. See California Government Code 50001
• Lot: means a parcel or a single article that is the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract. See California Commercial Code 10103
• materia medica: as used in this code or in any initiative act referred to in this code, means those substances listed in the official United States Pharmacopoeia, the official Homeopathic Pharmacopoeia of the United States, the official United States Dispensatory, New and Nonofficial Remedies, or the National Formulary, or any supplement thereof, except substances covered by subdivision (a) of Section 4052 and Section 4057 of this code. See California Business and Professions Code 13
• mediation: means a process in which a neutral person or persons facilitate communication between the disputants to assist them in reaching a mutually acceptable agreement. See California Code of Civil Procedure 1775.1
• Merchant lessee: means a lessee that is a merchant with respect to goods of the kind subject to the lease. See California Commercial Code 10103
• Money: means a medium of exchange that is currently authorized or adopted by a domestic or foreign government. See California Commercial Code 1201
• Nomination documents: means declaration of candidacy and nomination papers. See California Elections Code 333
• Nonpartisan office: means an office, except for a voter-nominated office, for which no party may nominate a candidate. See California Elections Code 334
• on-premises advertising displays: means any structure, housing, sign, device, figure, statuary, painting, display, message placard, or other contrivance, or any part thereof, that has been designed, constructed, created, intended, or engineered to have a useful life of 15 years or more, and intended or used to advertise, or to provide data or information in the nature of advertising, for any of the following purposes:

  California Business and Professions Code 5490

• Owner: includes joint owner, co-owner, guardian, executor, administrator, or other person holding property in trust under court appointment. See California Government Code 58004
• Party: means a political party or organization that has qualified for participation in any primary or presidential general election. See California Elections Code 338
• Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See California Commercial Code 1201
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Podiatric licensing authority: refers to any officer, board, commission, committee, or department of another state that may issue a license to practice podiatric medicine. See California Business and Professions Code 2461
• podiatric medicine: means the diagnosis, medical, surgical, mechanical, manipulative, and electrical treatment of the human foot, including the ankle and tendons that insert into the foot and the nonsurgical treatment of the muscles and tendons of the leg governing the functions of the foot. See California Business and Professions Code 2472
• podiatric residency: means a program of supervised postgraduate clinical training, one year or more in duration, approved by the board. See California Business and Professions Code 2475.2
• Present value: means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. See California Commercial Code 10103
• Primary election: includes all primary nominating elections provided for by this code. See California Elections Code 341
• Principal act: means the law providing for the creation of a particular district or type of district. See California Government Code 58004
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Process: signifies a writ or summons issued in the course of a judicial proceeding. See California Code of Civil Procedure 17
• Process: includes a writ or summons issued in the course of judicial proceedings of either a civil or criminal nature. See California Government Code 22
• property: includes property real and personal. See California Civil Code 14
• Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See California Commercial Code 10103
• Purchaser: means a person that takes by purchase. See California Commercial Code 1201
• Refunding warrants: refers to warrants drawn by the Controller on the General Fund pursuant to this article to provide funds for the payment of reimbursement warrants bearing a fixed maturity date or warrants issued pursuant to Section 17211. See California Government Code 17240
• Regular election: is a n election, the specific time for the holding of which is prescribed by law. See California Elections Code 348
• Regulations: means the rules and regulations set forth in Division 20 (commencing with Section 2000) of Title 16 of the California Code of Regulations. See California Business and Professions Code 4810
• Reimbursement warrants: refers to warrants drawn by the Controller on the General Fund pursuant to this article to reimburse the General Cash Revolving Fund for demands against the General Fund for which warrants were drawn against the General Cash Revolving Fund. See California Government Code 17240
• related services: means transportation, and such developmental, corrective, and other supportive services (including speech-language pathology and audiology services, interpreting services, psychological services, physical and occupational therapy, recreation, including therapeutic recreation, social work services, school nurse services designed to enable an individual with exceptional needs to receive a free appropriate public education as described in the individualized education program of the child, counseling services, including rehabilitation counseling, orientation, and mobility services, and medical services, except that such medical services shall be for diagnostic and evaluation purposes only) as may be required to assist an individual with exceptional needs to benefit from special education, and includes the early identification and assessment of disabling conditions in children. See California Education Code 56363
• Remedy: means any remedial right to which an aggrieved party is entitled with or without resort to a tribunal. See California Commercial Code 1201
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Right: includes remedy. See California Commercial Code 1201
• Right of offset: Banks' legal right to seize funds that a guarantor or debtor may have on deposit to cover a loan in default. It is also known as the right of set-off. ^{Source: OCC}
• Salesperson: when used without modification, means a person licensed as a salesperson under any of the provisions of this part. See California Business and Professions Code 10013
• Security interest: includes any interest of a consignor and a buyer of accounts, chattel paper, a payment intangible, or a promissory note in a transaction that is subject to Division 9 (commencing with Section 9101). See California Commercial Code 1201
• Sell: includes offer for sale, expose for sale, possess for sale, exchange, barter, or trade. See California Food and Agricultural Code 44
• Signature: includes either of the following:

  California Elections Code 354.5

• Special election: is a n election, the specific time for the holding of which is not prescribed by law. See California Elections Code 356
• State: includes the District of Columbia and the territories when applied to the different parts of the United States, and the words "United States" may include the district and territories. See California Code of Civil Procedure 17
• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See California Commercial Code 1201
• state agency: includes every state office, officer, department, division, bureau, board, and commission. See California Government Code 11000
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Subdivision: means a subdivision of the section in which that term occurs unless some other section is expressly mentioned. See California Food and Agricultural Code 49
• Supervising authority: means the board of supervisors of the county in which is situated all or most of the land in a district, or body authorized by law to initiate or hear proceedings for the creation of a district. See California Government Code 58004
• Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See California Commercial Code 10103
• Term: means a portion of an agreement that relates to a particular matter. See California Commercial Code 1201
• third party: means a person that has engaged in a transaction or made an agreement subject to this code. See California Commercial Code 1201
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Unapplied money: means money in the General Fund in the treasury for which outstanding warrants have not already been drawn and which would remain in the General Fund if all outstanding warrants theretofore drawn were paid. See California Government Code 17220
• Usury: Charging an illegally high interest rate on a loan. ^{Source: OCC}
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
• Vegetation: means all plants, including trees, shrubs, grass, and perennial or annual plants. See California Government Code 51177
• Very high fire hazard severity zone: means an area designated as a very high fire hazard severity zone by the State Fire Marshal pursuant to Section 51178 that is not a state responsibility area. See California Government Code 51177
• Voter: means any elector who is registered under this code. See California Elections Code 359
• Voter-nominated office: means a congressional or state elective office for which a candidate may choose to have his or her party preference or lack of party preference indicated upon the ballot. See California Elections Code 359.5
• Wildfire: means an unplanned, unwanted wildland fire, including unauthorized human-caused fires, escaped wildland fire use events, escaped prescribed fire projects, and all other wildland fires where the objective is to extinguish the fire. See California Government Code 51177
• Will: includes codicil. See California Code of Civil Procedure 17
• Writing: includes printing and typewriting. See California Code of Civil Procedure 17
• Writing: includes printing, typewriting, or any other intentional reduction to tangible form. See California Commercial Code 1201