Terms Used In Idaho Code > Title 6 > Chapter 25 - Notice and Opportunity to Repair Act

• Account: means an individual trust account or savings account established as prescribed in this chapter. See Idaho Code 33-5401
• Account owner: means the person or state or local government organization designated in the agreement governing the account as having the right to withdraw moneys from the account before the account is disbursed to or for the benefit of the designated beneficiary. See Idaho Code 33-5401
• Action: means any civil lawsuit or action in contract or tort for damages or indemnity brought against a construction professional to assert a claim, whether by complaint, counterclaim or cross-claim, for damage or the loss of use of real or personal property caused by a defect in the construction of a residence or in the substantial remodel of a residence. See Idaho Code 6-2502
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means a homeowner’s association, condominium management body, unit owner’s organization or a nonprofit corporation created to own and operate portions of a planned community which has the power to assess unit owners to pay the costs and expenses incurred in the performance of the association’s obligations. See Idaho Code 6-2502
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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}
• board: means the board of directors of the Idaho digital learning academy as such board is created in section 33-5503, Idaho Code. See Idaho Code 33-5505
• Board: means the state college savings program board created in section 33-5402, Idaho Code. See Idaho Code 33-5401
• Buyer: means a person who buys or contracts to buy goods. See Idaho Code 28-2-103
• Claimant: means a homeowner or association that asserts a claim against a construction professional concerning a defect in the construction of a residence or in the substantial remodel of a residence. See Idaho Code 6-2502
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Construction professional: means any person with a right to lien pursuant to section 45-501, Idaho Code, an architect, subdivision owner or developer, builder, contractor, subcontractor, engineer or inspector, performing or furnishing the design, supervision, inspection, construction or observation of the construction of any improvement to residential real property, whether operating as a sole proprietor, partnership, corporation, limited liability company or other business entity. See Idaho Code 6-2502
• Contract: A legal written agreement that becomes binding when signed.
• Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Idaho Code 28-2-106
• 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.
• Counterclaim: A claim that a defendant makes against a plaintiff.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Districts: means Idaho public schools grades K through 12, the Idaho digital learning academy, the Idaho department of juvenile corrections’ education programs and the school for the deaf and the blind. See Idaho Code 33-5602
• E-rate: means the schools and libraries program of the universal service fund that is administered by the universal service administrative company under the direction of the federal communications commission. See Idaho Code 33-5602
• E-rate eligible entities: means Idaho public schools grades K through 12, the Idaho digital learning academy, the Idaho department of juvenile corrections education programs, the school for the deaf and the blind and the Idaho public libraries. See Idaho Code 33-5602
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Ex officio: Literally, by virtue of one's office.
• 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.
• Financial institution: means any state bank, national bank, savings bank, savings and loan association, credit union, insurance company, brokerage firm, trust company, mutual fund, investment firm or other similar entity that is authorized to do business in this state. See Idaho Code 33-5401
• 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.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Homeowner: includes a subsequent purchaser of a residence from any homeowner. See Idaho Code 6-2502
• Idaho digital learning academy: means an online educational program organized as a fully accredited school with statewide capabilities for delivering accredited courses to Idaho resident students at no cost to the student unless the student enrolls in additional courses beyond full-time enrollment. See Idaho Code 33-5505
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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.
• Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Month: means a calendar month, unless otherwise expressed. See Idaho Code 73-114
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Nonqualified withdrawal: means a withdrawal from an account that is subject to additional tax arising from the withdrawal under the Internal Revenue Code, as defined in section 63-3004, Idaho Code. See Idaho Code 33-5401
• 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.
• Oversight: Committee review of the activities of a Federal agency or program.
• 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: means an individual, an association as defined in this section, or a corporation, business trust, estate, trust, partnership, limited liability company, joint venture or other legal business entity. See Idaho Code 6-2502
• Person: means an individual, a trust, an estate, a partnership, an association, a foundation, a guardianship, a corporation, or a custodian under the Idaho uniform transfers to minors act. See Idaho Code 33-5401
• person: includes a corporation as well as a natural person;