Terms Used In Illinois Compiled Statutes > 60 ILCS 1 > Article 24 - Dissolution Of Townships in McHenry County

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• County board: means the board of county commissioners in counties not under township organization, and the board of supervisors in counties under township organization, and the board of commissioners of Cook County. See Illinois Compiled Statutes 5 ILCS 70/1.07
• electors: means the registered voters of any single township in McHenry County. See Illinois Compiled Statutes 60 ILCS 1/24-10
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Personal property: All property that is not real property.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Statute: A law passed by a legislature.