| | receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. See Illinois Compiled Statutes 810 ILCS 5/7-102Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.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: OCCBorrower: means a person seeking a mortgage loan. See Illinois Compiled Statutes 765 ILCS 77/70Broker: means a "broker" or "loan broker" as defined in subsection (p) of § 1-4 of the Residential Mortgage License Act of 1987. See Illinois Compiled Statutes 765 ILCS 77/70Broker: means any person other than a motor carrier of property, that arranges, offers to arrange, or holds itself out, by solicitation, advertisement, or otherwise, as arranging or offering to arrange for-hire transportation of property or other service in connection therewith by a motor carrier of property which holds or is required to hold a license issued by the Commission. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Buyer: means a person who buys or contracts to | | | | | | lading. See Illinois Compiled Statutes 810 ILCS 5/7-102Carrier: means any motor carrier or rail carrier other than a private carrier. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Caucus: From the Algonquian Indian language, a caucus meant "to meet together." An informal organization of members of the legislature that exists to discuss issues of mutual concern and possibly to perform legislative research and policy planning for its members. There are regional, political or ideological, ethnic, and economic-based caucuses.Certificate: means a certificate of public convenience and necessity issued under this Chapter to common carriers of household goods. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Chambers: A judge's office.Chief judge: The judge who has primary responsibility for the administration of a court but also decides cases; chief judges are determined by seniority.Circuit clerk: means clerk of the circuit court. See Illinois Compiled Statutes 5 ILCS 70/1.26Closing agent: means an individual assigned by a title insurance company or a broker or originator to ensure that the execution of documents related to the closing of a real estate sale or the refinancing of a real estate loan and the disbursement of closing funds are in conformity with the instructions of the entity financing the transaction. See Illinois Compiled Statutes 765 ILCS 77/70Commercial 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 Illinois Compiled Statutes 810 ILCS 5/2A-103Commission: means the Illinois Commerce Commission. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Commission regulations and orders: means rules and regulations adopted and orders or decisions issued by the Commission pursuant to this Chapter; any certificate, permit, broker's license or other license or registration issued pursuant to such rules, regulations, orders and decisions; and all terms, conditions, or limitations thereof. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.Consignee: means a person named in a bill of | | | | | | | | | 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, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed $40,000. See Illinois Compiled Statutes 810 ILCS 5/2A-103Continuance: Putting off of a hearing ot trial until a later time.Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Illinois Compiled Statutes 810 ILCS 5/2-106Conviction: A judgement of guilt against a criminal defendant.Counseling: means in-person counseling provided by a counselor employed by a HUD-approved counseling agency to all borrowers, or documented telephone counseling where a hardship would be imposed on one or more borrowers. See Illinois Compiled Statutes 765 ILCS 77/70Counselor: means a counselor employed by a HUD-approved housing counseling agency. See Illinois Compiled Statutes 765 ILCS 77/70Counterclaim: A claim that a defendant makes against a plaintiff.Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCCDecedent: A deceased person.decree: is synonymous with the word "judgment". See Illinois Compiled Statutes 5 ILCS 70/1.24Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.Defense attorney: Represent defendants in criminal matters.Delivery order: means a record that contains an | | | order to deliver goods directed to a warehouse, carrier, or other person that in the ordinary course of business issues warehouse receipts or bills of lading. See Illinois Compiled Statutes 810 ILCS 5/7-102Department: means the Department of Financial and Professional Regulation. See Illinois Compiled Statutes 765 ILCS 77/70Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.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: Docket: A log containing brief entries of court proceedings.Donee: The recipient of a gift.Donor: The person who makes a gift.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.Ex officio: Literally, by virtue of one's office.Executor: A male person named in a will to carry out the decedentExempt person or entity: means that term as it is defined in subsections (d)(1), (d)(1. See Illinois Compiled Statutes 765 ILCS 77/70Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.Fault: means wrongful act, omission, breach, or | | | default. See Illinois Compiled Statutes 810 ILCS 5/2A-103Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCCFee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.Fiduciary: A trustee, executor, or administrator.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: OCCFinance lease: means a lease with respect to | | (i) the lessor does not select, manufacture, or | | (ii) the lessor acquires the goods or the right | | | to possession and use of the goods in connection with the lease; and |
| (iii) one of the following occurs:
(A) the lessee receives a copy of the | | | contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract; |
| (B) the lessee's approval of the contract by | | | which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract; |
| (C) the lessee, before signing the lease | | | contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or |
| (D) if the lease is not a consumer lease, the | | | lessor, before the lessee signs the lease contract, informs the lessee in writing (a) of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person, (b) that the lessee is entitled under this Article to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods, and (c) that the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies. See Illinois Compiled Statutes 810 ILCS 5/2A-103First-time homebuyer: means a borrower who has not held an ownership interest in residential property. See Illinois Compiled Statutes 765 ILCS 77/70For-hire: means for compensation or hire, regardless of the form of compensation and whether compensation is direct or indirect. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Foreclosure: 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: OCCForgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCCFraud: Intentional deception resulting in injury to another.Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtorGeneral Revenue Law of Illinois: or any equivalent expression, when used with reference to revenue, shall be deemed to refer to the Property Tax Code and all existing and future amendments thereto and modifications thereof, and all rules now or hereafter adopted pursuant thereto. See Illinois Compiled Statutes 5 ILCS 70/1.23Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.Good faith: means honesty in fact and the | | | | | | time of identification to the lease contract, or are fixtures (Section 2A-309), 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 Illinois Compiled Statutes 810 ILCS 5/2A-103Goods: means all things that are treated as | | | movable for the purposes of a contract for storage or transportation. See Illinois Compiled Statutes 810 ILCS 5/7-102Grantor: The person who establishes a trust and places property into it.Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCCGuardian: 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.Hazardous material: means any substance or material in a quantity and form determined by the federal Office of Hazardous Materials and the Federal Railroad Administration to be capable of posing an unreasonable risk to health, safety, or property when transported in commerce. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Heretofore: means any time previous to the day on which the statute takes effect; and the word "hereafter" at any time after such day. See Illinois Compiled Statutes 5 ILCS 70/1.17Household goods: means :
(A) Personal effects and property used or to be used | | | in a dwelling when a part of the equipment or supply of such dwelling; except that this subdivision (13. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Household goods carrier: means a motor carrier of property authorized to transport household goods. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDICIndictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.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 Illinois Compiled Statutes 810 ILCS 5/2A-103Interest only: means a closed-end loan that permits one or more payments of interest without any reduction of the principal balance of the loan, other than the first payment on the loan. See Illinois Compiled Statutes 765 ILCS 77/70Interest 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: OCCInterrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.Intestate: Dying without leaving a will.Intrastate commerce: means commerce moving wholly between points within the State of Illinois, whether such commerce moves wholly by one transportation mode or partly by one mode and partly by any other mode of transportation. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Issuer: means a bailee that issues a document of | | | title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Illinois Compiled Statutes 810 ILCS 5/7-102Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.Juror: A person who is on the jury.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.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 Illinois Compiled Statutes 810 ILCS 5/2A-103Lease 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 Article. See Illinois Compiled Statutes 810 ILCS 5/2A-103Lease contract: means the total legal obligation | | | | | | | | | | | | | | | | | | | | | merchant with respect to goods of the kind subject to the lease. See Illinois Compiled Statutes 810 ILCS 5/2A-103Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCCMortgage loan: means that term as it is defined in subsection (f) of § 1-4 of the Residential Mortgage License Act of 1987. See Illinois Compiled Statutes 765 ILCS 77/70Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.Motor vehicle: means any vehicle, truck, trucktractor, trailer or semitrailer propelled or drawn by mechanical power and used upon the highways of the State in the transportation of property or passengers. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.Notice: means with regard to all proceedings except enforcement proceedings instituted on the motion of the Commission, and except for interstate motor carrier registrations, public notice by publication in the official state newspaper, unless otherwise provided in this Chapter. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Oath: A promise to tell the truth.oath: shall be deemed to include an affirmation, and the word "sworn" shall be construed to include the word "affirmed. See Illinois Compiled Statutes 5 ILCS 70/1.12Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.Originator: means a "mortgage loan originator" as defined in subsection (jj) of § 1-4 of the Residential Mortgage License Act of 1987, except an exempt person. See Illinois Compiled Statutes 765 ILCS 77/70Oversight: Committee review of the activities of a Federal agency or program.Party: means any person admitted as a party to a Commission proceeding or seeking and entitled as a matter of right to admission as a party to a Commission proceeding. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Permit: means a permit issued under this Chapter to contract carriers of property by motor vehicle. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Person: means any natural person or legal entity, whether such entity is a proprietorship, partnership, corporation, association, or other entity, and, where a provision concerns the acts or omissions of a person, includes the partners, officers, employees, and agents of the person, as well as any trustees, assignees, receivers, or personal representatives of the person. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Person under legal disability: means a person 18 years or older who (a) because of mental deterioration or physical incapacity is not fully able to manage his or her person or estate, or (b) is a person with mental illness or is a person with developmental disabilities and who because of his or her mental illness or developmental disability is not fully able to manage his or her person or estate, or (c) because of gambling, idleness, debauchery or excessive use of intoxicants or drugs, so spends or wastes his or her estate as to expose himself or herself or his or her family to want or suffering. See Illinois Compiled Statutes 5 ILCS 70/1.06Personal property: All property that is not real property.Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.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.Points and fees: has the meaning ascribed to that term in Section 10 of the High Risk Home Loan Act. See Illinois Compiled Statutes 765 ILCS 77/70Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCCPrecedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.Prepayment penalty: means a charge imposed by a lender under a mortgage note or rider when the loan is paid before the expiration of the term of the loan. See Illinois Compiled Statutes 765 ILCS 77/70present sale: means a sale which is accomplished by the making of the contract. See Illinois Compiled Statutes 810 ILCS 5/2-106Present value: means the amount as of a date | | | certain of one or more sums payable in the future, discounted to the date certain. See Illinois Compiled Statutes 810 ILCS 5/2A-103Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.Probate: Proving a willProsecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.Purchase: includes taking by sale, lease, | | | mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See Illinois Compiled Statutes 810 ILCS 5/2A-103Rail carrier: means any person engaged in the transportation of property or passengers for hire by railroad, together with all employees or agents of such person or entity, and all property used, controlled, or owned by such person or entity. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Rate: means every individual or joint rate, fare, toll, or charge of any carrier or carriers, any provisions relating to application thereof, and any tariff or schedule containing rates and provisions. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Recess: A temporary interruption of the legislative business.Record: means information that is inscribed on | | | a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Illinois Compiled Statutes 810 ILCS 5/7-102Recourse: 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: FDICRefinancing: means a loan secured by the borrower's or borrowers' primary residence where the proceeds are not used as purchase money for the residence. See Illinois Compiled Statutes 765 ILCS 77/70Remand: When an appellate court sends a case back to a lower court for further proceedings.Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).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.Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.school term: means the school term established by the board pursuant to Section 10-19 of this Code, and "full-time service" means the teacher has actually worked at least 150 days during the school term. See Illinois Compiled Statutes 105 ILCS 5/34-84Seller: means a person who sells or contracts to | | | sell goods. See Illinois Compiled Statutes 810 ILCS 5/2-103Service of process: The service of writs or summonses to the appropriate party.Service provider agency: means an entity that enters into a services contract with a municipality or county for the purpose of providing special services in and for a special service area. See Illinois Compiled Statutes 35 ILCS 200/27-5Services contract: means an agreement between a service provider agency and a municipality or county for the purpose of providing special services in and for a special service area. See Illinois Compiled Statutes 35 ILCS 200/27-5Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.Shipper: means a person that enters into a | | | contract of transportation with a carrier. See Illinois Compiled Statutes 810 ILCS 5/7-102Shipper: means the consignor or consignee. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Special Service Area: means a contiguous area within a municipality or county in which special governmental services are provided in addition to those services provided generally throughout the municipality or county, the cost of the special services to be paid from revenues collected from taxes levied or imposed upon property within that area. See Illinois Compiled Statutes 35 ILCS 200/27-5Special service area commission: means a local board established by the corporate authorities of a municipality or county for the purpose of managing a particular special service area. See Illinois Compiled Statutes 35 ILCS 200/27-5Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.Sublease: means a lease of goods the right to | | | possession and use of which was acquired by the lessor as a lessee under an existing lease. See Illinois Compiled Statutes 810 ILCS 5/2A-103Summons: Another word for subpoena used by the criminal justice system.Supplier: means a person from whom a lessor buys | | | | | | lessor buys or leases goods to be leased. See Illinois Compiled Statutes 810 ILCS 5/2A-103sworn: shall be construed to include the word "affirmed. See Illinois Compiled Statutes 5 ILCS 70/1.12tariff: refers to a publication or document containing motor common carrier rates and provisions or rates and provisions applicable via rail carrier under contracts established pursuant to 49 U. See Illinois Compiled Statutes 625 ILCS 5/18c-1104teachers: means and includes all members of the teaching force excluding the general superintendent and principals. See Illinois Compiled Statutes 105 ILCS 5/34-84Testify: Answer questions in court.Title insurance company: means any domestic company organized under the laws of this State for the purpose of conducting the business of guaranteeing or insuring titles to real estate and any title insurance company organized under the laws of another State, the District of Columbia, or a foreign government and authorized to transact the business of guaranteeing or insuring titles to real estate in this State. See Illinois Compiled Statutes 765 ILCS 77/70Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.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.Transportation: means the actual movement of property or passengers by motor vehicle (without regard to ownership of vehicles or equipment used in providing transportation service) or rail together with loading, unloading, and any other accessorial or ancillary service provided by the carrier in connection with movement by motor vehicle or rail, which is performed by or on behalf of the carriers, its employees or agents, or under the authority or direction of the carrier or under the apparent authority or direction and with the knowledge of the carrier. See Illinois Compiled Statutes 625 ILCS 5/18c-1104Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCCUniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCCVariable 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.Verdict: The decision of a petit jury or a judge.Warehouse: means a person engaged in the | |
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