Sec. 2. In this chapter:
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Terms Used In Indiana Code 23-4-1-2
- Bankruptcy: 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.
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
- Statute: A law passed by a legislature.
“Business” includes every trade, occupation, or profession.
“Person” includes individuals, partnerships, limited liability companies, corporations, and other associations.
“Bankrupt” includes bankrupt under federal bankruptcy laws or insolvent under any state insolvent statute.
“Conveyance” includes every assignment, lease, mortgage, or encumbrance.
“Foreign limited liability partnership” means a limited liability partnership formed under an agreement governed by the laws of a jurisdiction other than Indiana and registered under the laws of the jurisdiction.
“Limited liability partnership” means a partnership formed under an agreement governed by the laws of this state, registered under and complying with IC 23-0.5 and sections 45 through 46 of this chapter, and having a name that contains the words “Limited Liability Partnership” or the abbreviation “L.L.P.” or “LLP” as the last words or letters of its name.
“Real property” includes land and any interest or estate in land.
Formerly: Acts 1949, c.114, s.2. As amended by P.L.34-1987, SEC.287; P.L.8-1993, SEC.317; P.L.230-1995, SEC.1; P.L.118-2017, SEC.33.
