Terms Used In Indiana Code > Title 36 > Article 1 > Chapter 10 - Leasing and Lease-Purchasing Structures

• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• 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.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Highway: includes county bridges and state and county roads, unless otherwise expressly provided. See Indiana Code 1-1-4-5
• 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}
• Leasing agent: means the board or officer of a political subdivision or agency with the power to lease structures. See Indiana Code 36-1-10-2
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Parking facility: refers to a parking facility as defined in IC 36-9-1. See Indiana Code 36-1-10-2
• 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.
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Structure: means :

  Indiana Code 36-1-10-2

• System: means :

  Indiana Code 36-1-10-2

• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Transportation project: means a road or highway project jointly undertaken by the Indiana department of transportation and any county through which a toll road project under IC 8-15-2 passes. See Indiana Code 36-1-10-2
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5