Terms Used In Indiana Code > Title 5 > Article 1.5 > Chapter 2 - Establishment and Organization

• agritourism activity: means :

  Indiana Code 34-31-9-2

• agritourism provider: means a person who provides the opportunity for agritourism activities whether or not the participant pays to participate in the activity. See Indiana Code 34-31-9-3
• asbestos claim: means any claim for damages, losses, indemnification, contribution, or other relief concerning asbestos, including:

  Indiana Code 34-31-8-1

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• community use physical fitness activity: means an activity in which the general public is invited to use:

  Indiana Code 34-31-10-3

• Contract: A legal written agreement that becomes binding when signed.
• corporation: means a corporation for profit, including a domestic corporation organized under Indiana law or a foreign corporation organized under the law of a jurisdiction other than Indiana. See Indiana Code 34-31-8-2
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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.
• 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.
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• Indemnification: 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: FDIC}
• inherent risk of a physical fitness activity: means a condition, danger, or hazard that is an integral part of:

  Indiana Code 34-31-10-4

• innocent successor corporation: means a corporation that:

  Indiana Code 34-31-8-3

• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• 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.
• land: means all real property, land, and water including all structures, fixtures, equipment, and machinery located on the property. See Indiana Code 34-31-9-5
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• monetary consideration: means a fee or other charge for permission to go upon a tract of land. See Indiana Code 34-31-9-6
• 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.
• participant: means any person, other than the agritourism provider, who engages in an agritourism activity. See Indiana Code 34-31-9-7
• participant: means a person who is engaging in a community use physical fitness activity. See Indiana Code 34-31-10-5
• 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, governmental entity, corporation, limited liability company, partnership, unincorporated association, or other legal or commercial entity. See Indiana Code 34-31-9-8
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Quorum: The number of legislators that must be present to do business.
• school: means a:

  Indiana Code 34-31-10-6

• Settlement: 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.
• successor asbestos related liability: means any liability that is related to an asbestos claim that was assumed or incurred by a corporation as a result of:

  Indiana Code 34-31-8-4

• Tort: 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.
• transferor corporation: means a corporation from which a successor asbestos related liability was assumed or incurred. See Indiana Code 34-31-8-5
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5