Terms Used In Indiana Code > Title 6 > Article 8.1 > Chapter 1 - Definitions and Applicability

• 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.
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• 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 of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Trustee: A person or institution holding and administering property in trust.
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5