Kentucky Statutes > Chapter 82 – General Provisions Applicable to Cities
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Terms Used In Kentucky Statutes > Chapter 82 - General Provisions Applicable to Cities
- Animal: includes every warm-blooded living creature except a human being. See Kentucky Statutes 446.010
- Continuance: Putting off of a hearing ot trial until a later time.
- Devise: To gift property by will.
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- 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.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
- Oath: A promise to tell the truth.
- Uphold: The decision of an appellate court not to reverse a lower court decision.