Maine Revised Statutes > Title 18-C > Article 7 > Part 4 – Uniform Principal and Income Act of 1997
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Terms Used In Maine Revised Statutes > Title 18-C > Article 7 > Part 4 - Uniform Principal and Income Act of 1997
- Accounting period: includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends. See Maine Revised Statutes Title 18-C Sec. 7-402
- Agriculture: means the production, keeping or maintenance for sale or lease of plants or animals, including, but not limited to, forages and sod crops, grains and seed crops, dairy animals and dairy products, poultry and poultry products, livestock, fruits and vegetables and ornamental and greenhouse products. See Maine Revised Statutes Title 38 Sec. 436-A
- Amortization: Paying off a loan by regular installments.
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: includes , in the case of a decedent's estate, an heir and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary. See Maine Revised Statutes Title 18-C Sec. 7-402
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Coastal sand dune systems: means sand and gravel deposits within a marine beach system, including, but not limited to, beach berms, frontal dunes, dune ridges, back dunes and other sand and gravel areas deposited by wave or wind action. See Maine Revised Statutes Title 38 Sec. 480-B
- Coastal wetlands: means all tidal and subtidal lands; all areas with vegetation present that is tolerant of salt water and occurs primarily in a salt water or estuarine habitat; and any swamp, marsh, bog, beach, flat or other contiguous lowland that is subject to tidal action during the highest tide level for the year in which an activity is proposed as identified in tide tables published by the National Ocean Service. See Maine Revised Statutes Title 38 Sec. 480-B
- Commercial fishing activities: means activities directly related to commercial fishing and those commercial activities commonly associated with or supportive of commercial fishing, such as the manufacture or sale of ice, bait and nets, and the sale, manufacture, installation or repair of boats, engines and other equipment commonly used on boats. See Maine Revised Statutes Title 38 Sec. 436-A
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- 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.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Decedent: A deceased person.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Dependent: A person dependent for support upon another.
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Donor: The person who makes a gift.
- Dredge spoils: means sand, silt, mud, gravel, rock or other sediment or material that is moved from coastal wetlands. See Maine Revised Statutes Title 38 Sec. 480-B
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Executor: A male person named in a will to carry out the decedent
- 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.
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes an executor, administrator, successor personal representative, special administrator and a person performing substantially the same function. See Maine Revised Statutes Title 18-C Sec. 7-402
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Floodplain wetland: means lands adjacent to a river, stream or brook that are inundated with floodwater during a 100-year flood event and that under normal circumstances support a prevalence of wetland vegetation typically adapted for life in saturated soils. See Maine Revised Statutes Title 38 Sec. 480-B
- Footprint: means the outline of a structure on the ground, except that for a building "footprint" means the outline that would be created on the ground by extending the exterior walls of a building to the ground surface. See Maine Revised Statutes Title 38 Sec. 480-B
- Forest management activities: means timber stand improvement, timber harvesting activities, forest products harvesting and regeneration of forest stands. See Maine Revised Statutes Title 38 Sec. 480-B
- Forested wetland: means a freshwater wetland dominated by woody vegetation that is 6 meters tall, or taller. See Maine Revised Statutes Title 38 Sec. 480-B
- Fragile mountain areas: means areas above 2,700 feet in elevation from mean sea level. See Maine Revised Statutes Title 38 Sec. 480-B
- Freshwater wetlands: means freshwater swamps, marshes, bogs and similar areas that are:
A. See Maine Revised Statutes Title 38 Sec. 480-BGift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Great pond: means any inland body of water which in a natural state has a surface area in excess of 10 acres and any inland body of water artificially formed or increased which has a surface area in excess of 30 acres except for the purposes of this article, where the artificially formed or increased inland body of water is completely surrounded by land held by a single owner. See Maine Revised Statutes Title 38 Sec. 436-A Great ponds: means any inland bodies of water which in a natural state have a surface area in excess of 10 acres and any inland bodies of water artificially formed or increased which have a surface area in excess of 30 acres. See Maine Revised Statutes Title 38 Sec. 480-B Height: means :
A. See Maine Revised Statutes Title 38 Sec. 436-AImpervious area: means an area that is a building, parking lot, roadway or similar constructed area. See Maine Revised Statutes Title 38 Sec. 480-B in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72 Income: includes a portion of receipts from a sale, exchange or liquidation of a principal asset, to the extent provided in subpart 4. See Maine Revised Statutes Title 18-C Sec. 7-402 Income beneficiary: means a person to whom net income of a trust is or may be payable. See Maine Revised Statutes Title 18-C Sec. 7-402 Income interest: means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion. See Maine Revised Statutes Title 18-C Sec. 7-402 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC 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. lands: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72 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 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72 Mandatory income interest: means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute. See Maine Revised Statutes Title 18-C Sec. 7-402 Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship. Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72 Mooring: means equipment, such as anchors, chains and lines, for holding fast a vessel, aircraft, floating dock or buoy. See Maine Revised Statutes Title 38 Sec. 480-B Motorized recreational gold prospecting: includes , but is not limited to, the operation of a motorized suction dredge, sluice, pump, rocker box or winch, individually or together. See Maine Revised Statutes Title 38 Sec. 480-B Municipal officers: means the mayor and municipal officers or councilors of a city, the members of the select board or councilors of a town and the assessors of a plantation. See Maine Revised Statutes Title 1 Sec. 72 Municipality: includes cities, towns and plantations, except that "municipality" does not include plantations in Title 10, chapter 110, subchapter IV; or Title 30?A, Part 2. See Maine Revised Statutes Title 1 Sec. 72 Net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this Part to or from income during the period. See Maine Revised Statutes Title 18-C Sec. 7-402 Normal high water line: means that line along the shore of a great pond, river, stream, brook or other nontidal body of water which is apparent from visible markings, changes in the character of soils due to prolonged action of the water or from changes in vegetation and which distinguishes between predominantly aquatic and predominantly terrestrial land. See Maine Revised Statutes Title 38 Sec. 480-B Normal high-water line: means that line which is apparent from visible markings, changes in the character of soils due to prolonged action of the water or changes in vegetation, and which distinguishes between predominantly aquatic and predominantly terrestrial land. See Maine Revised Statutes Title 38 Sec. 436-A 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. Offshore wind power project: includes both generating facilities as defined by Title 35?A, section 3451, subsection 5 and associated facilities as defined by Title 35?A, section 3451, subsection 1, without regard to whether the electrical energy is for sale or use by a person other than the generator. See Maine Revised Statutes Title 38 Sec. 480-B 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. Permanent structure: means any structure that is designed to remain at or that is constructed or erected with a fixed location or that is attached to a structure with a fixed location for a period exceeding 7 months within any 12-month period, including, but not limited to, causeways, piers, docks, concrete slabs, piles, marinas, retaining walls and buildings. See Maine Revised Statutes Title 38 Sec. 480-B Person: means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency or instrumentality; public corporation; or any other legal or commercial entity. See Maine Revised Statutes Title 18-C Sec. 7-402 Personal property: All property that is not real property. Principal: means property held in trust for distribution to a remainder beneficiary when the trust terminates. See Maine Revised Statutes Title 18-C Sec. 7-402 Protected natural resource: means coastal sand dune systems, coastal wetlands, significant wildlife habitat, fragile mountain areas, freshwater wetlands, community public water system primary protection areas, great ponds or rivers, streams or brooks, as these terms are defined in this article. See Maine Revised Statutes Title 38 Sec. 480-B Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. registered mail: when used in connection with any requirement for notice by mail shall mean either registered mail or certified mail. See Maine Revised Statutes Title 1 Sec. 72 Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Remainder beneficiary: means a person entitled to receive principal when an income interest ends. See Maine Revised Statutes Title 18-C Sec. 7-402 River: means a free-flowing body of water including its associated flood plain wetlands from that point at which it provides drainage for a watershed of 25 square miles to its mouth. See Maine Revised Statutes Title 38 Sec. 436-A 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. significant groundwater well: includes :
(a) A public water system used solely to bottle water for sale; and
(b) Any portion of a public water system that is:
(i) Constructed on or after January 1, 2009;
(ii) Used solely to bottle water for sale; and
(iii) Not connected to another portion of the public water system through pipes intended to convey water. See Maine Revised Statutes Title 38 Sec. 480-Bsignificant wildlife habitat: is a s defined and mapped in accordance with section 480?I by the Department of Inland Fisheries and Wildlife, the following areas that are defined by the Department of Inland Fisheries and Wildlife and are in conformance with criteria adopted by the Department of Environmental Protection or are within any other protected natural resource:
(1) Significant vernal pool habitat;
(2) High and moderate value waterfowl and wading bird habitat, including nesting and feeding areas;
(3) Shorebird nesting, feeding and staging areas; and
(4) Habitat for state endangered and state threatened species listed under Title 12, section 12803, subsection 3 that is within another protected natural resource area or that is located wholly or partly within the boundaries of a proposed project site that requires approval from:
(a) The department pursuant to this article or article 6, 7 or 8?A, except for activity or development on a residential lot that is not part of a proposed multi lot housing development; or
(b) The Maine Land Use Planning Commission pursuant to this article as provided in section 480?E?1 or, for subdivisions and nonresidential uses only, pursuant to Title 12, chapter 206?A. See Maine Revised Statutes Title 38 Sec. 480-BStream: means a free-flowing body of water from the outlet of a great pond or the confluence of 2 perennial streams as depicted on the most recent, highest resolution version of the national hydrography dataset available from the United States Geological Survey on the website of the United States Geological Survey or the national map to the point where the stream becomes a river or where the stream meets the shoreland zone of another water body or wetland. See Maine Revised Statutes Title 38 Sec. 436-A Structure: means anything temporarily or permanently located, built, constructed or erected for the support, shelter or enclosure of persons, animals, goods or property of any kind and anything constructed or erected on or in the ground. See Maine Revised Statutes Title 38 Sec. 436-A Terms of a trust: means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct. See Maine Revised Statutes Title 18-C Sec. 7-402 Testator: A male person who leaves a will at death. timber harvesting activities: means timber harvesting, the construction and maintenance of roads used primarily for timber harvesting, the mining of gravel used for the construction and maintenance of roads used primarily for timber harvesting and other activities conducted to facilitate timber harvesting. See Maine Revised Statutes Title 38 Sec. 480-B Town: includes cities and plantations, unless otherwise expressed or implied. See Maine Revised Statutes Title 1 Sec. 72 Transportation reconstruction or replacement project: means the improvement of an existing transportation facility to modern design standards without expanding its function or creating any additional roadways, facilities or structures. See Maine Revised Statutes Title 38 Sec. 480-B Trustee: includes an original, additional or successor trustee, whether or not appointed or confirmed by a court. See Maine Revised Statutes Title 18-C Sec. 7-402 Trustee: A person or institution holding and administering property in trust. United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72 Working waterfront activity: includes commercial fishing activities; commercial boat building and repair; commercial hauling, launching, storage and berthing of boats; marine construction; marine freight and passenger transportation; and other similar commercial activities that are dependent on the waterfront. See Maine Revised Statutes Title 38 Sec. 480-B Working waterfront land: means a parcel of land, or a portion thereof, abutting water to the head of tide, land located in the intertidal zone or submerged land that is used primarily or predominantly to provide access to or support the conduct of a working waterfront activity. See Maine Revised Statutes Title 38 Sec. 480-B Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72