Maine Revised Statutes > Title 33 > Chapter 20 – Improvident Transfers of Title
Current as of: 2023 | Check for updates
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Other versions
| § 1021 | Definitions |
| § 1022 | Undue influence |
| § 1023 | Civil action; relief available |
| § 1024 | Other common law and statutory causes of action and relief still available |
| § 1025 | Title practices |
Terms Used In Maine Revised Statutes > Title 33 > Chapter 20 - Improvident Transfers of Title
- 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
- Captured assessed value: means the valuation amount by which the current assessed value of a pulp and paper tax increment financing district exceeds the original assessed value of the district. See Maine Revised Statutes Title 30-A Sec. 5263
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Dependent: A person dependent for support upon another.
- Designee: means a business engaged in the pulp and paper industry that is selected by a municipality as a partner in a development district. See Maine Revised Statutes Title 30-A Sec. 5263
- Development district: means a specified area within the corporate limits of a municipality that has been designated as provided under section 5264 and that is to be developed by the municipality or its designee under a development program. See Maine Revised Statutes Title 30-A Sec. 5263
- Development program: means a statement of means and objectives designed to improve and modernize the manufacturing facilities and related structures and equipment within the development district. See Maine Revised Statutes Title 30-A Sec. 5263
- Elderly person: means a person who is 60 years of age or older. See Maine Revised Statutes Title 33 Sec. 1021
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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.
- Financial plan: means a statement of the costs and sources of revenue required to accomplish the development program. See Maine Revised Statutes Title 30-A Sec. 5263
- Independent counsel: means an attorney retained by the elderly dependent person to represent only that person's interests in the transfer. See Maine Revised Statutes Title 33 Sec. 1021
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Municipal legislative body: means :
A. See Maine Revised Statutes Title 30-A Sec. 2001Municipal officers: means :
A. See Maine Revised Statutes Title 30-A Sec. 2001Municipality: means a city or town, except as provided in chapter 225. See Maine Revised Statutes Title 30-A Sec. 2001 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. Original assessed value: means the assessed value of the development district as of March 31st of the preceding tax year. See Maine Revised Statutes Title 30-A Sec. 5263 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. Personal property: All property that is not real property. project costs: includes , but is not limited to:
(1) Capital costs, including, but not limited to:
(a) The actual costs of the construction of public works or improvements, new buildings, structures and fixtures;
(b) The demolition, alteration, remodeling, repair or reconstruction of existing buildings, structures and fixtures;
(c) The acquisition of equipment; and
(d) The clearing and grading of land;
(2) Financing costs, including, but not limited to, all interest paid to holders of evidences of indebtedness issued to pay for project costs and any premium paid over the principal amount of that indebtedness because of the redemption of the obligations before maturity;
(3) Real property assembly costs, meaning a deficit incurred resulting from the sale or lease as lessor by the municipality of real or personal property within a development district for consideration that is less than its cost to the municipality;
(4) Professional service costs, including, but not limited to, those costs incurred for architectural, planning, engineering and legal advice and services;
(5) Administrative costs, including, but not limited to, reasonable charges for the time spent by municipal employees in connection with the implementation of a project plan;
(6) Relocation costs, including, but not limited to, those relocation payments made following condemnation;
(7) Organizational costs, including, but not limited to, the costs of conducting environmental impact and other studies and the costs of informing the public about the creation of development districts and the implementation of project plans;
(8) Payments made, in the discretion of the local legislative body, that are found to be necessary or convenient to the creation of development districts or the implementation of project plans;
(9) That portion of the costs related to the construction or alteration of sewage treatment plants, water treatment plants or other environmental protection devices, storm or sanitary sewer lines or water lines, the rebuilding or expansion of which is required by the project plan for a development district, whether or not the construction, alteration, rebuilding or expansion is within the development district;
(10) Training costs, including, but not limited to, those costs associated with providing skills development and training for employees of businesses within the development district. See Maine Revised Statutes Title 30-A Sec. 5263Real 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. Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. 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. Sinking fund: means a fund created for the purpose of paying a debt. See Maine Revised Statutes Title 30-A Sec. 2001 Statute: A law passed by a legislature. Statute of limitations: A law that sets the time within which parties must take action to enforce their rights. Tax increment: means that portion of all real and personal property taxes assessed by a municipality in excess of any state, county or special district tax upon the captured assessed value of property in the development district. See Maine Revised Statutes Title 30-A Sec. 5263 tax increment financing district: means a pulp and paper tax increment financing district. See Maine Revised Statutes Title 30-A Sec. 5263 Testator: A male person who leaves a will at death. Transfer: includes , but is not limited to, a transfer under the Uniform Real Property Transfer on Death Act, but does not include testamentary transfers, which are outside the scope of this chapter. See Maine Revised Statutes Title 33 Sec. 1021 Trustee: A person or institution holding and administering property in trust. Venue: The geographical location in which a case is tried.