Terms Used In Maine Revised Statutes > Title 7 > Part 3 > Chapter 207 - Auctions

• Affordable housing: means a decent, safe and sanitary dwelling, apartment or other living accommodation for a household whose income does not exceed 120% of the median income for the area as defined by the United States Department of Housing and Urban Development under the United States Housing Act of 1937, Public Law 75-412, 50 Stat. See Maine Revised Statutes Title 30-A Sec. 5246
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amenities: means items of street furniture, signs and landscaping, including, but not limited to, plantings, benches, trash receptacles, street signs, sidewalks and pedestrian malls. See Maine Revised Statutes Title 30-A Sec. 5246
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• auction: means the offering of cattle, sheep, swine, goats, equines, domesticated cervids, poultry and other animals raised for food or fiber for sale by means of exchanges between an auctioneer and bidders. See Maine Revised Statutes Title 7 Sec. 1452
• Authority: means the Maine State Housing Authority. See Maine Revised Statutes Title 30-A Sec. 5246
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• 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}
• Business: includes every trade, occupation and profession. See Maine Revised Statutes Title 31 Sec. 1001
• Captured assessed value: means the amount, as a percentage or stated sum, of increased assessed value that is utilized from year to year to finance the project costs contained within the affordable housing development program. See Maine Revised Statutes Title 30-A Sec. 5246
• Continuance: Putting off of a hearing ot trial until a later time.
• Corporation: means a corporation created under the Maine Business Corporation Act, predecessor law or comparable law of another jurisdiction. See Maine Revised Statutes Title 31 Sec. 1091
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Director: means the Director of the Maine State Housing Authority. See Maine Revised Statutes Title 30-A Sec. 5246
• Distribution: means a transfer of money or other property from a partnership to a partner in the partner's capacity as a partner or to the partner's transferee. See Maine Revised Statutes Title 31 Sec. 1001
• district: means a specified area within the corporate limits of a municipality that has been designated as provided under sections 5247 and 5250 to be developed under an affordable housing development program and financed under section 5250?A. See Maine Revised Statutes Title 30-A Sec. 5246
• 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}
• Fiduciary: A trustee, executor, or administrator.
• Financial plan: means a statement of the project costs and sources of revenue required to accomplish the affordable housing development program. See Maine Revised Statutes Title 30-A Sec. 5246
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• General partner: means a partner in a partnership, a general partner in a limited partnership, a general partner in a limited liability partnership and a general partner in a limited liability limited partnership. See Maine Revised Statutes Title 31 Sec. 1091
• 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.
• Increased assessed value: means the valuation amount by which the current assessed value of an affordable housing development district exceeds the original assessed value of the district. See Maine Revised Statutes Title 30-A Sec. 5246
• 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}
• 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.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Limited liability company: means a limited liability company created under the Maine Limited Liability Company Act, predecessor law or comparable law of another jurisdiction. See Maine Revised Statutes Title 31 Sec. 1091
• Limited liability limited partnership: means a limited partnership whose certificate of limited partnership states that the limited partnership is a limited liability limited partnership. See Maine Revised Statutes Title 31 Sec. 1091
• Limited liability partnership: means a partnership that has registered as a limited liability partnership pursuant to section 821 and does not have a similar statement in effect in any other jurisdiction. See Maine Revised Statutes Title 31 Sec. 1001
• Limited partner: means a limited partner in a limited partnership and a limited partner in a limited liability partnership. See Maine Revised Statutes Title 31 Sec. 1091
• Limited partnership: means a limited partnership created under the Uniform Limited Partnership Act, predecessor law or comparable law of another jurisdiction. See Maine Revised Statutes Title 31 Sec. 1091
• Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
• Member: means a person reflected in the required records of a limited liability company as the owner of some governance rights of a membership interest in the limited liability company. See Maine Revised Statutes Title 31 Sec. 1091
• Municipal legislative body: means :