Terms Used In North Carolina General Statutes > Chapter 28A > Article 28 - Summary Administration

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Collector: means any person authorized to take possession, custody, or control of the personal property of the decedent for the purpose of executing the duties outlined in N. See North Carolina General Statutes 28A-1-1
• 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.
• Counterclaim: A claim that a defendant makes against a plaintiff.
• Decedent: A deceased person.
• Devise: To gift property by will.
• Devisee: means any person entitled to take real or personal property under the provisions of a valid, probated will. See North Carolina General Statutes 28A-1-1
• 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.
• Heir: means any person entitled to take real or personal property upon intestacy under the provisions of Chapter 29 of the N. See North Carolina General Statutes 28A-1-1
• Intestate: Dying without leaving a will.
• 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.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage: includes a deed of trust. See North Carolina General Statutes 28A-1-1
• Personal property: All property that is not real property.
• personal property: shall include moneys, goods, chattels, choses in action and evidences of debt, including all things capable of ownership, not descendable to heirs at law. See North Carolina General Statutes 12-3
• Personal representative: includes both an executor and an administrator, but does not include a collector. See North Carolina General Statutes 28A-1-1
• Probate: Proving a will
• property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
• Testate: To die leaving a will.