Terms Used In North Carolina General Statutes > Chapter 58 > Article 13 - Asset Protection Act

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Assets: means all property, real or personal, tangible or intangible, legal or equitable, owned by an insurer. See North Carolina General Statutes 58-13-15
• Claimants: means any owners, beneficiaries, assignees, certificate holders, or third-party beneficiaries of any insurance benefit or right arising out of and within the coverage of an insurance policy covered by this Article. See North Carolina General Statutes 58-13-15
• 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}
• following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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.
• Policyholder-related liabilities: means those liabilities that are required to be established by an insurer for all of its outstanding insurance policies in accordance with this Chapter. See North Carolina General Statutes 58-13-15
• property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
• 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
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3