Terms Used In North Dakota Code > Chapter 57-38.6 - Agricultural Business Investment Tax Credit

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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.
• Credits: means and includes every claim and demand for money or other valuable thing, and every annuity or sum of money receivable at stated periods, due or to become due, and all claims and demands secured by deeds or mortgages, due or to become due. See North Dakota Code 57-02-01
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
• Governing body: means a board of county commissioners, city council, board of city commissioners, school board, or board of education, or the similarly constituted and acting board of any other municipality. See North Dakota Code 57-02-01
• Individual: means a human being. See North Dakota Code 1-01-49
• 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.
• Partnership: includes a limited liability partnership registered under chapter 45-22. See North Dakota Code 1-01-49
• Property: includes property, real and personal. See North Dakota Code 1-01-49
• 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, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
• year: means twelve consecutive months. See North Dakota Code 1-01-33