Terms Used In Oregon Statutes > Chapter 105 - Property Rights

• Acceptor: means a drawee who has accepted a draft. See Oregon Statutes 73.0103
• Account: means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft or like account, other than an account evidenced by a certificate of deposit. See Oregon Statutes 74.1040
• Account debtor: means a person obligated on an account, chattel paper or general intangible. See Oregon Statutes 79.0102
• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Adjournment sine die: The end of a legislative session "without day." These adjournments are used to indicate the final adjournment of an annual or the two-year session of legislature.
• Afternoon: means the period of a day between noon and midnight. See Oregon Statutes 74.1040
• Agency: means any department, agency or commission of the State of Oregon. See Oregon Statutes 367.010
• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Appraisal: A determination of property value.
• 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
• Arrest: Taking physical custody of a person by lawful authority.
• Articles of incorporation: means the articles described in ORS § 60. See Oregon Statutes 60.001
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• Bailee: means a person that by a warehouse receipt, bill of lading or other document of title acknowledges possession of goods and contracts to deliver them. See Oregon Statutes 77.1020
• Banking day: has the meaning given that term in ORS § 708A. See Oregon Statutes 74.1040
• Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
• Bequeath: To gift property by will.
• Bequest: Property gifted by will.
• Best interest: means that:

  (a) The individual is physically capable of procreating;

  (b) The individual is likely to engage in sexual activity at the present or in the near future under circumstances likely to result in pregnancy;

  (c) All less drastic alternative contraceptive methods, including supervision, education and training, have proved unworkable or inapplicable, or are medically contraindicated;

  (d) The proposed method of sterilization conforms with standard medical practice, is the least intrusive method available and appropriate, and can be carried out without unreasonable risk to the life and health of the individual; and

  (e) The nature and extent of the individual's disability, as determined by empirical evidence and not solely on the basis of standardized tests, renders the individual permanently incapable of caring for and raising a child, even with reasonable assistance. See Oregon Statutes 436.205

• Bond: means a contractual undertaking or an instrument to borrow money including, but not limited to, a bond, a note, an obligation, a loan agreement, a financing lease, a financing agreement or other similar instrument or agreement. See Oregon Statutes 367.010
• Bond debt service: means payment of:

  (a) Principal, interest, premium, if any, or purchase price of a bond;

  (b) Amounts due to a credit enhancement provider, trustee, paying agent, commercial paper dealer or remarketing agent authorized by this chapter;

  (c) Amounts necessary to fund bond debt service reserves; and

  (d) Amounts due under an agreement for exchange of interest rates if designated by the State Treasurer or the Department of Transportation. See Oregon Statutes 367.010

• Carrier: means a person that issues a bill of lading. See Oregon Statutes 77.1020
• Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• Chattel paper: means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. See Oregon Statutes 79.0102
• Circumstantial evidence: All evidence except eyewitness testimony.
• Class I all-terrain vehicle: has the meaning given that term in ORS § 801. See Oregon Statutes 390.550
• Clearing house: means an association of banks or other payors regularly clearing items. See Oregon Statutes 74.1040
• Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
• Clerk of court: means the trial court administrator or any other nonjudicial officer or employee of the circuit court for a county authorized by the presiding judge for the judicial district. See Oregon Statutes 10.010
• Collateral: means the property subject to a security interest or agricultural lien. See Oregon Statutes 79.0102
• Combined weight: means the total empty weight of all vehicles in a combination plus the total weight of the load carried on that combination of vehicles. See Oregon Statutes 826.001
• Commercial vehicle: means a vehicle that:

  (a) Is used for the transportation of persons for compensation or profit; or

  (b) Is designed or used primarily for the transportation of property. See Oregon Statutes 826.001

• Commission: means the State Parks and Recreation Commission. See Oregon Statutes 390.005
• Common disaster: A sudden and extraordinary misfortune that brings about the simultaneous or near-simultaneous deaths of two or more associated persons, such as husband and wife.
• 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.
• Conference committee: A temporary, ad hoc panel composed of conferees from both chamber of a legislature which is formed for the purpose of reconciling differences in legislation that has passed both chambers. Conference committees are usually convened to resolve bicameral differences on major and controversial legislation.
• Consignee: means a person named in a bill of lading to which or to whose order the bill promises delivery. See Oregon Statutes 77.1020
• Consignor: means a person named in a bill of lading as the person from which the goods have been received for shipment. See Oregon Statutes 77.1020
• Consumer transaction: means a transaction in which:

  (i) An individual incurs an obligation primarily for personal, family or household purposes;

  (ii) A security interest secures the obligation; and

  (iii) The collateral is held or acquired primarily for personal, family or household purposes. See Oregon Statutes 79.0102

• Continuance: Putting off of a hearing ot trial until a later time.
• Counterclaim: A claim that a defendant makes against a plaintiff.
• county court: includes board of county commissioners. See Oregon Statutes 382.005
• Credit enhancement: means a credit enhancement device, as defined in ORS § 286A. See Oregon Statutes 367.010
• Customer: means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank. See Oregon Statutes 74.1040
• Delivery: means any method of delivery used in conventional commercial practice, including by hand, mail, commercial delivery and, in accordance with ORS § 60. See Oregon Statutes 60.001
• Delivery order: means a record that contains an order to deliver goods directed to a warehouse, carrier or other person that in the ordinary course of business issues warehouse receipts or bills of lading. See Oregon Statutes 77.1020
• Department: means the Department of Transportation. See Oregon Statutes 826.001
• Department: means the Department of Revenue. See Oregon Statutes 316.022
• Department: means the Department of Transportation. See Oregon Statutes 366.005
• Department: means the Department of Corrections. See Oregon Statutes 421.005
• Devise: To gift property by will.
• Director: means the State Parks and Recreation Director. See Oregon Statutes 390.005
• Director: means the Director of the Department of Corrections. See Oregon Statutes 421.005
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Distribution: means a direct or indirect transfer of money or other property, except of a corporation's own shares, or a corporation's incurrence of indebtedness to or for the benefit of the corporation's shareholders in respect of any of the corporation's shares, in the form of a declaration or payment of a dividend, a purchase, redemption or other acquisition of shares, a distribution of indebtedness, or otherwise. See Oregon Statutes 60.001
• District: means an airport district established under this chapter. See Oregon Statutes 838.005
• district: means any one of the following:

  (1) A people's utility district organized under ORS Chapter 261. See Oregon Statutes 198.010

• District board: means the governing body of the district. See Oregon Statutes 838.005
• Documentary draft: means a draft to be presented for acceptance or payment if specified documents, certificated securities defined in ORS § 78. See Oregon Statutes 74.1040
• domestic corporation: means a corporation for profit that is incorporated under or subject to the provisions of this chapter and that is not a foreign corporation. See Oregon Statutes 60.001
• Domestic limited liability company: means an entity that is an unincorporated association that has one or more members and that is organized under ORS Chapter 63. See Oregon Statutes 60.001
• Domestic nonprofit corporation: means a corporation not for profit that is incorporated under ORS Chapter 65. See Oregon Statutes 60.001
• Domestic professional corporation: means a corporation that is organized under ORS Chapter 58 for the purpose of rendering professional services and for the purposes provided under ORS Chapter 58. See Oregon Statutes 60.001
• Donee: The recipient of a gift.
• Dower: A widow
• Draft: means a draft as defined in ORS § 73. See Oregon Statutes 74.1040
• Drawee: means a person ordered in a draft to make payment. See Oregon Statutes 73.0103
• Drawee: means a person ordered in a draft to make payment. See Oregon Statutes 74.1040
• Drawer: means a person who signs or is identified in a draft as a person ordering payment. See Oregon Statutes 73.0103
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Entity: means a corporation, foreign corporation, nonprofit corporation, profit or nonprofit unincorporated association, business trust, partnership, two or more persons that have a joint or common economic interest, any state, the United States, a federally recognized Native American or American Indian tribal government and any foreign government. See Oregon Statutes 60.001
• 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}
• Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. ^{Source: OCC}
• 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.
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Financial institution: means a banking institution, a financial institution or a non-Oregon institution, as those terms are defined in ORS § 706. See Oregon Statutes 367.010
• Forbearance: A means of handling a delinquent loan. A
• Foreign corporation: means a corporation for profit that is incorporated under laws other than the laws of the state. See Oregon Statutes 60.001
• Foreign limited liability company: means an entity that is an unincorporated association organized under laws other than the laws of the state and that is organized under a statute under which an association may be formed that affords to each of the entity's members limited liability with respect to liabilities of the entity. See Oregon Statutes 60.001
• Foreign nonprofit corporation: means a corporation not for profit that is organized under laws other than the laws of the state. See Oregon Statutes 60.001
• Foreign professional corporation: means a professional corporation that is organized under laws other than the laws of the state. See Oregon Statutes 60.001
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Gender identity: means an individual's gender-related identity, appearance, expression or behavior, regardless of whether the identity, appearance, expression or behavior differs from that associated with the gender assigned to the individual at birth. See Oregon Statutes 174.100
• General intangible: means any personal property, including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter-of-credit rights, letters of credit, money and oil, gas or other minerals before extraction. See Oregon Statutes 79.0102
• Germane: On the subject of the pending bill or other business; a strict standard of relevance.
• Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Oregon Statutes 77.1020
• Goods: means all things that are movable when a security interest attaches. See Oregon Statutes 79.0102
• Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Health-care-insurance receivable: means an interest in or claim under a policy of insurance which is a right to payment of a monetary obligation for health-care goods or services provided. See Oregon Statutes 79.0102
• 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}
• Individual: means a natural person, including aliens and minors. See Oregon Statutes 316.022
• Individual: means a natural person or the estate of an incompetent individual or a deceased individual. See Oregon Statutes 60.001
• Informed consent: means consent given by an individual 15 years of age or older for sterilization that is:

  (a) Based upon a full understanding of the nature and consequences of sterilization pursuant to information requirements set forth in ORS § 436. See Oregon Statutes 436.205

• Infrastructure assistance: means any use of moneys in the Oregon Transportation Infrastructure Fund, other than an infrastructure loan, to provide financial assistance for transportation projects. See Oregon Statutes 367.010
• Infrastructure bonds: means bonds authorized by ORS § 367. See Oregon Statutes 367.010
• Infrastructure fund: means the Oregon Transportation Infrastructure Fund. See Oregon Statutes 367.010
• Infrastructure loan: means a loan of moneys in the infrastructure fund to finance a transportation project. See Oregon Statutes 367.010
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Instrument: means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in ordinary course of business is transferred by delivery with any necessary indorsement or assignment. See Oregon Statutes 79.0102
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Inter vivos: Transfer of property from one living person to another living person.
• Intestate: Dying without leaving a will.
• Issuer: means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Oregon Statutes 77.1020
• Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Oregon Statutes 74.1040
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• Joint meeting: An occasion, often ceremonial, when the House and Senate each adopt a unanimous consent agreement
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• judicial department: means the Supreme Court, the Court of Appeals, the Oregon Tax Court, the circuit courts and all administrative divisions of those courts, whether denominated as boards, commissions, committees or departments or by any other designation. See Oregon Statutes 174.113
• Juror: A person who is on the jury.
• Juror: means any juror or prospective juror. See Oregon Statutes 10.010
• Jury: means a body of persons temporarily selected from persons who live in a particular county or district, and invested with power to present or indict in respect to a crime or to try a question of fact. See Oregon Statutes 10.010
• Legal tender: coins, dollar bills, or other currency issued by a government as official money. ^{Source: U.S. Mint}
• Letter-of-credit right: means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. See Oregon Statutes 79.0102
• local government: means all cities, counties and local service districts located in this state, and all administrative subdivisions of those cities, counties and local service districts. See Oregon Statutes 174.116
• Maker: means a person who signs or is identified in a note as a person undertaking to pay. See Oregon Statutes 73.0103
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Municipality: means a city, county, road district, school district, special district, metropolitan service district, the Port of Portland or an intergovernmental entity organized under ORS § 190. See Oregon Statutes 367.010
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• nonresident: means an individual who is not a resident of this state. See Oregon Statutes 316.022
• Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.
• Oversight: Committee review of the activities of a Federal agency or program.
• Party: means a party to an instrument. See Oregon Statutes 73.0103
• Payment intangible: means a general intangible under which the account debtor's principal obligation is a monetary obligation. See Oregon Statutes 79.0102
• Person: means an individual or entity. See Oregon Statutes 60.001
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Principal office: means the physical street address of an office, in or out of this state, where the principal executive offices of a domestic or foreign corporation are located and designated in the annual report or in the application for authority to transact business in this state. See Oregon Statutes 60.001
• Probate: Proving a will
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Proceeding: means a civil, criminal, administrative or investigatory action. See Oregon Statutes 60.001
• Promissory note: means an instrument that evidences a promise to pay a monetary obligation, does not evidence an order to pay, and does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds. See Oregon Statutes 79.0102
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• public body: means state government bodies, local government bodies and special government bodies. See Oregon Statutes 174.109
• Public defender: Represent defendants who can't afford an attorney in criminal matters.
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Oregon Statutes 77.1020
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Remand: When an appellate court sends a case back to a lower court for further proceedings.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• 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.
• Sexual orientation: means an individual's actual or perceived heterosexuality, homosexuality or bisexuality. See Oregon Statutes 174.100
• Share: means a unit into which the proprietary interest in a corporation is divided. See Oregon Statutes 60.001
• Shareholder: means a person in whose name a share is registered in the records of a corporation or the beneficial owner of a share to the extent of the rights granted by a nominee certificate on file with a corporation. See Oregon Statutes 60.001
• Shell entity: means an entity that has the characteristics described in ORS § 60. See Oregon Statutes 60.001
• Shipper: means a person that enters into a contract of transportation with a carrier. See Oregon Statutes 77.1020
• State Treasury: includes those financial assets the lawful custody of which are vested in the State Treasurer and the office of the State Treasurer relating to the custody of those financial assets. See Oregon Statutes 174.100
• Sterilization: means any medical procedure, treatment or operation for the purpose of rendering an individual permanently incapable of procreating. See Oregon Statutes 436.205
• Subpoena: A command to a witness to appear and give testimony.
• Taxable income: means the taxable income as defined in subsection (a) or (b), section 63 of the Internal Revenue Code, with such additions, subtractions and adjustments as are prescribed by this chapter. See Oregon Statutes 316.022
• Taxpayer: means any natural person, estate, trust, or beneficiary whose income is in whole or in part subject to the taxes imposed by this chapter, or any employer required by this chapter to withhold personal income taxes from the compensation of employees for remittance to the state. See Oregon Statutes 316.022
• Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
• Testator: A male person who leaves a will at death.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Transportation project: means any project or undertaking that facilitates any mode of transportation within this state. See Oregon Statutes 367.010
• Trial jury: A group of citizens who hear the evidence presented by both sides at trial and determine the facts in dispute. Federal criminal juries consist of 12 persons. Federal civil juries consist of six persons.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
• Venue: The geographical location in which a case is tried.
• Verdict: The decision of a petit jury or a judge.
• Warehouse: means a person engaged in the business of storing goods for hire. See Oregon Statutes 77.1020
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.
• Written: means embodied as a document. See Oregon Statutes 60.001