Terms Used In Oregon Statutes > Chapter 45 - Testimony Generally

• Acceptor: means a drawee who has accepted a draft. See Oregon Statutes 73.0103
• Accession: means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. See Oregon Statutes 79.0102
• 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
• Acquittal:
  1. Judgement that a criminal defendant has not been proved guilty beyond a reasonable doubt.
  2. A verdict of "not guilty."
   
• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Afternoon: means the period of a day between noon and midnight. See Oregon Statutes 74.1040
• Agricultural lien: means an interest, other than a security interest or a lien created under ORS § 87. See Oregon Statutes 79.0102
• Amortization: Paying off a loan by regular installments.
• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• 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.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Any other state: includes any state and the District of Columbia. See Oregon Statutes 174.100
• applicator: means an individual who:

  (a)(A) Is using, spraying or applying restricted-use or highly toxic pesticides; or

  (B) Is spraying or applying pesticides for others;

  (b) Is authorized to work for and is employed by a pesticide operator; and

  (c) Is in direct charge of or supervises the spraying or other use of pesticides or operates, uses, drives or physically directs propulsion of equipment, apparatus or machinery during the spraying or other application of pesticides, either on the ground or, if certified under ORS § 634. See Oregon Statutes 634.006

• 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
• Arraignment: A proceeding in which an individual who is accused of committing a crime is brought into court, told of the charges, and asked to plead guilty or not guilty.
• Arrest: Taking physical custody of a person by lawful authority.
• 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.
• Attorney fees: has the meaning given that term in ORCP 68 A. See Oregon Statutes 131A.005
• 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
• Bank: means an organization that is engaged in the business of banking. See Oregon Statutes 79.0102
• Banking day: has the meaning given that term in ORS § 708A. See Oregon Statutes 74.1040
• 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}
• Board of trade: means any person or persons engaged in buying or selling any commodity or receiving the same for sale on consignment, whether such person or persons are characterized as a board of trade, exchange or other form of marketplace. See Oregon Statutes 645.005
• Buyer: means a person who buys or contracts to buy goods. See Oregon Statutes 72.1030
• Carrier: means a person that issues a bill of lading. See Oregon Statutes 77.1020
• Cash proceeds: means proceeds that are money, checks, deposit accounts or the like. See Oregon Statutes 79.0102
• Certificate of title: includes another record maintained as an alternative to the certificate of title by the governmental unit that issues certificates of title if a statute permits the security interest in question to be indicated on the record as a condition or result of the security interest's obtaining priority over the rights of the lien creditor with respect to the collateral. See Oregon Statutes 79.0102
• 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
• Clearing house: means an association of banks or other payors regularly clearing items. See Oregon Statutes 74.1040
• Collateral: means the property subject to a security interest or agricultural lien. See Oregon Statutes 79.0102
• Commodity account: means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. See Oregon Statutes 79.0102
• Commodity contract: means a commodity futures contract, an option on a commodity futures contract, a commodity option or another contract if the contract or option is:

  (A) Traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws; or

  (B) Traded on a foreign commodity board of trade, exchange, or market, and is carried on the books of a commodity intermediary for a commodity customer. See Oregon Statutes 79.0102

• Commodity customer: means a person for which a commodity intermediary carries a commodity contract on its books. See Oregon Statutes 79.0102
• Commodity intermediary: means a person that:

  (A) Is registered as a futures commission merchant under federal commodities law; or

  (B) In the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law. See Oregon Statutes 79.0102

• Commodity merchant: means any person, other than a futures association, required to register with the Commodity Futures Trading Commission. See Oregon Statutes 645.005
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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
• Consignee: means a merchant to which goods are delivered in a consignment. See Oregon Statutes 79.0102
• Consignment: means a transaction, regardless of its form, in which a person delivers goods to a merchant for the purpose of sale and:

  (A) The merchant:

  (i) Deals in goods of that kind under a name other than the name of the person making delivery;

  (ii) Is not an auctioneer; and

  (iii) Is not generally known by its creditors to be substantially engaged in selling the goods of others;

  (B) With respect to each delivery, the aggregate value of the goods is $1,000 or more at the time of delivery;

  (C) The goods are not consumer goods immediately before delivery; and

  (D) The transaction does not create a security interest that secures an obligation. See Oregon Statutes 79.0102

• 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
• Consignor: means a person that delivers goods to a consignee in a consignment. See Oregon Statutes 79.0102
• Consumer goods: means goods that are used or bought for use primarily for personal, family or household purposes. See Oregon Statutes 79.0102
• 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.
• Continuation statement: means an amendment of a financing statement which:

  (A) Identifies, by its file number, the initial financing statement to which it relates; and

  (B) Indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement. See Oregon Statutes 79.0102

• Contract for sale: includes both a present sale of goods and a contract to sell goods at a future time. See Oregon Statutes 72.1060
• Conviction: A judgement of guilt against a criminal defendant.
• Counterclaim: A claim that a defendant makes against a plaintiff.
• County court: includes board of county commissioners. See Oregon Statutes 174.100
• 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
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Defense attorney: Represent defendants in criminal matters.
• 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 Revenue. See Oregon Statutes 316.022
• Department: means the State Department of Agriculture. See Oregon Statutes 634.006
• Dependent: A person dependent for support upon another.
• Deposit account: means a demand, time, savings, passbook or similar account maintained with a bank. See Oregon Statutes 79.0102
• Devise: To gift property by will.
• Director: means the Director of the Department of Consumer and Business Services or an agent or employee authorized to act on the director's behalf. See Oregon Statutes 645.005
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Document: means a document of title or a receipt of the type described in ORS § 77. See Oregon Statutes 79.0102
• 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
• 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 chattel paper: means chattel paper evidenced by a record or records consisting of information stored in an electronic medium. See Oregon Statutes 79.0102
• 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}
• Encumbrance: means a right, other than an ownership interest, in real property. See Oregon Statutes 79.0102
• 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.
• Equipment: means goods other than inventory, farm products or consumer goods. See Oregon Statutes 79.0102
• 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}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Ex officio: Literally, by virtue of one's office.
• Executive session: A portion of the Senate's daily session in which it considers executive business.
• 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.
• Farm products: means goods, other than standing timber, with respect to which the debtor is engaged in a farming operation and which are:

  (A) Crops grown, growing, or to be grown, including:

  (i) Crops produced on trees, vines and bushes; and

  (ii) Aquatic goods produced in aquacultural operations;

  (B) Livestock, born or unborn, including aquatic goods produced in aquacultural operations;

  (C) Supplies used or produced in a farming operation; or

  (D) Products of crops or livestock in their unmanufactured states. See Oregon Statutes 79.0102

• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fiduciary: A trustee, executor, or administrator.
• File number: means the number assigned to an initial financing statement pursuant to ORS § 79. See Oregon Statutes 79.0102
• Filing office: means an office designated in ORS § 79. See Oregon Statutes 79.0102
• Filing-office rule: means a rule adopted pursuant to ORS § 79. See Oregon Statutes 79.0102
• 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 any person lawfully conducting business as:

  (a) A financial institution or trust company, as those terms are defined in ORS § 706. See Oregon Statutes 131A.005

• Financial institution: means an insured institution or trust company as those terms are defined in ORS § 706. See Oregon Statutes 645.005
• Financing statement: means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement. See Oregon Statutes 79.0102
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fixture filing: means the filing of a financing statement covering goods that are or are to become fixtures and satisfying ORS § 79. See Oregon Statutes 79.0102
• Fixtures: means goods that have become so related to particular real property that an interest in them arises under real property law. See Oregon Statutes 79.0102
• Forbearance: A means of handling a delinquent loan. A
• 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}
• Forfeiting agency: means a public body that is seeking forfeiture of property under this chapter. See Oregon Statutes 131A.005
• Forfeiture counsel: means an attorney designated by a forfeiting agency to represent the forfeiting agency in forfeiture proceedings. See Oregon Statutes 131A.005
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• 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
• 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,
• Grantor: The person who establishes a trust and places property into it.
• 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
• Hearsay: Statements by a witness who did not see or hear the incident in question but heard about it from someone else. Hearsay is usually not admissible as evidence in court.
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Individual: means a natural person, including aliens and minors. See Oregon Statutes 316.022
• 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
• Instrumentality: has the meaning given in ORS § 131. See Oregon Statutes 131A.005
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
• Inventory: means goods, other than farm products, which:

  (A) Are leased by a person as lessor;

  (B) Are held by a person for sale or lease or to be furnished under a contract of service;

  (C) Are furnished by a person under a contract of service; or

  (D) Consist of raw materials, work in process, or materials used or consumed in a business. See Oregon Statutes 79.0102

• Investment property: means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract or commodity account. See Oregon Statutes 79.0102
• Invitation to bid: means all documents, whether attached or incorporated by reference, used for soliciting bids. See Oregon Statutes 279B.005
• 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 resolution: A legislative measure which requires the approval of both chambers.
• Judgment: means the concluding decision of a court on one or more requests for relief in one or more actions, as reflected in a judgment document. See Oregon Statutes 18.005
• 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.
• Legal tender: coins, dollar bills, or other currency issued by a government as official money. ^{Source: U.S. Mint}
• Legatee: A beneficiary of a decedent
• 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
• 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.
• Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Livestock: means equines, cattle, sheep, goats, llamas, alpacas and swine. See Oregon Statutes 72.1030
• 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
• Manufactured structure: has the meaning given that term in ORS § 446. See Oregon Statutes 79.0102
• Manufactured-structure transaction: means a secured transaction:

  (A) That creates a purchase-money security interest in a manufactured structure, other than a manufactured structure held as inventory; or

  (B) In which a manufactured structure, other than a manufactured structure held as inventory, is the primary collateral. See Oregon Statutes 79.0102

• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage: means a consensual interest in real property, including fixtures, which secures payment or performance of an obligation. See Oregon Statutes 79.0102
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Motor vehicle with a hidden compartment: means a motor vehicle as defined in ORS § 801. See Oregon Statutes 131A.005
• 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}
• New debtor: means a person that becomes bound as debtor under ORS § 79. See Oregon Statutes 79.0102
• nonresident: means an individual who is not a resident of this state. See Oregon Statutes 316.022
• 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.
• Offer: includes every offer to sell, offer to purchase or offer to enter into a commodity contract or commodity option. See Oregon Statutes 645.005
• Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.
• Order: means a written instruction to pay money signed by the person giving the instruction. See Oregon Statutes 73.0103
• 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.
• 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: includes an individual, a joint venture, a partnership, a cooperative, an association, a joint stock company, a corporation, a trust, an unincorporated organization, a government or a political subdivision of a government. See Oregon Statutes 645.005
• person with a disability: means any person who:

  (a) Has a physical or mental impairment which substantially limits one or more major life activities;

  (b) Has a record of such an impairment; or

  (c) Is regarded as having such an impairment. See Oregon Statutes 174.107

• Personal property: All property that is not real property.
• Pesticide dealer: means a person who sells, offers for sale, handles, displays or distributes any pesticide classified by the department as a restricted-use or highly toxic pesticide. See Oregon Statutes 634.006
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• 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}
• Preliminary hearing: A hearing where the judge decides whether there is enough evidence to make the defendant have a trial.
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Probate: Proving a will
• Probation officers: Screen applicants for pretrial release and monitor convicted offenders released under court supervision.
• Proceeds of prohibited conduct: includes any benefit, interest or property of any kind, without reduction for expenses of acquiring or maintaining the property. See Oregon Statutes 131A.005
• Procurement description: includes specifications attached to or made a part of the solicitation. See Oregon Statutes 279B.005
• Promise: means a written undertaking to pay money signed by the person undertaking to pay. See Oregon Statutes 73.0103
• 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
• Property: means any interest in anything of value, including the whole of any lot or tract of land and tangible and intangible personal property, including currency, instruments or securities or any other kind of privilege, interest, claim or right whether due or to become due. See Oregon Statutes 131A.005
• Public body: has the meaning given in ORS § 174. See Oregon Statutes 131A.005
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• public notice: means any legal publication which requires an affidavit of publication as required in ORS § 193. See Oregon Statutes 174.104
• Public organic record: means a record that is available to the public for inspection and is:

  (A) A record consisting of the record initially filed with or issued by a state or the United States to form or organize an organization and any record filed with or issued by the state or the United States that amends or restates the initial record;

  (B) An organic record of a business trust consisting of the record initially filed with a state and any record filed with the state that amends or restates the initial record, if a statute of the state governing business trusts requires that the record be filed with the state; or

  (C) A record consisting of legislation enacted by the legislature of a state or the Congress of the United States that forms or organizes an organization, any record amending the legislation and any record filed with or issued by the state or the United States that amends or restates the name of the organization. See Oregon Statutes 79.0102

• Public-finance transaction: means a secured transaction in connection with which:

  (A) Debt securities are issued;

  (B) All or a portion of the securities issued have an initial stated maturity of at least 20 years; and

  (C) The debtor, obligor, secured party, account debtor or other person obligated on collateral, assignor or assignee of a secured obligation, or assignor or assignee of a security interest is a state or a governmental unit of a state. See Oregon Statutes 79.0102

• Qualified funeral trust: has the meaning given that term in section 685 of the Internal Revenue Code. See Oregon Statutes 316.282
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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}
• Registered organization: includes a business trust that is formed or organized under the law of a single state if a statute of the state governing business trusts requires that the business trust's organic record be filed with the state. See Oregon Statutes 79.0102
• 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.
• Remitter: means a person who purchases an instrument from the issuer if the instrument is payable to an identified person other than the purchaser. See Oregon Statutes 73.0103
• Request for proposals: means all documents, whether attached or incorporated by reference, used for soliciting proposals. See Oregon Statutes 279B.005
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Resident estate: means an estate of which the fiduciary is appointed by an Oregon court or the administration of which is carried on in Oregon. See Oregon Statutes 316.282
• Resident funeral trust: means a qualified funeral trust that, at the time of the initial funding of the trust:

  (A) Is required to be established under the laws of this state; or

  (B) Is established by a contract, the terms of which state that a service or merchandise is to be provided by a funeral home or cemetery located in this state. See Oregon Statutes 316.282

• Resident trust: means a trust, other than a qualified funeral trust, of which the fiduciary is a resident of Oregon or the administration of which is carried on in Oregon. See Oregon Statutes 316.282
• responsible proposer: means a person who meets the standards of responsibility described in ORS § 279B. See Oregon Statutes 279B.005
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Security agreement: means an agreement that creates or provides for a security interest. See Oregon Statutes 79.0102
• Seizing agency: means a law enforcement agency that has seized property for forfeiture. See Oregon Statutes 131A.005
• sell: includes every sale, contract of sale, contract to sell or disposition for value. See Oregon Statutes 645.005
• Seller: means a person who sells or contracts to sell goods. See Oregon Statutes 72.1030
• Service of process: The service of writs or summonses to the appropriate party.
• Shipper: means a person that enters into a contract of transportation with a carrier. See Oregon Statutes 77.1020
• Software: means a computer program and any supporting information provided in connection with a transaction relating to the program. See Oregon Statutes 79.0102
• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Oregon Statutes 79.0102
• state government: means the executive department, the judicial department and the legislative department. See Oregon Statutes 174.111
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Subpoena: A command to a witness to appear and give testimony.
• Supporting obligation: means a letter-of-credit right or secondary obligation that supports the payment or performance of an account, chattel paper, a document, a general intangible, an instrument or investment property. See Oregon Statutes 79.0102
• Tangible chattel paper: means chattel paper evidenced by a record or records consisting of information that is inscribed on a tangible medium. See Oregon Statutes 79.0102
• 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.
• Termination statement: means an amendment of a financing statement which:

  (A) Identifies, by its file number, the initial financing statement to which it relates; and

  (B) Indicates either that it is a termination statement or that the identified financing statement is no longer effective. See Oregon Statutes 79.0102

• 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.
• Transmitting utility: means an organization primarily engaged in the business of:

  (A) Operating a railroad, subway, street railway or trolley bus;

  (B) Transmitting communications electrically, electromagnetically or by light;

  (C) Transmitting goods by pipeline or sewer; or

  (D) Transmitting or producing and transmitting electricity, steam, gas or water. See Oregon Statutes 79.0102

• 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.
• True bill: Another word for indictment.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• 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}
• 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.
• Violate: includes failure to comply. See Oregon Statutes 174.100
• Warehouse: means a person engaged in the business of storing goods for hire. See Oregon Statutes 77.1020