Terms Used In Oregon Statutes > Chapter 67 > Partnerships

• 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.
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Anniversary: means the day each year exactly one or more years after:

  (a) The date on which the Secretary of State files the articles of incorporation for a cooperative. See Oregon Statutes 62.015

• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• 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: means articles of incorporation, articles of conversion or articles of merger. See Oregon Statutes 62.015
• Articles of incorporation: means the articles described in ORS § 60. See Oregon Statutes 60.001
• 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-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.
• Authorized shares: means the shares of all classes that a domestic or foreign corporation is authorized to issue. See Oregon Statutes 60.001
• 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}
• Bequest: Property gifted by will.
• Board: means the State Land Board. See Oregon Statutes 273.006
• Board: means board of directors. See Oregon Statutes 62.015
• Business: includes every trade, occupation, profession and commercial activity. See Oregon Statutes 67.005
• Chambers: A judge's office.
• 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.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Continuance: Putting off of a hearing ot trial until a later time.
• Conviction: A judgement of guilt against a criminal defendant.
• Cooperative: means a cooperative corporation that is subject to the provisions of this chapter. See Oregon Statutes 62.015
• Corporation: means a corporation that is not a cooperative. See Oregon Statutes 62.015
• Counterclaim: A claim that a defendant makes against a plaintiff.
• County recording officer: means the county clerk or other county officer carrying out ORS § 205. See Oregon Statutes 273.006
• Court administrator: means a trial court administrator in a circuit court that has a trial court administrator and the clerk of the court in all other courts. See Oregon Statutes 18.005
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• 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: means a method of delivery that is used in conventional commercial practice and includes hand delivery, mail delivery, commercial delivery and electronic transmission. See Oregon Statutes 62.015
• Department: means the Department of State Lands. See Oregon Statutes 273.006
• Department: means the Department of State Lands. See Oregon Statutes 274.005
• Dependent: A person dependent for support upon another.
• Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
• Devise: To gift property by will.
• Director: means the Director of the Department of State Lands. See Oregon Statutes 273.006
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dissociated partner: means a partner with respect to whom an event specified in ORS § 67. See Oregon Statutes 67.005
• 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
• Distribution: means a transfer of money or other property from a partnership to a partner in the partner's capacity as a partner or to the partner's transferee. See Oregon Statutes 67.005
• 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 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 62.015
• Domestic nonprofit corporation: means a corporation not for profit that is incorporated under ORS Chapter 65. See Oregon Statutes 60.001
• Domestic nonprofit corporation: means a corporation not for profit that is incorporated under ORS Chapter 65. See Oregon Statutes 62.015
• 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
• Electronic transmission: means a method of communicating information that:

  (a) Does not directly involve a transfer of a physical object that embodies the communication; and

  (b) Enables the recipient to store, retrieve and reproduce the information. See Oregon Statutes 62.015

• 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}
• Ex officio: Literally, by virtue of one's office.
• Executor: A male person named in a will to carry out the decedent
• Extradition: The formal process of delivering an accused or convicted person from authorities in one state to authorities in another state.
• 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.
• 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.
• 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.
• 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}
• Foreign cooperative: means a cooperative corporation that is organized under laws other than the laws of this state. See Oregon Statutes 62.015
• 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 corporation: means a corporation for profit that is incorporated under laws other than the laws of this state. See Oregon Statutes 62.015
• 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 limited liability company: means an entity that is an unincorporated association organized under laws other than the laws of this 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 62.015
• Foreign limited liability partnership: means a partnership that:

  (a) Is formed under laws other than the law of this state; and

  (b) Has the status of a limited liability partnership under those laws. See Oregon Statutes 67.005

• 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 nonprofit corporation: means a corporation not for profit that is organized under laws other than the laws of this state. See Oregon Statutes 62.015
• Foreign professional corporation: means a professional corporation 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 this state. See Oregon Statutes 62.015
• Fraud: Intentional deception resulting in injury to another.
• 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
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• 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 or the estate of an incompetent individual or a deceased individual. See Oregon Statutes 60.001
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Intestate: Dying without leaving a will.
• 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.
• Judgment: means a judgment or appealable order, as provided in ORS § 19. See Oregon Statutes 19.005
• Juror: A person who is on the jury.
• Land: includes water, water rights, easements of every nature and all appurtenances to land. See Oregon Statutes 273.006
• Land: includes water, water rights, easements of every nature and all appurtenances to land. See Oregon Statutes 274.005
• 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}
• Legacy: A gift of property made by will.
• 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.
• Limited liability partnership: means a partnership that has registered under ORS § 67. See Oregon Statutes 67.005
• Line of ordinary high water: means the line on the bank or shore to which the high water ordinarily rises annually in season. See Oregon Statutes 274.005
• 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
• Material: includes gravel, rock, sand and silt, but does not include hard minerals subject to ORS § 274. See Oregon Statutes 274.005
• Member: means a person that is qualified and accepted for membership in a cooperative. See Oregon Statutes 62.015
• Membership stock: means any class of stock, continuous ownership of which is required for membership in a cooperative. See Oregon Statutes 62.015
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Notice of appeal: includes a notice of cross-appeal. See Oregon Statutes 19.005
• Oath: A promise to tell the truth.
• 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.
• 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.
• Partnership: means an association of two or more persons to carry on as co-owners a business for profit created under ORS § 67. See Oregon Statutes 67.005
• Partnership agreement: means the agreement, whether written, oral or implied, among the partners concerning the partnership, including amendments to the partnership agreement. See Oregon Statutes 67.005
• Partnership at will: means a partnership in which the partners have not agreed to remain partners until the expiration of a definite term or the completion of a particular undertaking. See Oregon Statutes 67.005
• Per stirpes: The legal means by which the children of a decedent, upon the death of an ancestor at a level above that of the decedent, receive by right of representation the share of the ancestor
• Person: means an individual or entity. See Oregon Statutes 60.001
• Person: means an individual, corporation, association, firm, partnership, joint stock company, cooperative or foreign cooperative. See Oregon Statutes 62.015
• Person: means an individual, corporation, business trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, instrumentality or any other legal or commercial entity. See Oregon Statutes 67.005
• Personal property: All property that is not real property.
• 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.
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• 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.
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• 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
• Professional service: means the service rendered by a professional. See Oregon Statutes 67.005
• Property: means all property, real, personal or mixed, tangible or intangible, or any interest therein. See Oregon Statutes 67.005
• 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 notice: means any legal publication which requires an affidavit of publication as required in ORS § 193. See Oregon Statutes 174.104
• 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 date: means the date established under this chapter on which a corporation determines the identity of the corporation's shareholders and their shareholdings for purposes of this chapter. See Oregon Statutes 60.001
• 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.
• Revenue: means all fees, tolls, excise taxes, assessments, property taxes and other taxes, rates, charges, rentals and other income or receipts derived by a state agency or to which a state agency is entitled. See Oregon Statutes 286A.001
• Service of process: The service of writs or summonses to the appropriate party.
• 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.
• 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
• Shareholder: means a holder of shares of capital stock of a cooperative other than membership stock. See Oregon Statutes 62.015
• Shell entity: means an entity that has the characteristics described in ORS § 60. See Oregon Statutes 60.001
• Signature: means a manual, facsimile, conformed or electronic signature. See Oregon Statutes 62.015
• State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico or any territory or insular possession subject to the jurisdiction of the United States. See Oregon Statutes 67.005
• state government: means the executive department, the judicial department and the legislative department. See Oregon Statutes 174.111
• State land: means public land controlled by the Department of State Lands. See Oregon Statutes 273.006
• Statute: A law passed by a legislature.
• 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.
• Summons: Another word for subpoena used by the criminal justice system.
• Supersedeas undertaking: means an undertaking on appeal that secures performance of a judgment being appealed and operates to stay enforcement of the judgment pending appeal. See Oregon Statutes 19.005
• 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.
• Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• 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.
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Transfer: includes an assignment, conveyance, lease, mortgage, deed, encumbrance, creation of a security interest and any other disposition. See Oregon Statutes 67.005
• 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.
• United States: means the federal government or a district, authority, bureau, commission, department or any other agency of the United States. See Oregon Statutes 60.001
• 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.
• 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
• Voting group: means all shares of one or more classes or series that under the articles of incorporation or this chapter are entitled to vote and be counted together collectively on a matter at a meeting of shareholders. See Oregon Statutes 60.001
• 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