Terms Used In Oregon Statutes > Chapter 821 - Off-Road Vehicles; Snowmobiles; All-Terrain Vehicles

• Acquisition: means the purchase, improvement or refinancing of a home or farm or the payment of down payments or closing costs for such purposes. See Oregon Statutes 407.085
• 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.
• Agency: means any state board, commission, department, or division thereof, or officer authorized by law to make rules or to issue orders, except those in the legislative and judicial branches. See Oregon Statutes 183.310
• Amortization: Paying off a loan by regular installments.
• Any other state: includes any state and the District of Columbia. See Oregon Statutes 174.100
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• City: includes any incorporated village or town. See Oregon Statutes 174.100
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contested case: means a proceeding before an agency:

  (A) In which the individual legal rights, duties or privileges of specific parties are required by statute or Constitution to be determined only after an agency hearing at which such specific parties are entitled to appear and be heard;

  (B) Where the agency has discretion to suspend or revoke a right or privilege of a person;

  (C) For the suspension, revocation or refusal to renew or issue a license where the licensee or applicant for a license demands such hearing; or

  (D) Where the agency by rule or order provides for hearings substantially of the character required by ORS § 183. See Oregon Statutes 183.310

• Contract: A legal written agreement that becomes binding when signed.
• County court: includes board of county commissioners. See Oregon Statutes 174.100
• 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.
• Dependent: A person dependent for support upon another.
• Devise: To gift property by will.
• director: means Director of Veterans' Affairs. See Oregon Statutes 406.010
• 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.
• 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.
• 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.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Final order: means final agency action expressed in writing. See Oregon Statutes 183.310
• 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.
• Fixed interest rate: means an interest rate on a home or farm loan that remains the same for the term of the loan. See Oregon Statutes 407.085
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• 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}
• 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
• 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.
• Hearing officer: includes an administrative law judge. See Oregon Statutes 183.310
• Home: includes real property connected to a residential structure, including any long-term leasehold and any outbuildings. See Oregon Statutes 407.085
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Manufactured home: means a structure that is:

  (a) At least 20 feet in width;

  (b) Constructed for movement on the public highways and that has sleeping, cooking and plumbing facilities;

  (c) Intended for human occupancy;

  (d) Being used for residential purposes;

  (e) Classified and taxed as real property in the county where the structure is located; and

  (f) Constructed in accordance with federal manufactured housing construction and safety standards adopted under ORS § 446. See Oregon Statutes 407.085

• Minority leader: See Floor Leaders
• 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.
• 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}
• 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.
• Order: includes any agency determination or decision issued in connection with a contested case proceeding. See Oregon Statutes 183.310
• Oversight: Committee review of the activities of a Federal agency or program.
• Person: means any individual, partnership, corporation, association, governmental subdivision or public or private organization of any character other than an agency. See Oregon Statutes 183.310
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• 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.
• 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
• 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.
• Remand: When an appellate court sends a case back to a lower court for further proceedings.
• Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) ^{Source: OCC}
• Rule: means any agency directive, standard, regulation or statement of general applicability that implements, interprets or prescribes law or policy, or describes the procedure or practice requirements of any agency. See Oregon Statutes 183.310
• state government: means the executive department, the judicial department and the legislative department. See Oregon Statutes 174.111
• Trust deed: has the meaning given that term in ORS § 86. See Oregon Statutes 407.085
• Variable interest rate: means an interest rate on a home or farm loan that may change periodically during the term of the loan. See Oregon Statutes 407.085
• 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.