Terms Used In Texas Agriculture Code Chapter 56 - Agricultural Finance Corporations

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
• Contingent beneficiary: Receiver of property or benefits if the first named beneficiary fails to receive any or all of the property or benefits in question before his (her) death.
• 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.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Justice: when applied to a magistrate, means justice of the peace. See Texas Government Code 312.011
• 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.
• Probate: Proving a will
• Week: means seven consecutive days. See Texas Government Code 311.005