Terms Used In Texas Natural Resources Code > Title 3 > Subtitle C - Pooling and Cooperative Agreements

• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• Commission: means the Texas Alcoholic Beverage Commission. See Texas Alcoholic Beverage Code 1.04
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• Illicit beverage: means an alcoholic beverage:
  (A) manufactured, distributed, bought, sold, bottled, rectified, blended, treated, fortified, mixed, processed, warehoused, stored, possessed, imported, or transported in violation of this code;
  (B) on which a tax imposed by the laws of this state has not been paid and to which the tax stamp, if required, has not been affixed; or
  (C) possessed, kept, stored, owned, or imported with intent to manufacture, sell, distribute, bottle, rectify, blend, treat, fortify, mix, process, warehouse, store, or transport in violation of this code. See Texas Alcoholic Beverage Code 1.04
• Lien: A claim against real or personal property in satisfaction of a debt.
• Liquor: means any alcoholic beverage, other than a malt beverage, containing alcohol in excess of five percent by volume, unless otherwise indicated. See Texas Alcoholic Beverage Code 1.04
• 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.
• Person: means a natural person or association of natural persons, trustee, receiver, partnership, corporation, organization, or the manager, agent, servant, or employee of any of them. See Texas Alcoholic Beverage Code 1.04
• Personal property: All property that is not real property.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005