Terms Used In Texas Finance Code Chapter 347 > Subchapter K - Creditor's Liability; Penalties

• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• 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.
• Consumer: means a person to whom credit is extended in a credit transaction. See Texas Finance Code 347.002
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Credit transaction: means :
  (A) any sale, loan, or other transaction involving a retail purchase of a manufactured home and under which a person in a written agreement, including a credit sales contract or loan instrument, grants to another person a purchase money lien on the manufactured home to secure an extension of credit that is:
  (i) subject to a finance charge; or
  (ii) payable in more than four installments, not including a down payment; and
  (B) a lease or bailment described by § 347. See Texas Finance Code 347.002
• Creditor: means a:
  (A) person who extends credit or arranges for the extension of credit in a credit transaction; or
  (B) retailer or broker, as defined by § 1201. See Texas Finance Code 347.002
• Department: means the Department of Agriculture. See Texas Agriculture Code 1.003
• 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}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Livestock: means cattle, horses, mules, asses, sheep, goats, llamas, alpacas, exotic livestock, including elk and elk hybrids, and hogs, unless otherwise defined. See Texas Agriculture Code 1.003
• Manufactured home: has the meaning assigned by § 1201. See Texas Finance Code 347.002
• 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.
• Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
• Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005