Terms Used In Vermont Statutes > Title 9A > Article 2A - Leases

• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• 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 the Agency of Transportation. See
• Agent: means an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities or represents an issuer in effecting or attempting to effect purchases or sales of the issuer's securities. See
• Allegation: something that someone says happened.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• 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
• 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.
• Authority: means the Vermont Economic Development Authority established under section 213 of this title. See
• Authority: means the Vermont Economic Development Authority established under section 213 of this title. See
• 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}
• Board: means the Vermont Housing and Conservation Board established by this chapter. See
• Board: means the State Infrastructure Bank Board as established under this subchapter. See
• Bond: means a note, bond, debenture, or any other evidence of indebtedness issued by a municipality or by the State of Vermont under subchapter 4 of this chapter to finance a project in whole or in part or to refund indebtedness incurred for that purpose. See
• Bond act: means any general or special law authorizing a governmental unit to incur indebtedness for all or any part of the cost of a qualified project. See
• Bonds: means bonds, notes, or other evidence of indebtedness. See
• Borrower obligations: means government obligations or a promissory note of a private enterprise issued to evidence a loan. See
• Commercial unit: means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See
• Commissioner: means the Commissioner of Financial Regulation. See
• Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose. See
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
• Eligible activity: means any activity which will carry out either or both of the dual purposes of creating affordable housing and conserving and protecting important Vermont lands, including activities which will encourage or assist:

• Eligible applicant: means any:

• eligible facility: means the creation, establishment, acquisition, construction, expansion, improvement, reclamation, or renovation of an eligible facility. See
• eligible project: means any industrial, commercial, or agricultural enterprise or endeavor approved by the Authority that meets the criteria established in the Vermont Sustainable Jobs Strategy adopted by the Governor under section 280b of this title, including land and rights in land, air, or water; buildings; structures; machinery; and equipment of such eligible facilities or eligible projects, except that an eligible facility or project shall not include the portion of an enterprise or endeavor relating to the sale of goods at retail where such goods are manufactured primarily out of State, and except further that an eligible facility or project shall not include the portion of an enterprise or endeavor relating to housing unless otherwise authorized in this chapter. See
• 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}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Ex officio: Literally, by virtue of one's office.
• Executor: A male person named in a will to carry out the decedent
• 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.
• Fault: means wrongful act, omission, breach, or default. See
• Federally guaranteed security: means any security, investment, or evidence of indebtedness that is either directly or indirectly insured, or guaranteed, in whole or in part, as to the repayment of principal or interest, or both, by the United States or any instrumentality thereof. See
• Federally insured project loan: means any loan to finance or refinance the cost of a project that is either directly or indirectly insured or guaranteed, in whole or in part, as to the repayment of principal or interest, or both, by the United States or any instrumentality thereof, or any commitment by the United States or any instrumentality thereof to so insure or guarantee such a loan. See
• Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
• Fiduciary: A trustee, executor, or administrator.
• Filing: means the receipt under this chapter of a record by the Commissioner or a designee of the Commissioner. See
• Finance lease: means a lease with respect to which:

• Financial assistance: means any financial assistance for a qualified project provided by the Board under the Program, including loans to and leases with qualified borrowers, the establishment of reserves and other security, and guarantees of and credit enhancement for the obligations of governmental units and private enterprises incurred in connection with the financing of qualified projects. See
• 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.
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• 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}
• Fraud: Intentional deception resulting in injury to another.
• Fund: means the Vermont Housing and Conservation Trust Fund established by this chapter. See
• 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
• General revenues: when used with reference to a governmental unit means revenues, receipts, assessments, and other monies of a governmental unit, and all rights to receive the same, including revenue permitted to be collected by municipalities, project revenue, assessments upon or payments received from any other governmental unit that is a member or service recipient of the governmental unit, proceeds of loans made in accordance with this subchapter and of grants made in accordance with State transportation or highway grant programs, investment earnings, reserves for debt service or other capital or current expenses, receipts from any rate, charge, tax excise, or fee, all or a part of the receipts of which are payable or distributable to or for the account of the governmental unit, local aid distributions, if any, and receipts, distributions, reimbursements, and other assistance from the State or the United States; provided, however, that general revenues shall not include any monies restricted by law to specific statutorily defined purposes inconsistent with their treatment as general revenues for purposes of this subchapter. See
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (§ 2A—309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See
• Governing body: means the board of aldermen or city council of a city, the board of selectboard members of a town, and the trustees of an incorporated village. See
• Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
• Guarantee: means a contract or contracts entered into by the Program pursuant to which the Program agrees to guarantee all or a portion of the obligations of a governmental unit or private enterprise incurred to finance a qualified project. See
• Highway account: means the highway account of the Program, established under this subchapter. See
• 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}
• Industrial park: means an area of land planned and designed as a location for one or more industrial buildings, including adequate access roads, utilities, and other services necessary for eligible facilities. See
• Industrial park planning and development: means the basic architectural and engineering services needed to determine site and land use feasibility, and the planning and carrying out of land improvements necessary to make industrial land usable. See
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Installment lease contract: means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent. See
• 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}
• Investment adviser: means a person that, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities or that, for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities. See
• ISTEA: means the federal Intermodal Surface Transportation Efficiency Act of 1991, P. See
• 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.
• 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}
• Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See
• Lease: means any form of capital or operating lease for all or a portion of a qualified project between the Program and a governmental unit or private enterprise. See
• Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this article. See
• Lease contract: means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. See
• Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See
• Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
• Lessee: means a person who acquires the right to possession and use of goods under a lease. See
• Lessor: means a person who transfers the right to possession and use of goods under a lease. See
• 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.
• Lien: means a charge against or interest in goods to secure payment of a debt or performance of an obligation, but the term does not include a security interest. See
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Loan: means any form of financial assistance subject to repayment which is provided by the Program to a qualified borrower for all or any part of the cost of a qualified project. See
• Loan agreement: means any agreement entered into between the program and a qualified borrower pertaining to a loan or lease. See
• Local development corporation: means any nonprofit organization incorporated in the State for the purpose of fostering, encouraging, and assisting the physical location of business enterprises within the State and having as its principal purpose the industrial and economic development of one or more political subdivisions, and shall include the Northeastern Vermont Development Association and any State development company organized under subdivision 216(13) of this title; however, in addition to the foregoing, for the purpose of providing assistance to small business incubator facilities, any nonprofit organization that enters into a written agreement with the Authority to establish, operate, and administer a small business incubator facility, including municipalities, local or regional nonprofit development corporations, and higher educational institutions, shall have the rights and obligations of a local development corporation under this chapter. See
• Lot: means a parcel or a single article that is the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract. See
• Lower income: means less than or equal to the median income based on statistics from State or federal sources. See
• Merchant lessee: means a lessee that is a merchant with respect to goods of the kind subject to the lease. See
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Municipality: means a city, town, or incorporated village. See
• Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
• NHS Act: means the federal National Highway System Designation Act of 1995, P. See
• 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.
• Offer to purchase: includes an attempt or offer to obtain, or solicitation of an offer to sell, a security or interest in a security for value. See
• Oversight: Committee review of the activities of a Federal agency or program.
• 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 an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity. See
• Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Political subdivision: means a city, town, incorporated village, or county. See
• post-consumer materials: means only those products generated by a business or a consumer that have served their intended end uses and that have been separated or diverted from solid waste. See
• Present value: means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. See
• Private enterprise: means a private person or entity that has entered into a contract with a public authority to design, finance, construct, or operate a qualified project that is within the jurisdiction of such public authority, provided that the public authority is responsible for complying with all applicable requirements of ISTEA and the NHS Act with respect to such qualified project. See
• Processing: means to subject a product to a particular method, system, or technique of preparation, handling, or other treatment designed to effect a particular result. See
• Program: means the State Infrastructure Bank Program established pursuant to this subchapter. See
• Project costs: means any costs or expenses reasonably incidental to a project and may without limitation include the costs of:

• Project revenues: means all rates, rents, fees, assessments, charges and other receipts derived or to be derived by a qualified borrower from a qualified project, and, if so provided in the applicable loan agreement pursuant to this subchapter, from any system of which such qualified project is a part and any other revenue producing facilities under the ownership or control of such qualified borrower, including proceeds of grants, gifts, appropriations and loans, including the proceeds of loans or grants made by the Board, investment earnings, reserves for capital and current expenses, proceeds of insurance or condemnation and the sale or other disposition of property; provided, however, the project revenues shall not include any ad valorem taxes levied directly by a governmental unit on any real and personal property. See
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See
• Qualified borrower: means any governmental unit or private enterprise that is authorized to construct, operate, or own a qualified project. See
• Qualified project: means any activity, as defined in Title 23 and Title 49, Code of Federal Regulations. See
• Quorum: The number of legislators that must be present to do business.
• real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Revenues: when used with respect to the Board, means any receipts, fees, revenues, or other payments received or to be received by the Program, including receipts and other payments received by or deposited in the Program, payments of principal, interest, or other charges on loans, leases, grants, appropriations or other financial assistance from the State or the United States or any political subdivision or instrumentality of either in connection with the Program, investment earnings on its funds and accounts, including the Program, and any other fees, charges, or other income received or receivable by the Program. See
• road: shall include bridges thereon and their approaches. See
• said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. See
• Sale: includes every contract of sale, contract to sell, or disposition of a security or interest in a security for value, and "offer to sell" includes every attempt or offer to dispose of, or solicitation of an offer to purchase, a security or interest in a security for value. See
• seal: shall include an impression of the official seal made upon paper alone or by means of a wafer or wax affixed thereto. See
• Secretary: means the Secretary of Transportation. See
• Securities and Exchange Commission: means the U. See
• Security: means a note; stock; treasury stock; security future; bond; debenture; evidence of indebtedness; certificate of interest or participation in a profit-sharing agreement; collateral trust certificate; preorganization certificate or subscription; transferable share; investment contract; voting trust certificate; certificate of deposit for a security; fractional undivided interest in oil, gas, or other mineral rights; put, call, straddle, option, or privilege on a security, certificate of deposit, or group or index of securities, including an interest therein or based on the value thereof; put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency; or, in general, an interest or instrument commonly known as a "security"; or a certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. See
• Self-regulatory organization: means any national securities exchange, registered securities association, clearing agency registered under 15 U. See
• 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.
• Small business incubator facility: means a building, group of buildings, or part of a building where small and growing businesses may obtain small units of space available for purchase or lease at below-market rates or on flexible terms, shared office support services, and financial and general business management advice and assistance. See
• Speculative building: means a basic structure of flexible design erected by a local development corporation for eventual sale or lease to a purchaser or tenant requiring eligible facilities. See
• State: means a state of the United States, the District of Columbia, Puerto Rico, the U. See
• State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
• 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.
• Sublease: means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease. See
• Subpoena: A command to a witness to appear and give testimony.
• Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See
• Supply contract: means a contract under which a lessor buys or leases goods to be leased. See
• sustainable development: means meeting the needs of the present without compromising the ability of future generations to meet their own needs. See
• Tenant: means the tenant or occupier of an eligible facility or small business incubator facility. See
• 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.
• Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
• Transit account: means the transit account of the Program, established pursuant to this subchapter. See
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust agreement: means any agreement entered into by the Program and the State Treasurer providing for the issuance, security, and payment of bonds issued pursuant to this subchapter. See
• Trustee: A person or institution holding and administering property in trust.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
• Village: shall mean an incorporated village. See