Terms Used In Virginia Code > Title 8.9A > Part 5 > Part 1 - Filing Office, Contents and Effectiveness of Financing Statement

• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Controlling person: means a natural person who is an officer, director, or partner, or who occupies a similar status or performs a similar function, of a franchisor organized as a corporation, partnership, or other entity, or any person who possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of a franchisor, whether through the ownership of voting securities, by contract, or otherwise. See Virginia Code 13.1-559
• Decedent: A deceased person.
• 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.
• Fraud: Intentional deception resulting in injury to another.
• 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.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• offer to sell: includes every attempt to offer to dispose of or grant, and every solicitation of an offer to buy, a franchise or an interest in a franchise for value. See Virginia Code 13.1-559
• Personal representative: includes the executor of a will or the administrator of the estate of a decedent, the administrator of such estate with the will annexed, the administrator of such estate unadministered by a former representative, whether there is a will or not, any person who is under the order of a circuit court to take into his possession the estate of a decedent for administration, and every other curator of a decedent's estate, for or against whom suits may be brought for causes of action that accrued to or against the decedent. See Virginia Code 1-234
• Place of business: means a building or portion thereof from which the goods or services authorized by the franchise are sold or offered for sale in person by the franchisee or employees or agents of the franchisee, or a truck or van used in the sale of such goods which is of a type designated by the franchisor and is equipped and marked in conformance with requirements of the franchisor. See Virginia Code 13.1-559
• Preopening obligations: means the franchisor's obligations to provide to the franchisee, prior to the opening of the franchisee's business, real estate, improvements, equipment, inventory, training, or other items to be included in the offering. See Virginia Code 13.1-559
• real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
• sell: includes every contract or agreement of sale or grant of, contract to sell, or disposition of a franchise or interest in a franchise for value. See Virginia Code 13.1-559
• Subfranchisor: means a person who is authorized by a franchisor to grant a franchise within a particular geographic region. See Virginia Code 13.1-559
• Testator: A male person who leaves a will at death.