Washington Code > Chapter 31.12 – Washington state credit union act
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Terms Used In Washington Code > Chapter 31.12 - Washington state credit union act
- 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.
- Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
- 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.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the board of directors of a credit union. See Washington Code 31.12.005
- Board officer: means an officer of the board elected under RCW 31. See Washington Code 31.12.005
- Capital: means a credit union's reserves, undivided earnings, and allowance for loan and lease losses, and other items that may be included under RCW 31. See Washington Code 31.12.005
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- 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 union: means a credit union organized and operating under this chapter. See Washington Code 31.12.005
- Credit union service organization: means an organization that a credit union has invested in pursuant to RCW 31. See Washington Code 31.12.005
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Department: means the department of financial institutions. See Washington Code 31.12.005
- Director: means the director of financial institutions. See Washington Code 31.12.005
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- 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.
- Federal credit union: means a credit union organized and operating under the laws of the United States. See Washington Code 31.12.005
- Fiduciary: A trustee, executor, or administrator.
- Financial institution: means any commercial bank, trust company, savings bank, or savings and loan association, whether state or federally chartered, and any credit union, out-of-state credit union, or federal credit union. See Washington Code 31.12.005
- 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.
- Foreign credit union: means a credit union organized and operating under the laws of another country or other foreign jurisdiction. See Washington Code 31.12.005
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- 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
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Insolvency: means :
Washington Code 31.12.005Interest 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 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 Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto). 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. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Loan: means any loan, overdraft line of credit, extension of credit, or lease, in whole or in part. See Washington Code 31.12.005 Material violation of law: means :
Washington Code 31.12.005Mortgage: The written agreement pledging property to a creditor as collateral for a loan. National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC Net worth: means a credit union's capital, less the allowance for loan and lease losses. See Washington Code 31.12.005 Oath: A promise to tell the truth. 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. Operating officer: means an employee of a credit union designated as an officer pursuant to RCW 31. See Washington Code 31.12.005 Organization: means a corporation, partnership, association, limited liability company, trust, or other organization or entity. See Washington Code 31.12.005 Out-of-state credit union: means a credit union organized and operating under the laws of another state or United States territory or possession. See Washington Code 31.12.005 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 organization or a natural person including, but not limited to, a sole proprietorship. See Washington Code 31.12.005 Personal property: All property that is not real property. primarily: means more than one-half. See Washington Code 31.12.005 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Quorum: The number of legislators that must be present to do business. 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. Senior operating officer: includes :
Washington Code 31.12.005Significantly undercapitalized: means a net worth to total assets ratio of less than four percent. See Washington Code 31.12.005 Statute: A law passed by a legislature. Testimony: Evidence presented orally by witnesses during trials or before grand juries. Trustee: A person or institution holding and administering property in trust. Unsafe or unsound condition: means , but is not limited to:
Washington Code 31.12.005Unsafe or unsound practice: means any action, or lack of action, which is contrary to generally accepted standards of prudent operation, the likely consequences of which, if continued, would be abnormal risk of loss or danger to a credit union, its members, or an organization insuring or guaranteeing its shares and deposits. See Washington Code 31.12.005