Terms Used In West Virginia Code > Chapter 46 > Article 4 > Part 1 - General Provisions and Definitions

• Account: means any deposit or credit account with a bank, including demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit. See West Virginia Code 46-4-104
• Afternoon: means the period of a day between noon and midnight. See West Virginia Code 46-4-104
• Banking day: means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions. See West Virginia Code 46-4-104
• 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.
• Draft: means a draft as defined in section 3-104 or an item, other than an instrument, that is an order. See West Virginia Code 46-4-104
• Drawee: means a person ordered in a draft to make payment. See West Virginia Code 46-4-104
• Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See West Virginia Code 46-4-104
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• 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.
• 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.
• 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.
• State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
• 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}