Terms Used In West Virginia Code > Chapter 46 > Article 4A > Part III - Execution of Sender's Payment Order by Receiving Bank

• Amortization: Paying off a loan by regular installments.
• Authority: means the West Virginia economic development authority, provided for in article fifteen, chapter . See West Virginia Code 5E-1-4
• 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}
• Capital base: means equity capital or net worth. See West Virginia Code 5E-1-4
• center: means an economic development and technology advancement center organized and operating under the laws of this state which has been designated by the authority as a qualified economic development and technology advancement center under the provisions of article twelve-a, chapter . See West Virginia Code 5E-1-4
• 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.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• 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}
• Qualified investment: means a debt or equity financing of a West Virginia business, but only if the business is engaged in one or more of the following activities: Manufacturing. See West Virginia Code 5E-1-4
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Small business investment company: means a small business investment company licensed by the United States small business investment administration under the federal small business investment act of 1958, 15 U. See West Virginia Code 5E-1-4
• State: means the State of West Virginia. See West Virginia Code 5E-1-4