Terms Used In West Virginia Code > Chapter 55 > Article 21 - Uniform Commercial Real Estate Receivership Act

• Affiliate: means :

  (1) With respect to an individual:

  (A) A spouse, companion, or domestic partner of the individual. See West Virginia Code 55-21-2

• 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.
• 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.
• Court: means a circuit court. See West Virginia Code 55-21-2
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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}
• Executory contract: means a contract, including a lease, under which each party has an unperformed obligation and the failure of a party to complete performance would constitute a material breach. See West Virginia Code 55-21-2
• Fiduciary: A trustee, executor, or administrator.
• 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}
• Governmental unit: means an office, department, division, bureau, board, commission, or other agency of this state or a subdivision of this state. See West Virginia Code 55-21-2
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Judgment: includes decrees and orders for the payment of money, or the conveyance or delivery of land or personal property, or some interest therein, or any undertaking, bond or recognizance which has the legal effect of a judgment. See West Virginia Code 2-2-10
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: means an interest in property which secures payment or performance of an obligation. See West Virginia Code 55-21-2
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage: means a record, however denominated, that creates or provides for a consensual lien on real property or rents, even if it also creates or provides for a lien on personal property. See West Virginia Code 55-21-2
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagee: means a person entitled to enforce an obligation secured by a mortgage. See West Virginia Code 55-21-2
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Mortgagor: means a person that grants a mortgage or a successor in ownership of the real property described in the mortgage. See West Virginia Code 55-21-2
• 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.
• Owner: means the person for whose property a receiver is appointed. See West Virginia Code 55-21-2
• Person: means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See West Virginia Code 55-21-2
• Personal property: All property that is not real property.
• personal property: includes goods, chattels, real and personal, money, credits, investments, and the evidences thereof. See West Virginia Code 2-2-10
• Proceeds: means the following property:

  (1) Whatever is acquired on the sale, lease, license, exchange, or other disposition of receivership property. See West Virginia Code 55-21-2

• Property: means all of a person's right, title, and interest, both legal and equitable, in real and personal property, tangible and intangible, wherever located and however acquired. See West Virginia Code 55-21-2
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: include lands, tenements and hereditaments, all rights thereto and interests therein, except chattel interests. See West Virginia Code 2-2-10
• Receiver: means a person appointed by the court as the court's agent, and subject to the court's direction, to take possession of, manage, and, if authorized by this article or court order, transfer, sell, lease, license, exchange, collect, or otherwise dispose of receivership property. See West Virginia Code 55-21-2
• Receivership: means a proceeding in which a receiver is appointed. See West Virginia Code 55-21-2
• Receivership property: means the property of an owner which is described in the order appointing a receiver or a subsequent order. See West Virginia Code 55-21-2
• Rents: means :

  (1) Sums payable for the right to possess or occupy, or for the actual possession or occupation of, real property of another person. See West Virginia Code 55-21-2

• Secured obligation: means an obligation the payment or performance of which is secured by a security agreement. See West Virginia Code 55-21-2
• Security agreement: means an agreement that creates, or provides for, a lien. See West Virginia Code 55-21-2
• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See West Virginia Code 55-21-2
• Subpoena: A command to a witness to appear and give testimony.
• Trustee: A person or institution holding and administering property in trust.