Kentucky Statutes > Chapter 365 – Trade Practices

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Terms Used In Kentucky Statutes > Chapter 365 - Trade Practices

• Action : includes all proceedings in any court of this state. See Kentucky Statutes 446.010
• 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.
• Amendment : A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• 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.
• Attorney : means attorney-at-law. See Kentucky Statutes 446.010
• Bankruptcy : Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• 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
• branch budget : means an enactment by the General Assembly which provides appropriations and establishes fiscal policies and conditions for the biennial financial plan for the judicial branch, the legislative branch, and the executive branch, which shall include a separate budget bill for the Transportation Cabinet. See Kentucky Statutes 446.010
• Business trust : includes , except when utilized in KRS Chapter 386, a "statutory trust" as organized under KRS Chapter 386A. See Kentucky Statutes 446.010
• City : includes town. See Kentucky Statutes 446.010
• Common law : The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Company : may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
• Complaint : A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Continuance : Putting off of a hearing ot trial until a later time.
• Contract : A legal written agreement that becomes binding when signed.
• Conviction : A judgement of guilt against a criminal defendant.
• Corporation : may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
• 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.
• Decedent : A deceased person.
• Defendant : In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Dependent : A person dependent for support upon another.
• Discovery : Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Domestic : when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
• 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
• 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.
• Executor : A male person named in a will to carry out the decedent
• Federal : refers to the United States. See Kentucky Statutes 446.010
• 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
• Foreign : when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
• Fraud : Intentional deception resulting in injury to another.
• Gift : A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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.
• Interest 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
• Legatee : A beneficiary of a decedent
• 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.
• Lineal descendant : Direct descendant of the same ancestors.
• Litigation : A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Livestock : means cattle, sheep, swine, goats, horses, alpacas, llamas, buffaloes, or any other animals of the bovine, ovine, porcine, caprine, equine, or camelid species. See Kentucky Statutes 446.010
• Month : means calendar month. See Kentucky Statutes 446.010
• Mortgage : The written agreement pledging property to a creditor as collateral for a loan.
• 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.
• Owner : when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
• Partnership : includes both general and limited partnerships. See Kentucky Statutes 446.010
• 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.
• Personal property : All property that is not real property.
• Plaintiff : The person who files the complaint in a civil lawsuit.
• Power of attorney : A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
• real estate : includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
• 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
• 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.
• Restitution : The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Service of process : The service of writs or summonses to the appropriate party.
• 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, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
• Statute : A law passed by a legislature.
• Statute of limitations : A law that sets the time within which parties must take action to enforce their rights.
• Testify : Answer questions in court.
• Tort : A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Treatment : when used in a criminal justice context, means targeted interventions
  that focus on criminal risk factors in order to reduce the likelihood of criminal behavior. See Kentucky Statutes 446.010
• Trial : A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee : A person or institution holding and administering property in trust.
• Violate : includes failure to comply with. See Kentucky Statutes 446.010
• Year : means calendar year. See Kentucky Statutes 446.010