Massachusetts General Laws > Chapter 110A – Uniform Securities Act

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Terms Used In Massachusetts General Laws > Chapter 110A - Uniform Securities 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.
• 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.
• Annuity : A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Assets : (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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
• 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.
• 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 : 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.
• Deed : The legal instrument used to transfer title in real property from one person to another.
• 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.
• 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
• Fiduciary : A trustee, executor, or administrator.
• 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.
• 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.
• Guarantor : A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
• Guardian : A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Injunction : An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Interests : includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
• 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.
• Litigation : A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• 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.
• 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.
• Plaintiff : The person who files the complaint in a civil lawsuit.
• Rescission : The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• 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.
• Statute : A law passed by a legislature.
• Subpoena : A command to a witness to appear and give testimony.
• Temporary restraining order : Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
• Testify : Answer questions in court.
• Testimony : Evidence presented orally by witnesses during trials or before grand juries.
• Trustee : A person or institution holding and administering property in trust.