Illinois Compiled Statutes > 770 ILCS 103 – Timeshare Lien and Security Interest Act

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Terms Used In Illinois Compiled Statutes > 770 ILCS 103 - Timeshare Lien and Security Interest Act

• 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.
• 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.
• 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
• Fraud : Intentional deception resulting in injury to another.
• Freedom of Information Act : A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
• Legacy : A gift of property made by will.
• Mortgage : The written agreement pledging property to a creditor as collateral for a loan.
• Probable cause : A reasonable ground for belief that the offender violated a specific law.
• Probation : A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Public law : A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Summons : Another word for subpoena used by the criminal justice system.
• 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