New Mexico Statutes > Chapter 53 > Article 8 – Nonprofit Corporations

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Terms Used In New Mexico Statutes > Chapter 53 > Article 8 - Nonprofit Corporations

• 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-in-fact : A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Bequest : Property gifted by will.
• 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.
• Devise : To gift property by will.
• 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.
• Ex officio : Literally, by virtue of one's office.
• Fiduciary : A trustee, executor, or administrator.
• 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
• 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.
• 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.
• Personal property : All property that is not real property.
• Precedent : A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Quorum : The number of legislators that must be present to do business.
• 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.
• Trustee : A person or institution holding and administering property in trust.