New Mexico Statutes > Chapter 57 > Article 12 – Unfair Trade Practices

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Terms Used In New Mexico Statutes > Chapter 57 > Article 12 - Unfair Trade Practices

• 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.
• Assets : (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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.
• Complaint : A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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.
• Damages : Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Defendant : In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Escrow : Money given to a third party to be held for payment until certain conditions are met.
• 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.
• Gift : A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Injunction : An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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
• 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.
• National Bank : A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
• 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.
• Real property : Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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.
• Right of rescission : Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
• Subpoena : A command to a witness to appear and give testimony.
• Subpoena duces tecum : A command to a witness to produce documents.
• Summons : Another word for subpoena used by the criminal justice system.
• Writ : A formal written command, issued from the court, requiring the performance of a specific act.