Illinois Compiled Statutes > 35 ILCS 115 – Service Occupation Tax Act

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Terms Used In Illinois Compiled Statutes > 35 ILCS 115 - Service Occupation Tax 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.
• Attachment : A procedure by which a person's property is seized to pay judgments levied by the court.
• Charity : An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• Electronic funds transfer : The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
• Executor : A male person named in a will to carry out the decedent
• Fair market value : The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fraud : Intentional deception resulting in injury to another.
• 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.
• individual : shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
• Legal tender : coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
• Month : means a calendar month, and the word "year" a calendar year unless otherwise expressed; and the word "year" alone, is equivalent to the expression "year of our Lord. See Illinois Compiled Statutes 5 ILCS 70/1.10
• Person under legal disability : means a person 18 years or older who (a) because of mental deterioration or physical incapacity is not fully able to manage his or her person or estate, or (b) is a person with mental illness or is a person with developmental disabilities and who because of his or her mental illness or developmental disability is not fully able to manage his or her person or estate, or (c) because of gambling, idleness, debauchery or excessive use of intoxicants or drugs, so spends or wastes his or her estate as to expose himself or herself or his or her family to want or suffering. See Illinois Compiled Statutes 5 ILCS 70/1.06
• 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.
• Service of process : The service of writs or summonses to the appropriate party.
• 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.
• Testimony : Evidence presented orally by witnesses during trials or before grand juries.
• Trustee : A person or institution holding and administering property in trust.