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Flashcards in Terms Deck (11):
0

The person named in the will to handle the property of someone who died. This person also handles any probate court proceedings and notifies people and organizations of the death.

Executor

1

The person appointed by the court to handle the estate of someone who is died without a will or with the will but no nominated executor, or the executor named in the will has died, has been removed from the case, or does not wish to serve.

Administrator

2

A neutral person appointed by the judge to take charge of the property and business of one of the parties to a lawsuit and receive rents and profits coming to a debtor either while a bankruptcy is being processed or while an arrangement is being worked out to pay creditors.

Bank trustee

3

One who manages as it's owned by a trust under the terms of the trust document. This person's purpose is to safeguard the trust and distribute trust income or principal as directed in a trust document.

Trustee or guardian

4

Individuals or companies that for a fee, bring borrowers and lenders together for the organization of alone.

Mortgage broker

5

Authority intentionally given by a principal to an agent

Actual authority

6

Authority expressly communicated in words or in writing, by the principle to an agent.

Express authority

7

Authority directly given to an agent to do everything reasonably necessary to carry out the principles express orders.

Implied authority

8

Damages award that is added to compensatory damages, to punish the defendant for malicious, outrageous conduct and discourage others from engaging in similar other acts.

Punitive damages

9

A person of trust, held by law to high standards of good faith and loyalty.

Fiduciary

10

Fiduciary duties O-L-D C-A-R

Obedience
Loyalty
Disclosure
Confidentiality
Accountability
Reasonable Care