Master Glossary – All Legal Glossary Terms
Santillán Law P.C. has provided this Master Glossary for those people who may be interested in learning and understanding common legal terms used in various kinds of cases such as Bankruptcy, Estate & Wills, Criminal Law, DUI, Uncontested Divorce, Real Estate and Cannabis/CBD Regulations and Law. This glossary is not and should not be construed as legal advice it is provided for informational purposes only and does not constitute “Legal Advice” For proper legal advice please consult a qualified attorney.
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- FailureAn economic assessment of the viability of a business, it means that a firm is either not earning what is expected (i.e. it has a below normal rate of return) or is not meeting its obligations. It is not synonymous with bankruptcy because bankruptcy is more of a formal and legal definition. A(...) Read More
- Fair Market ValueThe highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept. Read More
- Family LawThe area of law dealing with family relations including divorce, adoption, paternity, custody, and support Read More
- Family officeAn arrangement to coordinate the legal, tax, and other needs of one or more families, either through a true office staffed with employees or through outsourcing to the family’s regular advisors. Frequently, a family’s private trust company serves as the family office. Read More
- Family trustA trust established to benefit an individual’s spouse, children or other family members. A family trust is often the bypass trust or credit shelter trust created under a will. Read More
- FDA (Food and Drug Administration)The Food and Drug Administration (FDA) is a government agency established in 1906 with the passage of the Federal Food and Drugs Act. The agency is separated into divisions that oversee a majority of the organization's obligations involving food, drugs, cosmetics, animal food, dietary(...) Read More
- Fee examinerAppointed by the court to monitor fees paid to professionals in bankruptcy cases. Read More
- Fee mortgageA mortgage granted by the owner of the fee simple estate of real property. Read More
- Fee simple estateThe highest and most complete form of real property ownership. Read More
- Felony In many cases, felony offenses involve significant bodily injury to others, but some drug, theft, and white-collar crimes are felonies in Pennsylvania. Some common examples of felony offenses include murder, rape, kidnapping, and several other types of criminal offenses. It should be noted(...) Read More
- ”Feminized” SeedsFeminized seeds are female seeds that have been separated from male seeds. This can be done using genetic testing. Cannabis as a plant can be male, female, or both (sometimes called “herms”), and female plants are the most productive of the sexes. As a result, most growers seek out feminized seeds. Read More
- FHAAn acronym for the Federal Housing Administration. The FHA is a government agency whose primary purpose is to insure residential mortgage loans. Read More
- FICO scorean acronym for Fair Isaac Credit Organization. Fair, Isaac and Company, Inc. is a developer of data management systems used to rate credit risk. The term has evolved into a shorthand reference to credit scores created using their system. You can visit www.fairisaac.com for more information. Read More
- FiduciaryOne who is entrusted with duties on behalf of another. The law requires the highest level of good faith, loyalty and diligence of a fiduciary, higher than the common duty of care that we all owe one another. The debtor in possession in a Chapter 11 is a fiduciary for the creditors, owing(...) Read More
- Fiduciary (Wills & Estates)An individual or a bank or trust company designated to manage money or property for beneficiaries and required to exercise the standard of care set forth in the governing document under which the fiduciary acts and state law. Fiduciaries include executors and trustees. Read More
- Filing feesThe fees one must pay in order to file for Chapter 7, Chapter 11, Chapter 12, or Chapter 13. Fees are set by the court not by your attorney. Read More
- Financing statementA form created in connection with the UCC and designed to be filed in one or more official government offices to perfect a creditor’s security interest. Read More
- Fine Punishment or civil penalty payable to the public treasury. Read More
- First meeting of creditors (341 meeting)A mandatory meeting between creditors and the debtor. It is usually held within a month of the filing of bankruptcy but often occurs later when the debtor has filed its schedules of financial information. Read More
- FixturePersonal property which is permanently affixed or attached to real property such that it is considered to be an integral part of the real property. Read More
- FlavonoidsA group of phytonutrients known for providing color pigmentation to plants. Over 6,000 varieties of flavonoids have been found in nature, some of which are responsible for protecting plants against the elements, such as harmful UV raps, pests, and diseases. Cannabis flavonoids, called(...) Read More
- FloweringFlowering is a late stage in the life cycle of Cannabis. It is the stage where buds become dense, trichomes start appearing with greater frequency, and the Cannabis plant begins to prepare for reproduction. After flowering, Cannabis plants will die. Read More
- Flowering TimeThe period in which a plant produces flowers (bud). A plant enters the flowering time when its exposure to light hits 12 or fewer hours a day, in nature or in an artificial growing ecosystem. After plants have entered the flowering phase and are subjected to a schedule of 12 hours of darkness(...) Read More
- Forceful Seizure of Blood Sample This occurs in DUI-related matters in which the alleged offender refuses to submit to the drawing of blood to facilitate chemical testing that would determine his or her blood alcohol concentration (BAC). In Pennsylvania and despite implied consent laws, a person arrested for a DUI offense(...) Read More
- ForeclosureThe legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt. Read More
- Foreign Prior Convictions This refers to convictions which occurred in another state. It is also referred to as an out of state conviction. Out of state convictions for DUI will form part of an offender’s record in Pennsylvania. As a second or subsequent offender in another state, Pennsylvania will take action to(...) Read More
- Forfeiture Loss of cash bail deposited with the court – a penalty for failing to appear at trial. Read More
- Forgery The act of making a fake document or altering a real one with the intent to commit fraud. Read More
- Fraudulent conveyanceThe transfer of valuable assets from a company which i) occurs when the company is technically insolvent, ii) renders the company insolvent, or iii) is made for less than adequate consideration. The spate of leveraged buyouts and other highly leveraged transactions in the 1980's has spurred a(...) Read More
- Fresh startInformal term for the new accounting rules applicable to bankrupt companies. For companies that either file for Chapter 11 after January 1991 or emerge from Chapter 11 after June 1991, assets are to be valued at market value rather than at historical cost. Read More
- Full-SpectrumReferring to a cannabis extract that contains the complete range of cannabinoids, terpenes, flavonoids and fatty acids found in the plant. Compared to other extracts, full-spectrum contains everything the plant contains. The extraction technique is designed so that no active compounds are lost(...) Read More
- ”Full-Spectrum” ExtractThis is a special term used to refer to extracts that contain more than just cannabinoids, but also the majority of the cannabis’ terpene content. Read More
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