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A/B Trust: Common term for a marital trust. Generally used as an estate tax savings vehicle for couples whose assets are valued above the federal estate tax exclusion amount.

A.F.E.: Authorization For Expenditure, a request by the lease operator to other lease working interest owners (non-operators) for authorization to expend specified sums of money over and above ordinary operating expenses to influence operation and production of the lease. The request is based upon the judgment of the operator and his engineering staff and is subject to review by the non-operators.

Abstract of Title: A summary or condensation of the essential parts of all recorded instruments that affect a particular piece of property, usually arranged in the order in which they were recorded.

Account Closing Fee: A fee incurred by a borrower if the line is closed within the first three years from origination. The fee is included in the payoff amount quoted.

Account Nickname: A name you give an account to make it easier for you to identify.

Acknowledgment: A declaration made by a person or corporation to a Notary Public, or other public official authorized to take acknowledgments, that the instrument was executed by that person or by a person having the authority to execute on behalf of the corporation, and that it is his free and voluntary act.

Accrued Interest: The amount of interest earned to-date on your CD. You do not have access to your accrued interest until maturity.

Administration of Estate: The management of an estate, including collection of estate assets, distribution of assets to appropriate parties (creditors and beneficiaries) and the complete accounting of an estate.

Administrator: Individual appointed by the court to manage the estate of a person who dies without a will.

Adverse Possession: Possession by one who does not have title, claiming against one who does.

Allowable: That specific amount of oil or gas that can under regulatory authority be produced from a well or lease. Usually expressed in units of production per well per day.

Annual Fee: The amount we charge you to have a credit card account with us. The fee is assessed once per calendar year. The amount of your annual fee varies based on the type of credit card account you have with us. The annual fee is charged to your credit card account just like any other vendor charge, and appears on your statement in the same billing cycle during which the fee was charged.

Annual Gift Tax Exclusion: Individuals are allowed to give up to $10,000 each year (married couples can give up to $20,000) to as many recipients as they choose.

Annual Percentage Rate (APR): The cost of the credit expressed as a yearly rate. It is based on the "finance charge" (which is the dollar cost of the credit) and expresses the dollar cost in terms of percentage cost on an annual basis. The APR is often higher than the interest rate because it is based on the "finance charge" which includes various charges for the loan as well as the interest that will accrue at the contract rate.

Annual Percentage Yield (APY): A rate that reflects the total amount of interest paid on an account, based on the interest rate and the frequency of compounding for a 365-day period.

Annual Renewable Term: A protection-only plan in which the coverage remains level and the cost goes up every year as the insured becomes older.

Annuity: A contract between an individual and an insurance company, where the individual gives the insurance company money, in exchange for a stream of income paid over a predetermined period of time. Earnings are tax deferred.

Appraisal: A determination of property value based on recent, verifiable information of sales (and rentals) in the vicinity of the home. Value estimate is prepared based on legally permissible use at the time.

Appraised Value of Undeveloped Acreage: The land value assigned to undeveloped or wildcat acreage is based on the economic and geological potential of the lands.

Assignee: The party to whom an interest in property has been assigned or transferred.

Assignment: A transfer to another of rights, interest or claim in or to real or personal property.

Assignor: The party who assigns or transfers an interest in property to another.

Associated Gas: Gas produced at the wellhead from a well producing from an oil field.

Attorney's Opinion (Title Opinion): The written opinion of an Attorney at Law regarding the marketability of title to real property, usually based upon an examination of an abstract title.

Authorized User: A trusted friend or family member to whom you grant access to your credit card account.

Auto-Deposit: A function of the e-MoneyMail service that allows you to automatically deposit any e-MoneyMail payments you receive into a checking account you designate.

Automatic Logout: A process by which we terminate your secure session after 10 minutes of inactivity.

Available Balance: The amount available in your account that you can use right now.

Available Credit: The total amount of credit remaining on your credit card account. It is the amount you may charge or transfer to that account. Your available credit equals your total credit limit minus your outstanding balance. For example, if you have a $5,000 credit limit, and your balance is $3,000, your available credit is $2,000.

Available Credit Line: The amount of money you can borrow. Your credit line, which is determined during the application approval process, is based on the equity in your home.

Average Daily Balance: The balance you carried on your credit card account during the billing cycle, averaged by the number of days in the cycle. We calculate the average daily balance by adding the balance at the end of each day, then dividing the total by the number of days in the billing cycle. This is the amount used to calculate finance charges.

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Back-In: Interest that reverts to a party upon the fulfillment to certain terms and conditions.

Balance Transfer: The process by which you can move a credit card balance from one card to another.

Barrel: Standard oil measurement, 42 U.S. gallons.

Basis: The original amount paid to acquire an asset. The amount paid to purchase a home, shares of stock, start a business, etc.

Beneficiary: The individual named in the insurance policy to receive the benefits at the time of death of the insured.

Bequest: Personal property given to another in a will.

Bonus Consideration: Initial cash payment to mineral owner as consideration for signing an oil and gas lease.

Browser: Software that is used to access information from the World Wide Web. Examples of browsers are Microsoft® Internet Explorer and Netscape® Navigator. The Internet service America Online® also has built-in browser software.

Business Day: A day on which the bank is open to the public for carrying on substantially all of its business functions. For purposes of rescission, the term means all calendar days except Sundays and the legal public holidays.

Buy-Sell Agreement: A legally binding contract that determines the terms and conditions or the purchase and sale of a business.

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Capped Purchase Amount: The maximum amount a lessee would pay at the end of the lease term if lessee chooses to purchase the equipment.

Cash Value: The accumulation portion of a permanent policy.

Certificate Amount: The Certificate Amount is the sum of money you invested when you opened a Certificate of Deposit (CD).

Charitable Trust: A trust that has a charitable, not-for-profit organization as a beneficiary.

Closed End Credit: Credit where the borrower receives the loan proceeds in one amount or a limited number of advances. Once the full amount of the loan is advanced, no additional money can be borrowed and the loan is repaid over a specific number of months with a fixed payment amount.

Closing Cost: The expenses incidental to a sale of real estate, such as loan fees, title fees, appraisal fees, etc. The payment of these fees is an item of negotiation between the buyer and the seller.

Closing Statement: A detailed cash accounting of a real estate transaction showing all cash received, all charges and credits made and all cash paid out in the transaction. (A.K.A. HUD-1 or HUD-1A)

Cloud on the Title: An outstanding claim or encumbrance that, if valid, would affect or impair the title of the owner of the property.

Co-Borrower: One who signs a negotiable instrument with others and becomes primarily liable for its payment.

Codicil: A formally executed document that amends a will.

Collateral Address: Address of the property pledged by a borrower to secure a loan.

Commercial Well: A well of sufficient net production that it could be expected to pay out in a reasonable time and yield a profit for the operator. A shallow, 50-barrel-a-day well in a readily accessible location on shore could be a commercial well whereas such a well in the North Sea or in the Arctic Islands would not be considered commercial.

Community Property: A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage. A holdover of Spanish law found predominantly in western states; the system was unknown under English common law. All property acquired by a husband and wife AFTER marriage, other than separate property acquired by devise, bequest (inheritance) or from the proceeds of property not subject to the community. Community property laws are limited to certain states and are different within each state.

Complete a Well: To finish a well so that it is ready to produce oil or gas. After reaching total depth (TD) casing is run and cemented; casing is perforated opposite the producing zone, tubing is run and control and flow valves are installed at the wellhead. Well completions vary according to the kind of well, depth, and the formation from which it is to produce.

Condominium: Multi-unit structure or property in which the owner holds fee simple or leasehold title to an individual unit with an undivided interest in the common areas to that unit. The absolute ownership of a unit in a multi-unit building based on a legal description of the airspace the unit actually occupies, plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condominium unit owners.

Conservatorship: A legal process during which the court appoints someone to act as conservator and be responsible for the assets of an individual who is no longer mentally competent.

Constructive Notice: Often called "Legal Notice," the conclusive presumption that all persons have knowledge of the contents of a recorded instrument.

Contingent Beneficiary: A beneficiary whose interest is conditioned upon a future event.

Contingent Trust: Also referred to as a "standby trust." This type of trust operates when a specific event occurs in the future.

Contract: An agreement, enforceable at law, between two or more competent persons, having for its object a legal purpose, wherein the parties agree to act in a certain manner.

Convenience Check: A bank-issued check you can use to access your credit card's available credit.

Convertible Term: Any term insurance policy that allows you to convert the policy from term to permanent insurance without medical requalification. Most term policies fall into this category.

Conveyance: An instrument in writing by which some estate, interest or title in real estate is transferred from one person to another.

Cookie: A piece of data given to a browser by a web server and handed back to the browser on subsequent visits. We use cookies at login registration and elsewhere when you enter customized information such as your zip code. Recording a cookie at such points makes your online experience easier and more personalized. It also allows us to recognize you as a customer and automate your online experience.

Corporate Fiduciary: An institution that acts for the benefit of another. A bank acting as a trustee.

Covenant: A promise or agreement, usually in writing, whereby a party pledges or guarantees to another that something is done or shall be done, or stipulates to the truth of certain facts.

Credit Application: An oral or written request for credit, typically referring to a form that records information about a potential loan customer that is used by a lending agency to determine the creditworthiness of the potential customer. The credit application records a customer's income sources, assets, outstanding debts and other personal information required to make credit decisions.

Credit Bureau Report: Written or oral communication by a consumer reporting agency of any information pertaining to a consumer’s credit standing, credit capacity, and payment history.

Credit Insurance: Insurance purchased by the borrower that is offered by or through the lender that will repay a portion or the entire loan in the event of death or disability of the insured.

Credit Limit: The total dollar amount that can be advanced to a customer to draw down by check or other means over time.

Credit Line: An amount set-aside by the bank to be available for a customer to draw down by check or other means over time.

Crude Oil: Liquid hydrocarbon in its natural unprocessed state, as distinguished from refined oils manufactured from it.

Current Assumptions: The statistics that insurance company actuaries use to determine the cost of insurance and the interest rates. The assumptions that are used in determining the premiums include mortality tables, current interest and an estimate of how long the policy will stay on the books (known as "persistency").

Current Balance: The total of all transactions posted to your account as of the previous business day. Your current balance and available balance may differ.

Current Loan Balance: The amount you still owe. Part of each loan payment you make is applied to your current loan balance.

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Death Taxes: Amounts levied on the property of the deceased, such as estate taxes (federal) and inheritance taxes (state).

Debt to Income Ratio: Ratio (percentage) that compares an individual’s current monthly or quarterly debt service requirements, plus the principal and interest payment of the new loan requested from the Bank, to the individual’s gross or net income.

Decedent: A deceased individual.

Deed of Trust: Used in some states in place of a mortgage. A Deed of Trust is a document used to grant a collateral interest in real property. The owner(s) of the property must sign it. The Deed of Trust provides that if that if a borrower defaults on the loan, then the bank’s trustee has the right to sell the property and apply the proceeds toward payment of the indebtedness secured by the Deed of Trust.

Deed: A written document, properly signed and delivered, that conveys title to real property. Common deeds are: Quit Claim Deeds, Warranty Deeds, Trust Deeds and Special Warranty Deeds.

Delay Rental: A fixed amount of money, usually expressed in dollars per acre, paid annually (sometimes delay rentals are prepaid) to lessor until drilling commences or until production is obtained.

Deletion Allowance: Recognition for income tax purposes of the diminution in value resulting from the exhaustion of a natural resource. Either "cost" or "statutory" depletion is taken.

Deposit Address: An address to which you can mail deposits for any account.

Detached Housing: A residential building in which each dwelling unit is surrounded by freestanding walls and is generally situated on a separate lot.

Disbursement Request and Authorization: An approval document that the borrower signs to authorize and direct disbursement of the loan proceeds.

Discharge in Bankruptcy: The release of a bankrupt party from the obligation to repay debts that were, or might have been, proved in a bankruptcy proceeding.

Disclosure Statement: A written statement given to each borrower required by the Regulation Z, in which certain terms of the Borrower’s obligation are explained and described in a format required by the Federal Reserve Board.

Discretionary Trust: A trust that allows the trustee to distribute or withhold distribution of the trust’s income and/or principal to beneficiaries at the trustee's discretion.

Disposition: The transfer of property to beneficiaries.

Distributable Estate: The probated estate, less expenses and taxes.

Division or Transfer Order: A contract sent to all owners of minerals under a producing property setting forth legal description of property and the designation of each owner's interest in the lease.

Drive-By Appraisal: Physical inspection of real estate (outside only), including the surrounding area.

Dry Hole: Any well not capable of producing oil or gas in commercial quantities on initial drilling.

Durable Health Care Power of Attorney: Special power of attorney in which the maker gives another person authority to make health care decisions when the maker is unable to do so, due to injury or illness.

Durable Power of Attorney: General power of attorney that continues to be valid after the maker becomes incapacitated or incompetent.

Dwelling: Residential structure that contains 1-4 units, which may or may not be attached to real property.

Dynasty Trust: An irrevocable generation-skipping trust that is funded with life insurance or other assets. Designed to create nontaxable transfers to several generations.

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Early Withdrawal: The act of taking money from a Certificate of Deposit (CD) before the CD's maturity date.

Early Withdrawal Penalty: The penalty you pay for withdrawing money from a CD before its maturity date. For example, if you have a 5-year CD, but you withdraw the money after only two years, you may be charged a penalty. Refer to your Terms of Agreement for Early Withdrawal.

Easement: A right or interest in the real property of another; the right to use another's land for a specific purpose, as for example, a right-of-way.

Electronic Bill: A bill that is received online instead of in the mail. By using electronic billing, you can receive and/or pay bills electronically.

Electronic Biller: A merchant who sends bills electronically instead of or in addition to through the mail.

Endowment: Guaranteed cash accumulation up to the original face amount to the policy. Most traditional whole life policies have an endowment feature that endows at age 95 or 100.

Employed: A term used to depict a customer is working for a company (other than their own company). Length of time and number of hours worked are not factors that determine if a customer is employed. If a customer states he or she is President or CEO for their employer it is important to note whether the customer has an ownership interest in the business. If customers have at least 50% ownership in a company, they are considered self-employed.

Encumbrance: A claim, lien, charge or liability attached to and binding upon property, such as a judgment, mortgage, lien for unpaid taxes, right-of-way.

Engineering Appraisal: An appraisal of the proven and probable reserves including an estimate of future net income from such reserves prepared by a professionally qualified independent petroleum engineer.

Enhanced Recovery: Sophisticated recovery methods for crude oil that go beyond the more conventional secondary recovery techniques of pressure maintenance and water flooding. Enhanced recovery methods now being used include micellar-surfactant steam drive, polymer, miscible hydrocarbon, CO2, and steam soak. ER methods are not restricted to secondary or even tertiary projects. Some fields require the application of one of the above methods even for initial recovery of crude oil.

Equity: The difference between fair market value and the current indebtedness against property.

Estate Planning: The consideration and establishment of legal agreements that plan for the smallest taxable estate possible, while ensuring the distribution of property to beneficiaries and others with minimal delay and expense.

Estate Tax: A tax imposed on the right of a person to transfer property at death. This is a federal tax, but can also be imposed as a state tax and is paid out of the estate’s assets.

Estate: The degree, quantity, nature and extent of interest a person has in property.

Et Al: Abbreviation of "El Alius, " meaning "and others."

Et Ux: Abbreviation meaning "and wife."

Et Vir: Abbreviation meaning "and husband."

Evaluation: A valuation method that does not meet all the requirements of an appraisal but supports the estimate of value and includes sufficient information to fully understand the evaluator’s analysis.

Exchange (IRC Sec. 1035): Changing your traditional whole life or term policies into new, current-assumption plans. Many companies will now exchange the old for the new without requiring the insured to physically make the change.

Execute: To validate a document. To carry out the provisions of a will or trust.

Executor: The individual appointed in a will to carry out the will’s provisions. A co-executor acts as executor with another or others.

Exploration Activities: The search for oil and gas. Exploration activities include aerial surveying, geological studies, geophysical surveying, coring and drilling of wildcat wells.

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Fair Market Value: The price a willing buyer will pay a willing seller in an arm's length transaction.

Farm In: An arrangement whereby one oil operator "buys in" or acquires an interest in a lease or concession owned by another operator on which oil or gas has been discovered or is being produced.

Farm Out Agreement: A form of agreement between oil operators whereby the owner of a lease who is not interested in drilling at the time agrees to assign the lease or a portion of it to another operator who wishes to drill the acreage.

Farm Out: The name applied to a leasehold held under a farm-out agreement.

FDIC Insurance: Each depositor is insured up to $100,000 through the Federal Deposit Insurance Corporation (FDIC). Deposit products are checking accounts, savings accounts and certificates of deposit only.

Fiduciary: Individual or institution in a position of trust or confidence. Bound by duty to act in good faith.

Finance Charges: The costs associated with having a credit card. Calculated financial charges for:

• Purchases by multiplying the average daily balance for your purchases by the daily periodic rate for purchases. Begins calculating your finance charge for purchases on the statement following the one in which you do not pay your balance in full.

• Cash Advances by multiplying the average daily balance for your cash advances by the daily periodic rate for cash advances. Begins calculating your finance charge for cash advances on the day you take the cash advance.

• Balance Transfers by multiplying the average daily balance for your purchases by the daily periodic rate for purchases. Begins calculating your finance charge for balance transfers on the statement following the one in which you do not pay your balance in full. Finance charges = daily periodic rate (annual percentage rate divided by 365) x (the number of days in your current billing cycle) x (average daily balance)

Future Interest: An interest in property that cannot be currently possessed, used, or enjoyed.

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Gas Oil Ratio: The measure of cubic feet of associated gas produced per barrel of oil produced.

Gathering Facilities: Pipelines and pumping units used to bring oil or gas from production leases by separate lines to a central point, i.e., a tank farm, or a trunk pipeline.

Generation-Skipping Transfer Tax: A flat 55 percent federal tax levied on any transfers (either during lifetime or at death) made to beneficiaries or others at least two generations below the transferor.

Gift Tax: A tax imposed on the right of an individual to transfer assets during his or her lifetime. Generally paid by the person making the gift, rather than the recipient.

GPM: Gallons per thousand cubic feet of gas. This is the usual unit of measurement for hydrocarbon liquids removed from natural gas during processing and for which most gas contracts make a price allowance.

Grantee: A person to whom property is being conveyed.

Grantor Trust: A trust over which a grantor retains enough control over a period of time that the property in the trust is considered to belong to him or her for income tax purposes.

Grantor: The individual who transfers property. Commonly used to describe an individual who establishes and transfers property to a trust.

Gross Acres and Net Acres: Includes the total number of acres covered by a lease, while net acres represents the pro rata undivided interest of a participant obtained by multiplying gross acres by the percentage working interest owned.

Gross Wells: The total number of wells in which a working (or royalty) interest is owned.

Guaranteed Residual Value: A situation in which an agreed value is guaranteed by the lessee or a third party (such as the vendor). The guarantor in such a case would make up any deficiency between the agreed value and what was realized.

Guardian: An individual appointed by a court to manage the rights and/or property of a minor or person incapable of taking care of his or her affairs.

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Home Equity Line of Credit: Variable rate revolving line of credit secured by the equity in a 1-2 family dwelling.

Home Equity Loan: Fixed rate installment loan secured by the equity in a 1-2 family dwelling.

Home Mortgage Disclosure Act (HMDA): A regulation that requires financial institutions and mortgage companies to collect data on applicants for residential dwelling related credits.

Home Owners Insurance: An insurance policy that covers such things as fire, theft, and other damage to a dwelling.

HUD: A U.S. government agency established to implement certain federal housing and community development programs. This federal agency attempts to assure decent, safe, and sanitary housing for all Americans, and investigates complaints of discrimination in housing.

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Income Beneficiary: An individual designated to receive distributions of trust income.

Independent Agent: One who has the unlimited ability to select the best product for the consumer from virtually any insurance company.

Independent Producer: (1) A person or corporation that produces oil for the market, having no pipeline system or refinery. (2) An oil-country entrepreneur who secures financial backing and drills his own well; an independent operator. Independent operators and small producing companies are credited with finding most of the new oil fields. Once discoveries are made the large oil companies do most of the development work. Independents often lease and drill on small parcels of land, land either overlooked by the majors or thought not worth fooling with until a discovery is made.

Index Rate: A variable interest rate that is tied to an index.

Individual Application: An application with only "one" applicant. Only the individual applicant's debt, income, and credit history are used to qualify the loan. (For example, if a customer is married and applying individually, the applicant’s spouse’s income would not be used to qualify the loan.)

Installment Loan: A type of loan in which borrower(s) make regular periodic payments for the life of the loan.

Installment Note: A promissory note that by its terms is payable in periodic installments, such as monthly or quarterly payments of principal or interest or both.

Insurability: The determination by the insurance company that you are an insurable risk.

Intangible Drilling Costs: Those costs incurred in the drilling of a well for oil and gas production, other than the cost of the well equipment.

Interest: The amount paid by a borrower to a lender in exchange for the use of the lender’s money for a certain period of time.

Interest Rates: With regard to permanent life insurance, is the rate of return applied to the investment portion of the policy.

Interest Rate Cap: Consumer safeguards that limit the amount the interest rate on a variable rate loan can change in an adjustment interval and/or over the life of the loan.

Interest YTD: The total amount of interest you have paid on your loan so far during the current calendar year.

Intestate: An individual who died without a valid will.

Irrevocable Trust: A trust created for the permanent transfer of assets. Unlike a revocable trust, it cannot be changed or revoked by the person who created it.

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Joint Ownership/Tenancy: The ownership of property by two or more individuals, typically with the right of survivorship

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Last Activity Date: The most recent date on which a transaction (e.g., a payment) occurred on your line of credit.

Last Payment Amount: The dollar amount of the last payment made on your installment loan.

Last Statement Date: The last statement date is the date your last statement was processed.

Late Charge: A penalty for failure to pay an installment payment on time. Usually not allowed as interest for tax deductions. The amount of late charge usually is either set by stature or must be reasonable.

Lease Term: May be for any length of time, generally three to five years, and "for as long thereafter as oil or gas in commercial quantities are produced from said lands."

Lease: (1) A contract through which an owner of equipment conveys the right to use and possess its equipment to another party in exchange for rental payments. (2) An agreement under which a party receives the possession and use of property for a certain period of time and the grantor receives the payment of rent and/or the performance of other conditions. An Oil and Gas Lease covers only the minerals underlying a certain tract of land, with rights of ingress and egress (in and out.

Leasehold Interest: The interest of one holding as grantee or lessee under an oil and gas lease or lease of oil, gas and other minerals. Such interest includes the right on the part of the lessee to drill and produce, and is subject to the payment to the lessor of a royalty of a stated fraction or percentage of the production, free of operating expense, either in kind or at the prevailing price at the time of production.

Legacy: Transfer of personal property through a will.

Lessee: (1) The party to a lease agreement who is obligated to pay the rentals and perform other duties, and is entitled to possess the equipment during the lease term. (2) The person entitled under an oil and gas lease to drill and operate wells, paying the lessor a royalty and retaining the remainder known as the "working interest." The lessee pays all production costs out of his fraction, the lessor's fraction being free and clear of all such costs.

Lessor: (1) The party to a lease agreement who has legal or tax title to the equipment, grants the lessee the right to use the equipment for the lease term, and is entitled to the rentals and the residual value of the equipment at lease end. (2) The owner of mineral rights who has executed a lease. He is normally entitled to the payment of a royalty on production, free and clear of the cost of developing or operating the property, except taxes on his share of the production.

Level Term: Insurance protection that affords level protection and level premiums for a specified period of time.

Lien Holder: A lender who has legal security interest in an asset taken as collateral.

Lien Position: Lien position is a term that depicts the order in which Lending Institutions will be paid in the event of a foreclosure on a property.

Lien: A right given by law or agreement to a creditor to have a debt or charge satisfied out of the real or personal property belonging to the debtor, usually requiring foreclosure and sale for enforcement.

Life beneficiary: Trust beneficiary who receives income for the lifetime. Also known as income beneficiary.

Life Estate: An estate or interest in property that is held for the duration of the life of some certain person.

Life Insurance Trust: A trust that uses the proceeds of decedent’s life insurance policy as its principal.

Line of Credit: A loan commitment for a sum of money to be drawn against in increments during a specific period of time, usually under a loan agreement containing all of the terms and conditions controlling the line of credit.

Lion: A temporary right for a designated period of time that one person has to sell, purchase or lease property at a certain price, for which right a consideration is paid.

Living Trust: A trust that is created and goes into effect during the lifetime of a grantor.

Living Will: Document that provides instructions to physicians, health care providers, family, and the courts as to what life-prolonging procedures are desired if an individual becomes terminally ill or incapacitated.

Loan-to-Value (LTV) Ratio: The requested loan amount divided by the current value of the collateral. Defines the amount of money the Bank will loan against an asset’s estimated value, expressed as a percentage of the asset’s value.

Lock or Lock-in Rate: A lender’s guarantee of an interest rate for a set period of time. The time period is usually between loan application approval and loan closing. The lock-in rate protects the borrower against rate increases during that time period.

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Margin: The number of percentage points the lender adds to the index rate to calculate the annual percentage rate at each adjustment. Margin requirements are set by each lender, within limits fixed by the Federal Reserve Board. The margin percentage is usually fixed for the life of a loan, while the actual index rate will fluctuate.

Marital Deduction: An estate or gift tax deduction for the amount of property that passes to a spouse.

Market Value: The highest price that a buyer and the lowest price that a seller would accept, neither one being compelled to buy or sell.

Marketable or Merchantable Title: A marketable or merchantable title is synonymous with a perfect title or clear title of record and is one free from apparent defects, grave doubts and litigious uncertainty and consists of both legal and equitable title, fairly deducible of record.

Maturity: A termination date or period of a note. For example, a 30-year mortgage has a maturity of 30 years.

MCF: 1000 Cubic Feet. The usual unit of measurement for natural gas production and when it is most commonly used in gas sales contracts must be defined at a specific procedure and temperature.

Metes and Bounds: A method of describing or locating property; metes are measures of length and bounds are boundaries; this description starts with a well-marked point of beginning and follows the boundaries of the land until it returns once more to the point.

Mineral Interest: The property interest created in oil or gas after a severance by mineral deed or oil and gas lease.

Minimum Finance Charge: The minimum interest amount the borrower must pay even if the loan is repaid before the maturity date.

Mortality Tables: The formulas the insurance companies use to determine the actual cost of insurance, determined by the life expectancy of the insured based on age and sex.

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Net Profit Interest: The right to a share of the production or the proceeds from production derived from petroleum and natural gas rights without the obligation to pay any of the costs of exploration and development (similar to an ORRI) whereas ORRI interests are subject to minimal or no deductions, NP interests are subject to additional deductions including royalties, capital and operating costs.

Net Wells: The sum of the working interest owned in gross wells (excludes wells in which a royalty interest is owned).

Non-Operator: The working-interest owner or owners other than the one designated as operator of the property; a "silent" working-interest owner.

Notarization: Legal attestation, by a certified Notary Public, that a document was signed by a person identified as having the name used to sign the document.

Notary Public: One who is authorized by the state or federal government to administer oaths and to attest to the authenticity of signatures.

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Oil Payment: The right to receive a definite amount of production or revenue from a specific percentage of the oil produced, and terminating when that definite amount has been paid.

Online Transfer: The electronic movement of funds from one account to another.

Open-end Credit: Credit where the borrower has the ability to borrow, repay and re-borrow, such as credit cards or revolving lines of credit, secured or unsecured.

Operating Agreement: An agreement between concurrent owners, between owners of interest in adjacent properties, or between parties to a pooling or unitization agreement for the testing and development of a tract of land. Typically one of the parties is designated as the operator and the agreement contains detailed provisions concerning the drilling of a test well, the drilling of any additional wells that may be required, the sharing of expenses and accounting methods. The authority of the operator, and restrictions thereon, are spelled out in detail in the typical agreement.

Operating Costs: Costs incurred in producing and marketing oil or gas from completed wells, including labor, fuel, repairs, hauling, material utility charges, ad valorem and severance taxes, insurance and casualty loss expense, and compensation to well operators or others for services rendered in conducting such operations.

Operating Interest: An interest in oil and gas that bears the costs of development and operation of the property; the mineral interest less the royalty.

Operator: A person, natural or artificial (e.g. a corporation) either proprietor or lessee, actually operating an oil well or lease.

Opt In/ Opt Out: Occasionally, we e-mail non-confidential account information and special opportunities to our customers. If you do not want to receive such correspondence, you have the option to prevent, or 'opt out' of our sending these e-mails.

Optionee: One to whom an option has been granted.

Optionor: One who has granted an option to another.

Origination Fee (Loan Origination Fee): The fee charged by a lender for processing a loan application. The loan origination fee helps recover a portion of the significant costs of establishing a loan for the customer including documentation, vendor work and employee time.

Original Loan Amount: The dollar amount for which your installment loan was approved.

Outstanding Balance: The amount currently owed on a debt.

Overriding Royalty: An interest in oil and gas produced at the surface free of any cost of production; royalty in addition to the usual landowner's royalty reserved to the lessor. A 1/8th override is not unusual.

Owner Occupied: A term used when referring to a dwelling in which the owner resides in either as a primary or secondary residence.

Owner: The person who has control of the insurance contract.

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Partition: A legal procedure by which an estate held by tenants in common or co-tenants if divided and title in severalty to a designated portion passed to each of the previous tenants in common.

Pay Request: An eMoneyMail "request payment" is an e-mail you send to another person requesting a payment.

Payee: A payee is a person, company or group you will send payments to through the mail or an online banking service.

Payments in Arrears: A payment stream in which each lease payment is due at the end of each monthly period of the lease.

Payment Due Date: The date your next credit card payment is due. If the minimum payment due towards your current balance is not received by this date, we will begin to assess late charges. These late fees are assessed each day that your payment is not received.

Permanent Insurance: Insurance that accumulates cash value tax free. The policy endows when the cash accumulation becomes equal to the face value or the amount of coverage.

Personal Identification Number (PIN): A four-digit number needed to withdraw funds from an automated teller machine (ATM) with THE ONE® card or your ATM card.

Personal Representative: An executor or administrator of an estate.

Plat: A plan or map of a certain piece or pieces of land.

Pour-Over Will: A will used with a revocable living trust to "pour-over" to a revocable trust any assets that are not transferred to the trust prior to death. Assets transferred in this manner do not avoid probate.

Power of Attorney: A legal document that authorizes another person to act, either a specific act or generally, in the stead of the person drawing the instrument, terminable automatically upon the death of either party.

Preferred Ratings: Many companies have created specific rating classes based on one's superior health status. These rates are substantially lower than those charged to applicants with average health. Some carriers may have as many as eight different health classifications.

Prepayment Penalty: A penalty under a note, mortgage or deed of trust, imposed when the loan is paid before it is due.

Prepayment: The act of paying a note earlier than its scheduled due date.

Primary Residence: The primary structure in which an individual resides.

Prime Rate: A benchmark that a bank establishes from time to time and uses in computing an appropriate rate of interest for a particular loan contract.

Principal: Amount of debt, not including interest. The face value of a note or mortgage.

Probate: Legal process that validates a will, appoints an executor, and through which an individual’s assets are transferred to beneficiaries according to the provisions of a will or by state law (if a person dies without a will).

Property: The rights of ownership; the right to use, possess, enjoy and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.

Protection Lease: Lease taken covering interest previously leased from third party where cloud on title exists.

"Prudent Man" Rule: Legal term for a fiduciary’s duty to manage assets. Generally, fiduciary must manage assets as a prudent man of discretion and intelligence would.

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Qualified Terminable Interest Property Trust: Enables one spouse to transfer property to someone other than the surviving spouse, but still qualify for an estate tax marital tax deduction. To qualify, the surviving spouse must receive all income from the property, annually, for life.

Quiet Title Suit: An action in court to remove a defect, cloud, or suspicion regarding the legal rights of the owner to the parcel of land.

Quitclaim Deed: A deed in which the grantor warrants nothing; it conveys only the grantor's present interest in the property, if any.

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Rating: Insurance companies reserve the right to impose a surtax on the policy of the insured if that person's health is not up to the national average statistics.

Recurring Payment: A payment that is for a fixed amount and occurs at regular intervals, e.g., monthly.

Rentals: Payments required under a lease to be made by the lessee to a lessor for use of equipment.

Rescision Period: The three business days immediately following the closing of a non-purchase loan transaction using the borrower’s principal dwelling as collateral.

Rescision: The act of canceling or terminating a contract.

Residual Estate: The portion of an estate that remains after all debts have been paid and specific bequests have been distributed.

Residual Value: Lessor's expected fair market value of leased equipment at the conclusion of the lease term.

Revocable Trust: A trust that can be changed or terminated during the grantor’s lifetime.

Riders: Add-ons to a policy, i.e., a waiver of premiums, accidental death and dismemberment, or automatic premium loan.

Right of Recision: In a credit transaction secured by the borrower’s principal dwelling, the right of each owner of the dwelling to cancel the transaction before midnight of the third business day after the loan is consummated.

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Scheduled Payment Amount: The dollar amount you must remit to avoid incurring any finance charges or penalties.

Second Mortgage: A mortgage on property that is inferior or secondary in ranking to a first mortgage on the same property. The second mortgage holder is generally at a disadvantage to the first mortgage holder in the event of foreclosure or liquidation.

Secured: A loan is said to be secured if collateral has been given to the lender by the borrower or a third party as security for the loan. The lender may or may not be looking to the collateral as the primary source of repayment of the loan.

Settlement of an Estate: Payments of all claims against an estate and making of all distributions.

Single Family Residence: Dwelling that is designed for occupancy by one family that is owned by the applicant and used as the primary residence.

Single Payment: A single payment is the equivalent of a single check and are payments where the amount fluctuates. Payees that require single payments might include a telephone company, a utility company or a florist you use occasionally.

Successor Trustee or Executor: An individual or institution that takes the place of a named trustee or executor who can no longer fulfill duties.

Surrender: A method of withdrawing the cash value from your life insurance contract. With this method, the life insurance coverage is canceled and the capital gains that you have accumulated within the policy are exposed to taxes and, perhaps possible penalties.

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Tax Assessed Value: The value that a taxing authority places on real or personal property for the purpose of taxation.

Tax-Deferred Accumulation: The ability to accumulate wealth that is currently not taxed, but that will be taxed at a later time, if withdrawn or surrendered. Policy loans on newer type policies are tax-free and generally cost very little, usually zero to two percent.

Tax-Free Accumulation: The ability to accumulate wealth that is not taxed unless the account is surrendered.

Tax-Free Death Benefit: Section 101 of the Internal Revenue Code affords life insurance proceeds special tax benefits. The designated beneficiary is able to receive the face amount of the policy 100 percent free from income taxes. These proceeds can, however, be included in one's estate, as they increase the overall size of the estate. Taxes can be avoided if the owner and beneficiary is a third party or an irrevocable trust.

Tax Withholding: Interest earned on an account products is taxable; you should report interest earnings to the IRS each year. If you fail to report interest, the IRS will notify you that you are subject to withholding. Consult your tax advisor for guidance.

Telephone Transfer: The movement of funds from one account to another by phone.

Term: Basic life insurance protection with no savings element attached. It can be compared to straight liability insurance, in that the beneficiary is protected from the financial loss that would be created should the insured die.

Term Loan: A loan with scheduled payments, usually at regular intervals such as monthly, quarterly or semiannually. Also used to describe loans with a term or maturity of greater than one year from issue date.

Term of Installment Loan: The maximum number of years you have to pay off your installment loan.

Testament: An act, such as making a will, by which a person determines the disposition of his or her property after death.

Testamentary Trust: A trust established by a will, which takes effect upon the testator’s death.

Testate: Describes an individual who died leaving a valid will.

Title Insurance: An insurance policy that protects the insured (purchaser and lender) against loss arising from defects in title.

Title Policy: Insurance issued by a title company/attorney that agrees to pay the insured a specific amount for any loss caused by defects or errors in the title or lien transaction on the property. The cost of the policy is paid by the owner of the property.

Title Report: Also known as Title Search. A search of the real estate records of the county where the property is located to determine the legal ownership of the property. An independent company performs this search to see if any liens are outstanding against the property (e.g., tax lien, mechanic’s lien, or judgment). The title search is not guaranteed against any loss caused by defects in the title.

Title: The evidence a person has of right to possession of property, real or personal.

Townhouse: Single-family attached dwelling unit with common walls; usually an individual unit in a series of five to 10 houses, with common walls between the units and side yards on end units only; may have one to three stories and all necessary facilities and amenities.

Trust Agreement: A document that establishes a trust and governs administration of the trust.

Trust Agreement: The document that sets forth the terms of a trust.

Trust: A fiduciary relationship in which one party (the Trustee) holds legal title to the property of another (the Grantor), for the benefit of a third party (the Beneficiary).

Trustee: One who is appointed, or required by law, to manage a trust. One who holds title to real property under the terms of a deed of trust.

Truth-in-Lending Act: Federal law requiring written disclosure of the terms of a mortgage (including the APR and other charges) by a lender to a borrower after application. Also, requires the right to rescission period.

Two-Cycle Billing: A method of computing finance charges on your credit card account. The two-cycle average daily balance method applies in a month when either:

• You go from paying your account in full to revolving the balance.
• Your account goes from having a zero or credit balance to revolving a new balance. (For example, your first month's billing statement will not be assessed finance charges.)

In those months, you would not have paid interest on the previous cycle's purchase balances, so the average daily balance is calculated for both the previous cycle and the current cycle. If you had paid finance charges on the previous cycle's purchases, you would not pay them again on that cycle.

In all other months the account is subject to either the grace period or the current cycle average daily balance calculation as appropriate.

Two-Four Family: A dwelling designed for occupancy by two, three or four families where the applicant owns the property and may or may not reside in one of the units.

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Underwriting: The process by which the insurance company determines that you are an insurable risk. Most insurance policies require underwriting of some sort, such as a medical exam or a medical questionnaire.

Unified Credit: A credit available to every individual and applied against both gift and estate taxes.

Uniform Residential Appraisal Report (URAR): A standard form for reporting the appraisal of a dwelling. This form is required for use by the major secondary mortgage purchasers. It provides numerous checklists and appropriate definitions and certifications that are printed on the form.

Unit Agreement: A negotiated formula whereby each owner of an interest in a unit is entitled to receive his proportionate share of total unit production as defined by the agreement.

Unit: A combination of multiple leases operated as a single entity by a single operator.

User ID: Your User ID identifies you when you login to an account.

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Vacation Home: A dwelling used by the owner occasionally for recreational or resort purposes.

Valuation: An appraisal; an estimation of the worth of collateral.

Variable Rate: An interest rate on a loan that during the term of the loan varies in relationship to some other rate, index or formula.

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Warrant: Often called a general warranty deed; a deed in which the grantor warrants or guarantees the title to property against defects existing before the grantor acquired title or arising during his ownership.

Wildcat: Any well drilled in unproven territory.

Will: A legal document that provides instructions for the disposition of an individual’s property at death. It can be amended or revoked up to the time of death, or until a loss of mental capacity. A will is enforced through state probate courts.

Working Interest: The operating interest under an oil and gas lease. The owner of the working interest has the exclusive right to exploit the minerals on the land.

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XXX: A regulation establishing new reserve requirements which apply to all life insurance products but directly impact term policies with initial guarantee periods.

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