Terms Used In Utah Code > Title 75A > Chapter 5 - Uniform Fiduciary Income and Principal Act

• Accounting period: includes a part of a calendar year or another period of 12 calendar months or approximately 12 calendar months that begins when an income interest begins or ends when an income interest ends. See Utah Code 75A-5-102
• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Applicable value: means the amount of the net fair market value of a trust taken into account under Section 75A-5-307. See Utah Code 75A-5-301
• Appraisal: A determination of property value.
• Armed forces: means the United States Army, Navy, Air Force, Marine Corps, Space Force, and Coast Guard. See Utah Code 68-3-12.5
• Asset-backed security: includes rights or other assets that ensure the servicing or timely distribution of proceeds to the holder of the asset-backed security. See Utah Code 75A-5-102
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• base period: means the first four of the last five completed calendar quarters next preceding the first day of the individual's benefit year with respect to any individual whose benefit year commences on or after January 5, 1986. See Utah Code 35A-4-201
• Beneficiary: includes :
       (3)(a) for a trust:

            (3)(a)(i) a current beneficiary, including a current income beneficiary and a beneficiary that may receive only principal;

            (3)(a)(ii) a remainder beneficiary; and

            (3)(a)(iii) any other successor beneficiary;
       (3)(b) for an estate, an heir and devisee; and
       (3)(c) for a life estate or term interest, a person that holds a life estate, term interest, or remainder, or other interest following a life estate or term interest. See Utah Code 75A-5-102
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Benefit year: means the 52 consecutive week period beginning with the first week with respect to which an individual files for benefits and is found to have an insured status. See Utah Code 35A-4-201
• Benefits: means the money payments payable to an individual as provided in this chapter with respect to the individual's unemployment. See Utah Code 35A-4-201
• Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• 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.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Court: means a court in this state with jurisdiction over a trust or estate, or a life estate or other term interest described in Subsection 75A-5-103(2). See Utah Code 75A-5-102
• Current income beneficiary: means a beneficiary to which a fiduciary may distribute net income, even if the fiduciary also may distribute principal to the beneficiary. See Utah Code 75A-5-102
• Decedent: A deceased person.
• Department: means the Department of Workforce Services created in Section 35A-1-103. See Utah Code 35A-1-102
• Dependent: A person dependent for support upon another.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Distribution: means a payment or transfer by a fiduciary to a beneficiary in the beneficiary's capacity as a beneficiary, made under the terms of the trust, without consideration other than the beneficiary's right to receive the payment or transfer under the terms of the trust. See Utah Code 75A-5-102
• Division: means the Unemployment Insurance Division. See Utah Code 35A-4-201
• employer: means :
       (1)(a) an individual or employing unit which employs one or more individuals for some portion of a day during a calendar year, or that, as a condition for approval of this chapter for full tax credit against the tax imposed by the Federal Unemployment Tax Act, is required, under the act, to be an employer;
       (1)(b) an employing unit that, having become an employer under Subsection (1)(a), has not, under Sections 35A-4-303 and 35A-4-310, ceased to be an employer subject to this chapter; or
       (1)(c) for the effective period of its election under Subsection 35A-4-310(3), an employing unit that has elected to become fully subject to this chapter. See Utah Code 35A-4-203
• Employment office: means a free public employment office or branch operated by this or any other state as a part of a state-controlled system of public employment offices or by a federal agency charged with the administration of an unemployment compensation program or free public employment offices. See Utah Code 35A-4-201
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Estate: includes the property of the decedent as the estate is originally constituted and the property of the estate as it exists at any time during administration. See Utah Code 75A-5-102
• 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.
• Express unitrust: means a trust for which, under the terms of the trust without regard to this part, income or net income is permitted or required to be calculated as a unitrust amount. See Utah Code 75A-5-301
• Extended benefits: has the meaning specified in Subsection 35A-4-402(7)(f). See Utah Code 35A-4-201
• 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.
• Fiduciary: includes :
       (8)(a) a trustee, trust director as defined in Section 75-12-102, personal representative, life tenant, holder of a term interest, and person acting under a delegation from a fiduciary;
       (8)(b) a person that holds property for a successor beneficiary whose interest may be affected by an allocation of receipts and expenditures between income and principal; and
       (8)(c) if there are two or more co-fiduciaries, all co-fiduciaries acting under the terms of the trust and applicable law. See Utah Code 75A-5-102
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Fund: means the Unemployment Compensation Fund established by this chapter. See Utah Code 35A-4-201
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
• Income: includes a part of receipts from a sale, exchange, or liquidation of a principal asset to the extent provided in Part 4, Allocation of Receipts. See Utah Code 75A-5-102
• Income interest: includes the right of a current beneficiary to use property held by a fiduciary. See Utah Code 75A-5-102
• Income trust: means a trust that is not a unitrust. See Utah Code 75A-5-301
• Independent person: means a person that is not:
       (11)(a) for a trust:

            (11)(a)(i) a qualified beneficiary as determined under Section 75-7-103;

            (11)(a)(ii) a settlor of the trust; or

            (11)(a)(iii) an individual whose legal obligation to support a beneficiary may be satisfied by a distribution from the trust;
       (11)(b) for an estate, a beneficiary;
       (11)(c) a spouse, parent, brother, sister, or issue of an individual described in Subsection (11)(a) or (b);
       (11)(d) a corporation, partnership, limited liability company, or other entity in which persons described in Subsections (11)(a) through (c), in the aggregate, have voting control; or
       (11)(e) an employee of a person described in Subsection (11)(a), (b), (c), or (d). See Utah Code 75A-5-102
• Insured average fiscal year weekly wage: means the insured average fiscal year wage determined in Subsection (11), divided by 52, calculated to two decimal places, disregarding any fraction of one cent. See Utah Code 35A-4-201
• Insured status: means that an individual has, during the individual's base-period, performed services and earned wages in employment sufficient to qualify for benefits under Section 35A-4-403. See Utah Code 35A-4-201
• Insured work: means employment for an employer, as defined in Section 35A-4-203. See Utah Code 35A-4-201
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Land: includes :
       (18)(a) land;
       (18)(b) a tenement;
       (18)(c) a hereditament;
       (18)(d) a water right;
       (18)(e) a possessory right; and
       (18)(f) a claim. See Utah Code 68-3-12.5
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
• Mandatory income interest: means the right of a current income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute. See Utah Code 75A-5-102
• Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
• Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
• Net income: includes an adjustment from principal to income under Section 75A-5-203. See Utah Code 75A-5-102
• 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.
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• Person: means :
       (14)(a) an individual;
       (14)(b) an estate;
       (14)(c) a trust;
       (14)(d) a business or nonprofit entity;
       (14)(e) a public corporation, government or governmental subdivision, agency, or instrumentality; or
       (14)(f) any other legal entity. See Utah Code 75A-5-102
• Personal property: includes :
       (25)(a) money;
       (25)(b) goods;
       (25)(c) chattels;
       (25)(d) effects;
       (25)(e) evidences of a right in action;
       (25)(f) a written instrument by which a pecuniary obligation, right, or title to property is created, acknowledged, transferred, increased, defeated, discharged, or diminished; and
       (25)(g) a right or interest in an item described in Subsections (25)(a) through (f). See Utah Code 68-3-12.5
• Personal property: All property that is not real property.
• Personal representative: means an executor, administrator, successor personal representative, special administrator, or person that performs substantially the same function with respect to an estate under the law governing the person's status. See Utah Code 75A-5-102
• Principal: means property held in trust for distribution to, production of income for, or use by a current or successor beneficiary. See Utah Code 75A-5-102
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Public assistance: means :
       (10)(a) services or benefits provided under Chapter 3, Employment Support Act;
       (10)(b) medical assistance provided under Title 26B, Chapter 3, Health Care - Administration and Assistance;
       (10)(c) foster care maintenance payments provided from the General Fund or under Title IV-E of the Social Security Act;
       (10)(d) SNAP benefits; and
       (10)(e) any other public funds expended for the benefit of a person in need of financial, medical, food, housing, or related assistance. See Utah Code 35A-1-102
• Recess: A temporary interruption of the legislative business.
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Utah Code 75A-5-102
• 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.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Settlor: means the same as that term is defined in Section 75-7-103. See Utah Code 75A-5-102
• Special tax benefit: means :
       (19)(a) exclusion of a transfer to a trust from gifts described in Section 2503(b) of the Internal Revenue Code because of the qualification of an income interest in the trust as a present interest in property;
       (19)(b) status as a qualified subchapter S trust described in Section 1361(d)(3) of the Internal Revenue Code at a time the trust holds stock of an S corporation described in Section 1361(a)(1) of the Internal Revenue Code;
       (19)(c) an estate or gift tax marital deduction for a transfer to a trust under Section 2056 or 2523 of the Internal Revenue Code that depends or depended in whole or in part on the right of the settlor's spouse to receive the net income of the trust;
       (19)(d) exemption in whole or in part of a trust from the federal generation-skipping transfer tax imposed by Section 2601 of the Internal Revenue Code because the trust was irrevocable on September 25, 1985, if there is any possibility that:

            (19)(d)(i) a taxable distribution, as defined in Section 2612(b) of the Internal Revenue Code, could be made from the trust; or

            (19)(d)(ii) a taxable termination, as defined in Section 2612(a) of the Internal Revenue Code, could occur with respect to the trust; or
       (19)(e) an inclusion ratio, as defined in Section 2642(a) of the Internal Revenue Code, of the trust which is less than one, if there is any possibility that:

            (19)(e)(i) a taxable distribution, as defined in Section 2612(b) of the Internal Revenue Code, could be made from the trust; or

            (19)(e)(ii) a taxable termination, as defined in Section 2612(a) of the Internal Revenue Code, could occur with respect to the trust. See Utah Code 75A-5-102
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
• State: includes the Commonwealth of Puerto Rico, the Virgin Islands, and the District of Columbia. See Utah Code 35A-4-201
• Successive interest: means the interest of a successor beneficiary. See Utah Code 75A-5-102
• Successor beneficiary: means a person entitled to receive income or principal or to use property when an income interest or other current interest ends. See Utah Code 75A-5-102
• Terms of a trust: means :
       (22)(a) except as otherwise provided in Subsection (22)(b), the manifestation of the settlor's intent regarding a trust's provisions as:

            (22)(a)(i) expressed in the trust instrument; or

            (22)(a)(ii) established by other evidence that would be admissible in a judicial proceeding;
       (22)(b) the trust's provisions as established, determined, or amended by:

            (22)(b)(i) a trustee or trust director in accordance with applicable law;

            (22)(b)(ii) a court order; or

            (22)(b)(iii) a nonjudicial settlement agreement under Section 75-7-110;
       (22)(c) for an estate, a will; or
       (22)(d) for a life estate or term interest, the corresponding manifestation of the rights of the beneficiaries. See Utah Code 75A-5-102
• Trust: includes :
            (23)(a)(i) an express trust, private or charitable, with additions to the trust, wherever and however created; and
            (23)(a)(ii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75A-5-102
• Trustee: includes an original, additional, or successor trustee, whether appointed or confirmed by a court. See Utah Code 75A-5-102
• Trustee: A person or institution holding and administering property in trust.
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
• Unitrust: includes an express unitrust. See Utah Code 75A-5-301
• Unitrust amount: means :
       (6)(a) an amount computed by multiplying a determined value of a trust by a determined percentage; and
       (6)(b) for a unitrust administered under a unitrust policy, the applicable value multiplied by the unitrust rate. See Utah Code 75A-5-301
• Unitrust policy: means a policy described in Sections 75A-5-305 through 75A-5-309 and adopted under Section 75A-5-303. See Utah Code 75A-5-301
• Unitrust rate: means the rate used to compute the unitrust amount under Subsection (6) for a unitrust administered under a unitrust policy. See Utah Code 75A-5-301
• wages: means wages as currently defined by Section 3306(b), Internal Revenue Code of 1986, with modifications, subtractions, and adjustments provided in Subsections (2), (3), and (4). See Utah Code 35A-4-208
• Week: means the period or periods of seven consecutive calendar days as the department may prescribe by rule. See Utah Code 35A-4-201