Terms Used In Utah Code > Title 7 > Chapter 26 > Part 1 - General Provisions

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bank: means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. See Utah Code 7-1-103
• 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}
• Branch: means a place of business of a financial institution, other than its main office, at which deposits are received and paid. See Utah Code 7-1-103
• Capital and surplus: means :
       (2)(a) shares;
       (2)(b) deposits;
       (2)(c) reserves; and
       (2)(d) undivided earnings. See Utah Code 7-9-3
• Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
• Contract: A legal written agreement that becomes binding when signed.
• control: means the power, directly or indirectly, or through or in concert with one or more persons, to:
       (5)(a) direct or exercise a controlling influence over:

            (5)(a)(i) the management or policies of a financial institution; or

            (5)(a)(ii) the election of a majority of the directors or trustees of an institution; or
       (5)(b) vote 25% or more of any class of voting securities of a financial institution. See Utah Code 7-1-103
• Covered financial institution: means any of the following that operate in the state:
       (2)(a) a state or federally chartered:

            (2)(a)(i) bank;

            (2)(a)(ii) savings and loan association;

            (2)(a)(iii) savings bank;

            (2)(a)(iv) industrial bank;

            (2)(a)(v) credit union;

            (2)(a)(vi) trust company; or

            (2)(a)(vii) depository institution; or
       (2)(b) a financial institution. See Utah Code 7-26-102
• Credit union: means a cooperative, nonprofit association incorporated under:
       (6)(a) Chapter 9, Utah Credit Union Act; or
       (6)(b) Utah Code 7-1-103
• Credit union service organization: means an entity:
       (4)(a) that provides any of the services listed in Subsection 7-9-59(2); and
       (4)(b) in which a credit union organized under this chapter holds an ownership interest. See Utah Code 7-9-3
• Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
       (8)(a) holds or receives deposits, savings, or share accounts;
       (8)(b) issues certificates of deposit; or
       (8)(c) provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
• Deposits: means that portion of the capital paid into the credit union by members on which a specified rate of interest will be paid. See Utah Code 7-9-3
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Fiduciary: A trustee, executor, or administrator.
• Financial institution: means an institution subject to the jurisdiction of the department because of this title. See Utah Code 7-1-103
• Industrial bank: means a corporation or limited liability company conducting the business of an industrial bank under Chapter 8, Industrial Banks. See Utah Code 7-1-103
• Institution: means :
       (19)(a) a corporation;
       (19)(b) a limited liability company;
       (19)(c) a partnership;
       (19)(d) a trust;
       (19)(e) an association;
       (19)(f) a joint venture;
       (19)(g) a pool;
       (19)(h) a syndicate;
       (19)(i) an unincorporated organization; or
       (19)(j) any form of business entity. See Utah Code 7-1-103
• Liquidation: means the act or process of winding up the affairs of an institution subject to the jurisdiction of the department by realizing upon assets, paying liabilities, and appropriating profit or loss, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. See Utah Code 7-1-103
• Member-business loan: means any loan, line of credit, or letter of credit, the proceeds of which will be used for:
            (8)(a)(i) a commercial purpose;
            (8)(a)(ii) other business investment property or venture purpose; or
            (8)(a)(iii) an agricultural purpose. See Utah Code 7-9-3
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Nonexempt credit union: means a credit union that is a nonexempt credit union under Section 7-9-55. See Utah Code 7-9-3
• Person: means :
       (27)(a) an individual;
       (27)(b) a corporation;
       (27)(c) a limited liability company;
       (27)(d) a partnership;
       (27)(e) a trust;
       (27)(f) an association;
       (27)(g) a joint venture;
       (27)(h) a pool;
       (27)(i) a syndicate;
       (27)(j) a sole proprietorship;
       (27)(k) an unincorporated organization; or
       (27)(l) any form of business entity. See Utah Code 7-1-103
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Savings and loan association: means :
       (31)(a) a federal savings and loan association; and
       (31)(b) an out-of-state savings and loan association. See Utah Code 7-1-103
• service organization: means a corporation or other business entity owned or controlled by one or more financial institutions that is engaged or proposes to engage in business activities related to the business of financial institutions. See Utah Code 7-1-103
• Shares: means that portion of the capital paid into the credit union by members on which dividends may be paid. See Utah Code 7-9-3
• State: means , unless the context demands otherwise:
       (33)(a) a state;
       (33)(b) the District of Columbia; or
       (33)(c) the territories of the United States. See Utah Code 7-1-103
• Trust company: means a person authorized to conduct a trust business, as provided in Chapter 5, Trust Business. See Utah Code 7-1-103
• Trustee: A person or institution holding and administering property in trust.
• Vulnerable adult: means :
       (8)(a) an individual who is 65 years old or older; or
       (8)(b) the same as that term is defined in Section 26B-6-201. See Utah Code 7-26-102