Terms Used In Utah Code 75B-1-301

• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Creditor: means :
       (1)(a) a creditor or other claimant of the settlor existing when the trust is created; or
       (1)(b) a person who subsequently becomes a creditor, including whether or not reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured:

            (1)(b)(i) holding or seeking to enforce a judgment entered by a court or other body having adjudicative authority; or

            (1)(b)(ii) with a right to payment. See Utah Code 75B-1-301
• Deed: The legal instrument used to transfer title in real property from one person to another.
• 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}
• Insolvent: means :
       (3)(a) having generally ceased to pay debts in the ordinary course of business other than as a result of a bona fide dispute;
       (3)(b) being unable to pay debts as they become due; or
       (3)(c) being insolvent within the meaning of federal bankruptcy law. See Utah Code 75B-1-301
• 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
• Personal property: All property that is not real property.
• Personal property: includes intangible and tangible personal property. See Utah Code 75B-1-301
• Property: means real property, personal property, and interests in real or personal property. See Utah Code 75B-1-301
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: includes :
       (31)(a) land;
       (31)(b) a tenement;
       (31)(c) a hereditament;
       (31)(d) a water right;
       (31)(e) a possessory right; and
       (31)(f) a claim. See Utah Code 68-3-12.5
• Settlor: means a person who transfers property in trust. See Utah Code 75B-1-301
• Transfer: means any form of transfer of property, including gratuitous transfers, whether by deed, conveyance, or assignment. See Utah Code 75B-1-301
• Trust: means the same as that term is defined in Section 75-1-201. See Utah Code 75B-1-301
• Trustee: A person or institution holding and administering property in trust.