Utah Code 16-15-102. Definition of business trust
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As used in this chapter:
(1) “Beneficiary” means a person holding a certificate representing a beneficial interest in the trust estate and assets.
Terms Used In Utah Code 16-15-102
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Division: means the Division of Corporations and Commercial Code. See Utah Code 16-15-102
- 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 an individual, general partnership, limited liability partnership, limited partnership, limited liability company, limited association, domestic or foreign trust, estate, association, or corporation. See Utah Code 16-15-102
(2) “Business trust” has the same meaning as in Section 7-5-1.
(3) “Division” means the Division of Corporations and Commercial Code.
(4) “Person” means an individual, general partnership, limited liability partnership, limited partnership, limited liability company, limited association, domestic or foreign trust, estate, association, or corporation.