Utah Code 16-15-106. Powers
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(1) A business trust registered under this chapter may in its trust name:
Terms Used In Utah Code 16-15-106
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.
- 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
- 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
(1)(a) sue;(1)(b) subject to the limitations in the declaration of trust, acquire title, lease, mortgage, convey or otherwise deal with real and personal property, or any interest in real and personal property.
(2)
(2)(a) A business trust may not maintain any action, suit, or proceeding in this state unless the business trust is registered under this chapter.
(2)(b) A business trust may be sued whether or not the business trust is registered under this chapter.