Terms Used In Utah Code 38-1a-309

• Contract: A legal written agreement that becomes binding when signed.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Owner: means a person who possesses an interest in a project property and contracts with an original contractor for preconstruction service or construction work. See Utah Code 38-1a-102
• Owner-builder: means an owner, including an owner who is also an original contractor, who:
       (27)(a) contracts with one or more other persons for preconstruction service or construction work for an improvement on the owner's real property; and
       (27)(b) obtains a building permit for the improvement. See Utah Code 38-1a-102
• 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
• Project property: means the real property interest on or for which preconstruction service or construction work is or will be provided. See Utah Code 38-1a-102
• Property: includes both real and personal property. See Utah Code 68-3-12.5