An association:

(1) shall keep all of the association’s funds in an account in the name of the association; and

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Terms Used In Utah Code 57-8a-230

  • association: means a corporation or other legal entity, any member of which:
              (2)(a)(i) is an owner of a residential lot located within the jurisdiction of the association, as described in the governing documents; and
              (2)(a)(ii) by virtue of membership or ownership of a residential lot is obligated to pay:
                   (2)(a)(ii)(A) real property taxes;
                   (2)(a)(ii)(B) insurance premiums;
                   (2)(a)(ii)(C) maintenance costs; or
                   (2)(a)(ii)(D) for improvement of real property not owned by the member. See Utah Code 57-8a-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
(2) may not commingle the association’s funds with the funds of any other person.