Utah Code 7-22-101. Definitions — Exemptions
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(1) As used in this chapter:
Terms Used In Utah Code 7-22-101
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:(8)(a) holds or receives deposits, savings, or share accounts;(8)(b) issues certificates of deposit; or(8)(c) provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Escrow: means an agreement, express or implied, that provides for one or more parties to deliver or entrust money, a certificate of deposit, a security, a negotiable instrument, a deed, or other property or asset to another person to be held, paid, or delivered in accordance with terms and conditions prescribed in the agreement. See Utah Code 7-22-101
- Institution: means :
(19)(a) a corporation;(19)(b) a limited liability company;(19)(c) a partnership;(19)(d) a trust;(19)(e) an association;(19)(f) a joint venture;(19)(g) a pool;(19)(h) a syndicate;(19)(i) an unincorporated organization; or(19)(j) any form of business entity. See Utah Code 7-1-103- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Person: means :
(27)(a) an individual;(27)(b) a corporation;(27)(c) a limited liability company;(27)(d) a partnership;(27)(e) a trust;(27)(f) an association;(27)(g) a joint venture;(27)(h) a pool;(27)(i) a syndicate;(27)(j) a sole proprietorship;(27)(k) an unincorporated organization; or(27)(l) any form of business entity. See Utah Code 7-1-103- Property: includes both real and personal property. See Utah Code 68-3-12.5
- State: means , unless the context demands otherwise:
(33)(a) a state;(33)(b) the District of Columbia; or(33)(c) the territories of the United States. See Utah Code 7-1-103- Trust company: means a person authorized to conduct a trust business, as provided in Chapter 5, Trust Business. See Utah Code 7-1-103
(1)(a) “Escrow” means an agreement, express or implied, that provides for one or more parties to deliver or entrust money, a certificate of deposit, a security, a negotiable instrument, a deed, or other property or asset to another person to be held, paid, or delivered in accordance with terms and conditions prescribed in the agreement.(1)(b) “Escrow agent” means a person that provides or offers to provide escrow services to the public.(1)(c) “Nationwide database” means the Nationwide Mortgage Licensing System and Registry, authorized under 12 U.S.C. § 5101 for federal licensing of mortgage loan originators.(2) This chapter does not apply to:(2)(a) a trust company authorized to engage in the trust business in Utah in accordance with Chapter 5, Trust Business;(2)(b) a person other than an escrow agent regulated under this chapter that is exempted from the definition of trust business in Subsection 7-5-1(1);(2)(c) a depository institution chartered by a state or the federal government that is engaged in business as a depository institution in Utah;(2)(d) the Utah Board of Higher Education, the Utah Higher Education Assistance Authority, or the State Treasurer; and(2)(e) a person licensed under Title 31A, Insurance Code.