Terms Used In Utah Code > Title 13 > Chapter 42 - Uniform Debt-Management Services Act

• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization: Paying off a loan by regular installments.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Asset: means funds, money, an account, real or personal property, or personnel. See Utah Code 11-13-602
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Associated entity: means a taxed interlocal entity that adopts a segment's organizing resolution. See Utah Code 11-13-602
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Board: means the Permanent Community Impact Fund Board created by Section 35A-8-304, and its successors. See Utah Code 11-13-103
• Budget: means a plan of financial operations for a fiscal year that embodies estimates of proposed expenditures for given purposes and the proposed means of financing them, and may refer to the budget of a particular fund for which a budget is required by law or may refer collectively to the budgets for all required funds. See Utah Code 11-13-501
• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Energy services interlocal entity: means an interlocal entity that is described in Subsection 11-13-203(4). See Utah Code 11-13-103
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary duty: means a duty expressly designated as a fiduciary duty of:
       (3)(a) a director or an officer of a taxed interlocal entity in:

            (3)(a)(i) the organization agreement of the taxed interlocal entity; or

            (3)(a)(ii) an agreement executed by the director or the officer and the taxed interlocal entity; or
       (3)(b) a director or an officer of a segment in:

            (3)(b)(i) the organizing resolution of the segment; or

            (3)(b)(ii) an agreement executed by the director or the officer and the segment. See Utah Code 11-13-602
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Generally accepted accounting principles: means the accounting principles and standards promulgated from time to time by authoritative bodies in the United States. See Utah Code 11-13-501
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing board: includes a board of directors described in an agreement, as amended, that creates a project entity. See Utah Code 11-13-103
• Governing body: means the body established in an organizing resolution to govern a segment. See Utah Code 11-13-602
• Governmental law: means :
       (5)(a) Title 51, Chapter 2a, Accounting Reports from Political Subdivisions, Interlocal Organizations, and Other Local Entities Act;
       (5)(b) Title 63A, Chapter 3, Division of Finance;
       (5)(c) Title 63G, Chapter 6a, Utah Procurement Code;
       (5)(d) a law imposing an obligation on a taxed interlocal entity similar to an obligation imposed by a law described in Subsection (5)(a), (b), or (c);
       (5)(e) an amendment to or replacement or renumbering of a law described in Subsection (5)(a), (b), (c), or (d); or
       (5)(f) a law superseding a law described in Subsection (5)(a), (b), (c), or (d). See Utah Code 11-13-602
• Highway: includes :
       (15)(a) a public bridge;
       (15)(b) a county way;
       (15)(c) a county road;
       (15)(d) a common road; and
       (15)(e) a state road. See Utah Code 68-3-12.5
• Indexed office: means the address identified under Subsection 63G-7-401(5)(a)(i) by a segment's associated entity in the associated entity's statement described in Subsection 63G-7-401(5). See Utah Code 11-13-602
• 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}
• Interlocal entity: includes a governmental nonprofit corporation, as that term is defined in Section 11-13a-102. See Utah Code 11-13-501
• Interlocal entity: means :
       (12)(a) a Utah interlocal entity, an electric interlocal entity, or an energy services interlocal entity; or
       (12)(b) a separate legal or administrative entity created under Section 11-13-205. See Utah Code 11-13-103
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Lineal descendant: Direct descendant of the same ancestors.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Member: means a public agency that, with another public agency, creates an interlocal entity under Section 11-13-203. See Utah Code 11-13-103
• Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Organization agreement: means an agreement, as amended, that creates a taxed interlocal entity. See Utah Code 11-13-602
• Organizing resolution: means a resolution described in Subsection 11-13-604(1) that creates a segment. See Utah Code 11-13-602
• 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 :
       (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
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Principal county: means the county in which the indexed office of a segment's associated entity is located. See Utah Code 11-13-602
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• Project: means :
       (10)(a) the same as that term is defined in Section 11-13-103; or
       (10)(b) facilities, improvements, or contracts undertaken by a taxed interlocal entity in accordance with Subsection 11-13-204(2). See Utah Code 11-13-602
• Project entity: means a Utah interlocal entity or an electric interlocal entity that owns a project as defined in this section. See Utah Code 11-13-103
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Public agency: means :
       (19)(a) a city, town, county, school district, special district, special service district, an interlocal entity, or other political subdivision of the state;
       (19)(b) the state or any department, division, or agency of the state;
       (19)(c) any agency of the United States;
       (19)(d) any political subdivision or agency of another state or the District of Columbia including any interlocal cooperation or joint powers agency formed under the authority of the law of the other state or the District of Columbia; or
       (19)(e) any Indian tribe, band, nation, or other organized group or community which is recognized as eligible for the special programs and services provided by the United States to Indians because of their status as Indians. See Utah Code 11-13-103
• Public asset: means :
       (11)(a) an asset used by a public entity;
       (11)(b) tax revenue;
       (11)(c) state funds; or
       (11)(d) public funds. See Utah Code 11-13-602
• Quorum: The number of legislators that must be present to do business.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Road: includes :
       (33)(a) a public bridge;
       (33)(b) a county way;
       (33)(c) a county road;
       (33)(d) a common road; and
       (33)(e) a state road. See Utah Code 68-3-12.5
• Segment: means a segment created in accordance with Section 11-13-604. See Utah Code 11-13-602
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. 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
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Taxed interlocal entity: means :
       (13)(a) a project entity that:

            (13)(a)(i) is not exempt from a tax or fee in lieu of taxes imposed in accordance with Part 3, Project Entity Provisions;

            (13)(a)(ii) does not receive a payment of funds from a federal agency or office, state agency or office, political subdivision, or other public agency or office other than:

                 (13)(a)(ii)(A) a payment that does not materially exceed the greater of the fair market value and the cost of a service provided or property conveyed by the project entity; or

                 (13)(a)(ii)(B) a grant that is subject to accountability requirements and that the project entity receives for purposes related to a Utah interlocal energy hub, including research and development of technology, financing, construction, installation, operation, and other actions that the project entity may take with respect to a project; and

            (13)(a)(iii) does not receive, expend, or have the authority to compel payment from tax revenue; or
       (13)(b) an interlocal entity that:

            (13)(b)(i) was created before 1981 for the purpose of providing power supply at wholesale to its members;

            (13)(b)(ii) does not receive a payment of funds from a federal agency or office, state agency or office, political subdivision, or other public agency or office other than:

                 (13)(b)(ii)(A) a payment that does not materially exceed the greater of the fair market value and the cost of a service provided or property conveyed by the interlocal entity; or

                 (13)(b)(ii)(B) a loan, grant, guaranty, transferable tax credit, cost-sharing arrangement, or other funding arrangement for an advanced nuclear power facility, as defined in Utah Code 11-13-602
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
• Use: includes , when constituting a noun, the corresponding nominal form of each term in Subsection (14)(a), individually. See Utah Code 11-13-602
• Utah interlocal energy hub: means project entity-owned facilities that:
       (15)(a) are located within the state; and
       (15)(b) facilitate the coordination of resources and participants in a multi-county or interstate region for:

            (15)(b)(i) the generation of energy, including with hydrogen fuel;

            (15)(b)(ii) the transmission of energy;

            (15)(b)(iii) energy storage, including compressed air energy storage;

            (15)(b)(iv) producing environmental benefits; or

            (15)(b)(v) the production, storage, or transmission of fuel, including hydrogen fuel. See Utah Code 11-13-602
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.