Terms Used In Utah Code > Title 31A > Chapter 36 - Life Settlements Act

• Accessory dwelling unit: means a habitable living unit added to, created within, or detached from a primary single-family dwelling and contained on one lot. See Utah Code 17-27a-103
• Advertising: includes the following, if the requirements of Subsection (1)(a) are met:
            (1)(b)(i) a written, electronic, or printed communication;
            (1)(b)(ii) a communication by means of a recorded telephone message;
            (1)(b)(iii) a communication transmitted on radio, television, the Internet, or similar communications media; and
            (1)(b)(iv) a film strip, motion picture, or video. See Utah Code 31A-36-102
• Affected owner: means the owner of real property that is:
       (4)(a) a single project;
       (4)(b) the subject of a land use approval that sponsors of a referendum timely challenged in accordance with Subsection 20A-7-601(6); and
       (4)(c) determined to be legally referable under Section Utah Code 17-27a-103
• Agency: means :
       (6)(a) a person other than an individual, including a sole proprietorship by which an individual does business under an assumed name; and
       (6)(b) an insurance organization licensed or required to be licensed under Section 31A-23a-301, 31A-25-207, or 31A-26-209. See Utah Code 31A-1-301
• Allegation: something that someone says happened.
• 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.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Annuity: means an agreement to make periodical payments for a period certain or over the lifetime of one or more individuals if the making or continuance of all or some of the series of the payments, or the amount of the payment, is dependent upon the continuance of human life. See Utah Code 31A-1-301
• 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.
• Appeal authority: means the person, board, commission, agency, or other body designated by ordinance to decide an appeal of a decision of a land use application or a variance. See Utah Code 17-27a-103
• Application: means a document:
       (10)(a)

            (10)(a)(i) completed by an applicant to provide information about the risk to be insured; and

            (10)(a)(ii) that contains information that is used by the insurer to evaluate risk and decide whether to:

                 (10)(a)(ii)(A) insure the risk under:

                      (10)(a)(ii)(A)(I) the coverage as originally offered; or

                      (10)(a)(ii)(A)(II) a modification of the coverage as originally offered; or

                 (10)(a)(ii)(B) decline to insure the risk; or
       (10)(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bequest: Property gifted by will.
• Billboard: means a freestanding ground sign located on industrial, commercial, or residential property if the sign is designed or intended to direct attention to a business, product, or service that is not sold, offered, or existing on the property where the sign is located. See Utah Code 17-27a-103
• Business of life settlements: includes the following:
       (2)(a) offering a life settlement;
       (2)(b) soliciting a life settlement;
       (2)(c) negotiating a life settlement;
       (2)(d) procuring a life settlement;
       (2)(e) effectuating a life settlement;
       (2)(f) purchasing a life settlement;
       (2)(g) investing in a life settlement;
       (2)(h) financing a life settlement;
       (2)(i) monitoring a life settlement;
       (2)(j) tracking a life settlement;
       (2)(k) underwriting a life settlement;
       (2)(l) selling a life settlement;
       (2)(m) transferring a life settlement;
       (2)(n) assigning a life settlement;
       (2)(o) pledging a life settlement;
       (2)(p) hypothecating a life settlement; or
       (2)(q) in any other manner acquiring an interest in an insurance policy by means of a life settlement. See Utah Code 31A-36-102
• Certificate: means evidence of insurance given to:
       (23)(a) an insured under a group insurance policy; or
       (23)(b) a third party. See Utah Code 31A-1-301
• Charter school: means :
            (7)(a)(i) an operating charter school;
            (7)(a)(ii) a charter school applicant that a charter school authorizer approves in accordance with Title 53G, Chapter 5, Part 3, Charter School Authorization; or
            (7)(a)(iii) an entity that is working on behalf of a charter school or approved charter applicant to develop or construct a charter school building. See Utah Code 17-27a-103
• Chronically ill: means :
       (3)(a) being unable to perform at least two activities of daily living, such as eating, toileting, moving from one place to another, bathing, dressing, or continence;
       (3)(b) requiring substantial supervision for protection from threats to health and safety because of severe cognitive impairment; or
       (3)(c) having a level of disability similar to that described in Subsection (3)(a). See Utah Code 31A-36-102
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Conditional use: means a land use that, because of the unique characteristics or potential impact of the land use on the county, surrounding neighbors, or adjacent land uses, may not be compatible in some areas or may be compatible only if certain conditions are required that mitigate or eliminate the detrimental impacts. See Utah Code 17-27a-103
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Corporation: means an insurance corporation, except when referring to:
            (34)(a)(i) a corporation doing business:

                 (34)(a)(i)(A) as:

                      (34)(a)(i)(A)(I) an insurance producer;

                      (34)(a)(i)(A)(II) a surplus lines producer;

                      (34)(a)(i)(A)(III) a limited line producer;

                      (34)(a)(i)(A)(IV) a consultant;

                      (34)(a)(i)(A)(V) a managing general agent;

                      (34)(a)(i)(A)(VI) a reinsurance intermediary;

                      (34)(a)(i)(A)(VII) a third party administrator; or

                      (34)(a)(i)(A)(VIII) an adjuster; and

                 (34)(a)(i)(B) under:

                      (34)(a)(i)(B)(I) Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries;

                      (34)(a)(i)(B)(II) Chapter 25, Third Party Administrators; or

                      (34)(a)(i)(B)(III) Chapter 26, Insurance Adjusters; or
            (34)(a)(ii) a noninsurer that is part of a holding company system under Chapter 16, Insurance Holding Companies. See Utah Code 31A-1-301
• County legislative body: means :
       (8)(a) the county commission, in the county commission or expanded county commission form of government established under Title 17, Chapter 52a, Changing Forms of County Government;
       (8)(b) the county council, in the county executive-council optional form of government authorized by Section 17-52a-203; and
       (8)(c) the county council, in the council-manager optional form of government authorized by Section 17-52a-204. See Utah Code 68-3-12.5
• Creditor: means a person, including an insured, having a claim, whether:
       (39)(a) matured;
       (39)(b) unmatured;
       (39)(c) liquidated;
       (39)(d) unliquidated;
       (39)(e) secured;
       (39)(f) unsecured;
       (39)(g) absolute;
       (39)(h) fixed; or
       (39)(i) contingent. See Utah Code 31A-1-301
• Culinary water authority: means the department, agency, or public entity with responsibility to review and approve the feasibility of the culinary water system and sources for the subject property. See Utah Code 17-27a-103
• 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.
• Department: means the Insurance Department. See Utah Code 31A-1-301
• Depository institution: is a s defined in Section 7-1-103. See Utah Code 31A-36-102
• Development agreement: means a written agreement or amendment to a written agreement between a county and one or more parties that regulates or controls the use or development of a specific area of land. See Utah Code 17-27a-103
• Devise: To gift property by will.
• Disability: means a physiological or psychological condition that partially or totally limits an individual's ability to:
       (51)(a) perform the duties of:

            (51)(a)(i) that individual's occupation; or

            (51)(a)(ii) an occupation for which the individual is reasonably suited by education, training, or experience; or
       (51)(b) perform two or more of the following basic activities of daily living:

            (51)(b)(i) eating;

            (51)(b)(ii) toileting;

            (51)(b)(iii) transferring;

            (51)(b)(iv) bathing; or

            (51)(b)(v) dressing. See Utah Code 31A-1-301
• Employee: means :
       (57)(a) an individual employed by an employer; or
       (57)(b) an individual who meets the requirements of Subsection (55)(b). See Utah Code 31A-1-301
• 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.
• Escrow: means :
            (64)(a)(i) a transaction that effects the sale, transfer, encumbering, or leasing of real property, when a person not a party to the transaction, and neither having nor acquiring an interest in the title, performs, in accordance with the written instructions or terms of the written agreement between the parties to the transaction, any of the following actions:

                 (64)(a)(i)(A) the explanation, holding, or creation of a document; or

                 (64)(a)(i)(B) the receipt, deposit, and disbursement of money; or
            (64)(a)(ii) a settlement or closing involving:

                 (64)(a)(ii)(A) a mobile home;

                 (64)(a)(ii)(B) a grazing right;

                 (64)(a)(ii)(C) a water right; or

                 (64)(a)(ii)(D) other personal property authorized by the commissioner. See Utah Code 31A-1-301
• Escrow agent: means an agency title insurance producer meeting the requirements of Sections 31A-4-107, 31A-14-211, and 31A-23a-204, who is acting through an individual title insurance producer licensed with an escrow subline of authority. See Utah Code 31A-1-301
• 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.
• Executive: when used to describe the powers, duties, or functions of a person or body elected as the county executive or a person appointed as the county manager or administrative officer, refers to:
       (2)(a) the power and duty to carry laws and ordinances into effect and secure their due observance; and
       (2)(b) those powers, duties, and functions that, under constitutional and statutory provisions and through long usage and accepted practice and custom at the federal and state level, have come to be regarded as belonging to the executive branch of government. See Utah Code 17-50-101
• Fiduciary: A trustee, executor, or administrator.
• Filed: means that a filing is:
            (69)(a)(i) submitted to the department as required by and in accordance with applicable statute, rule, or filing order;
            (69)(a)(ii) received by the department within the time period provided in applicable statute, rule, or filing order; and
            (69)(a)(iii) accompanied by the appropriate fee in accordance with:

                 (69)(a)(iii)(A) Section 31A-3-103; or

                 (69)(a)(iii)(B) rule. See Utah Code 31A-1-301
• Filing: when used as a noun, means an item required to be filed with the department including:
       (70)(a) a policy;
       (70)(b) a rate;
       (70)(c) a form;
       (70)(d) a document;
       (70)(e) a plan;
       (70)(f) a manual;
       (70)(g) an application;
       (70)(h) a report;
       (70)(i) a certificate;
       (70)(j) an endorsement;
       (70)(k) an actuarial certification;
       (70)(l) a licensee annual statement;
       (70)(m) a licensee renewal application;
       (70)(n) an advertisement;
       (70)(o) a binder; or
       (70)(p) an outline of coverage. See Utah Code 31A-1-301
• Financing entity: includes , if the requirements of Subsection (5)(a) are met, the following:
            (5)(b)(i) an underwriter;
            (5)(b)(ii) a placement agent;
            (5)(b)(iii) an enhancer of credit;
            (5)(b)(iv) a lender;
            (5)(b)(v) a purchaser of securities; and
            (5)(b)(vi) a purchaser of a policy from a life settlement provider. See Utah Code 31A-36-102
• Flood plain: means land that:
       (18)(a) is within the 100-year flood plain designated by the Federal Emergency Management Agency; or
       (18)(b) has not been studied or designated by the Federal Emergency Management Agency but presents a likelihood of experiencing chronic flooding or a catastrophic flood event because the land has characteristics that are similar to those of a 100-year flood plain designated by the Federal Emergency Management Agency. See Utah Code 17-27a-103
• Form: means , in addition to a form as defined in Section 31A-1-301:
       (6)(a) a life settlement;
       (6)(b) a disclosure to an owner;
       (6)(c) a notice of intent to settle; or
       (6)(d) a verification of coverage. See Utah Code 31A-36-102
• Fraud: Intentional deception resulting in injury to another.
• General plan: means a document that a county adopts that sets forth general guidelines for proposed future development of:
       (20)(a) the unincorporated land within the county; or
       (20)(b) for a mountainous planning district, the land within the mountainous planning district. See Utah Code 17-27a-103
• Geologic hazard: means :
       (21)(a) a surface fault rupture;
       (21)(b) shallow groundwater;
       (21)(c) liquefaction;
       (21)(d) a landslide;
       (21)(e) a debris flow;
       (21)(f) unstable soil;
       (21)(g) a rock fall; or
       (21)(h) any other geologic condition that presents a risk:

            (21)(h)(i) to life;

            (21)(h)(ii) of substantial loss of real property; or

            (21)(h)(iii) of substantial damage to real property. See Utah Code 17-27a-103
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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
• Hookup fee: means a fee for the installation and inspection of any pipe, line, meter, or appurtenance to connect to a county water, sewer, storm water, power, or other utility system. See Utah Code 17-27a-103
• Impact fee: means a payment of money imposed under Title 11, Chapter 36a, Impact Fees Act. See Utah Code 17-27a-103
• Individual: means a natural person. See Utah Code 31A-1-301
• Infrastructure improvement: means permanent infrastructure that is essential for the public health and safety or that:
       (29)(a) is required for human consumption; and
       (29)(b) an applicant must install:

            (29)(b)(i) in accordance with published installation and inspection specifications for public improvements; and

            (29)(b)(ii) as a condition of:

                 (29)(b)(ii)(A) recording a subdivision plat;

                 (29)(b)(ii)(B) obtaining a building permit; or

                 (29)(b)(ii)(C) developing a commercial, industrial, mixed use, condominium, or multifamily project. See Utah Code 17-27a-103
• insolvent: means that:
       (95)(a) an insurer is unable to pay the insurer's obligations as the obligations are due;
       (95)(b) an insurer's total adjusted capital is less than the insurer's mandatory control level RBC under Subsection 31A-17-601(8)(c); or
       (95)(c) an insurer's admitted assets are less than the insurer's liabilities. See Utah Code 31A-1-301
• Insurance: includes :
            (96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
            (96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
            (96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
• Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes:
            (103)(a)(i) a policyholder;
            (103)(a)(ii) a subscriber;
            (103)(a)(iii) a member; and
            (103)(a)(iv) a beneficiary. See Utah Code 31A-1-301
• 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.
• Land: includes :
       (18)(a) land;
       (18)(b) a tenement;
       (18)(c) a hereditament;
       (18)(d) a water right;
       (18)(e) a possessory right; and
       (18)(f) a claim. See Utah Code 68-3-12.5
• Land use applicant: means a property owner, or the property owner's designee, who submits a land use application regarding the property owner's land. See Utah Code 17-27a-103
• Land use authority: means :
       (35)(a) a person, board, commission, agency, or body, including the local legislative body, designated by the local legislative body to act upon a land use application; or
       (35)(b) if the local legislative body has not designated a person, board, commission, agency, or body, the local legislative body. See Utah Code 17-27a-103
• Land use decision: means an administrative decision of a land use authority or appeal authority regarding:
       (36)(a) a land use permit;
       (36)(b) a land use application; or
       (36)(c) the enforcement of a land use regulation, land use permit, or development agreement. See Utah Code 17-27a-103
• Land use permit: means a permit issued by a land use authority. See Utah Code 17-27a-103
• Legislative: when used to describe the powers, duties, or functions of a county commission or council, refers to:
       (3)(a) the power and duty to enact ordinances, levy taxes, and establish budgets; and
       (3)(b) those powers, duties, and functions that, under constitutional and statutory provisions and through long usage and accepted practice and custom at the federal and state level, have come to be regarded as belonging to the legislative branch of government. See Utah Code 17-50-101
• Legislative body: means the county legislative body, or for a county that has adopted an alternative form of government, the body exercising legislative powers. See Utah Code 17-27a-103
• License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
• Lien: A claim against real or personal property in satisfaction of a debt.
• Life expectancy: means the mean number of months an individual insured under a policy to be settled can be expected to live considering medical records and appropriate experiential data. See Utah Code 31A-36-102
• Life insurance: means :
            (114)(a)(i) insurance on a human life; and
            (114)(a)(ii) insurance pertaining to or connected with human life. See Utah Code 31A-1-301
• Life settlement: includes :
            (8)(b)(i) the transfer for compensation or value of ownership or beneficial interest in a trust or other entity that owns a policy if the trust or other entity is formed or operated for the principal purpose of acquiring one or more policies; or
            (8)(b)(ii) a premium finance loan made for a policy by a lender to an owner on, before, or after the date of issuance of the policy if the owner:

                 (8)(b)(ii)(A) receives on the date of the premium finance loan a guarantee of a future life settlement value of the policy; or

                 (8)(b)(ii)(B) agrees on the date of the premium finance loan to sell the policy or any portion of the policy's death benefit on a date following the issuance of the policy. See Utah Code 31A-36-102
• Life settlement producer: means a person licensed in the state as a life insurance producer that on behalf of an owner and for consideration offers or attempts to negotiate a life settlement between the owner and one or more life settlement providers. See Utah Code 31A-36-102
• Life settlement provider: means a person other than an owner that enters into or effectuates a life settlement. See Utah Code 31A-36-102
• Life settlement purchaser: means a person that, to derive an economic benefit:
            (11)(a)(i) provides a sum of money as consideration for a policy or an interest in the death benefits of a policy; or
            (11)(a)(ii) owns, acquires, or is entitled to a beneficial interest in a trust that:

                 (11)(a)(ii)(A) owns a life settlement; or

                 (11)(a)(ii)(B) is the beneficiary of a policy that has been or will be the subject of a life settlement. See Utah Code 31A-36-102
• Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
• Moderate income housing: means housing occupied or reserved for occupancy by households with a gross household income equal to or less than 80% of the median gross income for households of the same size in the county in which the housing is located. See Utah Code 17-27a-103
• Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
• Mountainous planning district: means an area designated by a county legislative body in accordance with Section 17-27a-901. See Utah Code 17-27a-103
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Nominal fee: means a fee that reasonably reimburses a county only for time spent and expenses incurred in:
       (46)(a) verifying that building plans are identical plans; and
       (46)(b) reviewing and approving those minor aspects of identical plans that differ from the previously reviewed and approved building plans. See Utah Code 17-27a-103
• Noncomplying structure: means a structure that:
       (47)(a) legally existed before the structure's current land use designation; and
       (47)(b) because of one or more subsequent land use ordinance changes, does not conform to the setback, height restrictions, or other regulations, excluding those regulations that govern the use of land. See Utah Code 17-27a-103
• Nonconforming use: means a use of land that:
       (48)(a) legally existed before the current land use designation;
       (48)(b) has been maintained continuously since the time the land use ordinance regulation governing the land changed; and
       (48)(c) because of one or more subsequent land use ordinance changes, does not conform to the regulations that now govern the use of the land. See Utah Code 17-27a-103
• 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.
• Official map: means a map drawn by county authorities and recorded in the county recorder's office that:
       (49)(a) shows actual and proposed rights-of-way, centerline alignments, and setbacks for highways and other transportation facilities;
       (49)(b) provides a basis for restricting development in designated rights-of-way or between designated setbacks to allow the government authorities time to purchase or otherwise reserve the land; and
       (49)(c) has been adopted as an element of the county's general plan. See Utah Code 17-27a-103
• Order: means an order of the commissioner. See Utah Code 31A-1-301
• Owner: means any of the following who resides in this state and seeks to enter into a life settlement:
            (12)(a)(i) the owner of a policy; or
            (12)(a)(ii) the holder of a certificate of a group policy. See Utah Code 31A-36-102
• 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: includes :
       (146)(a) an individual;
       (146)(b) a partnership;
       (146)(c) a corporation;
       (146)(d) an incorporated or unincorporated association;
       (146)(e) a joint stock company;
       (146)(f) a trust;
       (146)(g) a limited liability company;
       (146)(h) a reciprocal;
       (146)(i) a syndicate; or
       (146)(j) another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301
• Person: means an individual, corporation, partnership, organization, association, trust, governmental agency, or any other legal entity. See Utah Code 17-27a-103
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Plat: means an instrument subdividing property into lots as depicted on a map or other graphical representation of lands that a licensed professional land surveyor makes and prepares in accordance with Section 17-27a-603 or 57-8-13. See Utah Code 17-27a-103
• Policy: means :
       (13)(a) an individual or group life insurance policy;
       (13)(b) an individual or group annuity policy;
       (13)(c) a group life insurance certificate;
       (13)(d) a group annuity certificate; or
       (13)(e) a life insurance policy or an annuity policy, whether or not delivered or issued for delivery in Utah:

            (13)(e)(i) affecting the rights of a resident of Utah; or

            (13)(e)(ii) bearing a reasonable relation to Utah. See Utah Code 31A-36-102
• Premium: includes , however designated:
            (156)(b)(i) an assessment;
            (156)(b)(ii) a membership fee;
            (156)(b)(iii) a required contribution; or
            (156)(b)(iv) monetary consideration. See Utah Code 31A-1-301
• Premium finance loan: is a loan made primarily for the purpose of making premium payments on a policy if the loan is secured by an interest in the policy. See Utah Code 31A-36-102
• Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Public agency: means :
       (57)(a) the federal government;
       (57)(b) the state;
       (57)(c) a county, municipality, school district, special district, special service district, or other political subdivision of the state; or
       (57)(d) a charter school. See Utah Code 17-27a-103
• Public hearing: means a hearing at which members of the public are provided a reasonable opportunity to comment on the subject of the hearing. See Utah Code 17-27a-103
• Public meeting: means a meeting that is required to be open to the public under Title 52, Chapter 4, Open and Public Meetings Act. See Utah Code 17-27a-103
• Public street: means a public right-of-way, including a public highway, public avenue, public boulevard, public parkway, public road, public lane, public alley, public viaduct, public subway, public tunnel, public bridge, public byway, other public transportation easement, or other public way. See Utah Code 17-27a-103
• Receiving zone: means an unincorporated area of a county that the county designates, by ordinance, as an area in which an owner of land may receive a transferable development right. See Utah Code 17-27a-103
• Related provider trust: means a trust established by a licensed life settlement provider or a financing entity solely to hold the ownership of or beneficial interests in purchased policies in connection with financing. See Utah Code 31A-36-102
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Residential roadway: means a public local residential road that:
       (64)(a) will serve primarily to provide access to adjacent primarily residential areas and property;
       (64)(b) is designed to accommodate minimal traffic volumes or vehicular traffic;
       (64)(c) is not identified as a supplementary to a collector or other higher system classified street in an approved municipal street or transportation master plan;
       (64)(d) has a posted speed limit of 25 miles per hour or less;
       (64)(e) does not have higher traffic volumes resulting from connecting previously separated areas of the municipal road network;
       (64)(f) cannot have a primary access, but can have a secondary access, and does not abut lots intended for high volume traffic or community centers, including schools, recreation centers, sports complexes, or libraries; and
       (64)(g) primarily serves traffic within a neighborhood or limited residential area and is not necessarily continuous through several residential areas. See Utah Code 17-27a-103
• 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
• Security: means a:
            (176)(a)(i) note;
            (176)(a)(ii) stock;
            (176)(a)(iii) bond;
            (176)(a)(iv) debenture;
            (176)(a)(v) evidence of indebtedness;
            (176)(a)(vi) certificate of interest or participation in a profit-sharing agreement;
            (176)(a)(vii) collateral-trust certificate;
            (176)(a)(viii) preorganization certificate or subscription;
            (176)(a)(ix) transferable share;
            (176)(a)(x) investment contract;
            (176)(a)(xi) voting trust certificate;
            (176)(a)(xii) certificate of deposit for a security;
            (176)(a)(xiii) certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
            (176)(a)(xiv) commodity contract or commodity option;
            (176)(a)(xv) certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (176)(a)(i) through (xiv); or
            (176)(a)(xvi) another interest or instrument commonly known as a security. See Utah Code 31A-1-301
• Sell: means to exchange a contract of insurance:
       (179)(a) by any means;
       (179)(b) for money or its equivalent; and
       (179)(c) on behalf of an insurance company. See Utah Code 31A-1-301
• Sending zone: means an unincorporated area of a county that the county designates, by ordinance, as an area from which an owner of land may transfer a transferable development right. See Utah Code 17-27a-103
• Sequester: To separate. Sometimes juries are sequestered from outside influences during their deliberations.
• Settled policy: means a policy that is acquired by a life settlement provider pursuant to a life settlement. See Utah Code 31A-36-102
• 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.
• Special purpose entity: means an entity formed by a licensed life settlement provider solely to enable the life settlement provider to gain access to institutional markets for capital. See Utah Code 31A-36-102
• Specified public agency: means :
       (70)(a) the state;
       (70)(b) a school district; or
       (70)(c) a charter school. See Utah Code 17-27a-103
• State: includes any department, division, or agency of the state. See Utah Code 17-27a-103
• 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.
• Stranger-originated life insurance: includes when:
            (18)(b)(i) a policy is purchased with resources or guarantees from or through a person who, at the time of policy origination, could not lawfully initiate the policy itself; and
            (18)(b)(ii) at the time of policy origination, there is an agreement, whether oral or written, to directly or indirectly transfer to a third party the ownership of a policy, policy benefits, or both. See Utah Code 31A-36-102
• Subdivision: includes :
            (73)(b)(i) the division or development of land, whether by deed, metes and bounds description, devise and testacy, map, plat, or other recorded instrument, regardless of whether the division includes all or a portion of a parcel or lot; and
            (73)(b)(ii) except as provided in Subsection (73)(c), divisions of land for residential and nonresidential uses, including land used or to be used for commercial, agricultural, and industrial purposes. See Utah Code 17-27a-103
• Terminally ill: means having a condition that reasonably may be expected to result in death within 24 months. See Utah Code 31A-36-102
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Transferable development right: means a right to develop and use land that originates by an ordinance that authorizes a land owner in a designated sending zone to transfer land use rights from a designated sending zone to a designated receiving zone. See Utah Code 17-27a-103
• 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.
• Trustee: means "director" when referring to the board of directors of a corporation. See Utah Code 31A-1-301
• under common control: means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person. See Utah Code 31A-1-301
• Unincorporated: means the area outside of the incorporated area of a municipality. See Utah Code 17-27a-103
• Uphold: The decision of an appellate court not to reverse a lower court decision.
• Water interest: means any right to the beneficial use of water, including:
       (80)(a) each of the rights listed in Section 73-1-11; and
       (80)(b) an ownership interest in the right to the beneficial use of water represented by:

            (80)(b)(i) a contract; or

            (80)(b)(ii) a share in a water company, as defined in Section Utah Code 17-27a-103
• Writing: includes :
       (48)(a) printing;
       (48)(b) handwriting; and
       (48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5
• Zoning map: means a map, adopted as part of a land use ordinance, that depicts land use zones, overlays, or districts. See Utah Code 17-27a-103