Terms Used In Utah Code > Title 31A > Chapter 5 > Part 5 - Corporate Reorganization

• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• Agent: means an individual other than a broker-dealer who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities. See Utah Code 61-1-13
• 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
• Appraisal: A determination of property value.
• 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
• articles of incorporation: means :
       (11)(a) the original articles;
       (11)(b) a special law;
       (11)(c) a charter;
       (11)(d) an amendment;
       (11)(e) restated articles;
       (11)(f) articles of merger or consolidation;
       (11)(g) a trust instrument;
       (11)(h) another constitutive document for a trust or other entity that is not a corporation; and
       (11)(i) an amendment to an item listed in Subsections (11)(a) through (h). 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.
• board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301
• Broker-dealer: means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. See Utah Code 61-1-13
• Cannabinoid product: means the same as that term is defined in Section 4-41-102. See Utah Code 59-31-101
• 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
• Charging station: means equipment designed to deliver electric energy to an electric vehicle for a fee. See Utah Code 59-30-101
• Charging station operator: means a person who owns or operates a charging station in the state. See Utah Code 59-30-101
• Charging station subscription: means a service for which a person pays a charging station operator a subscription fee for a reduced charging rate or unlimited charging during the subscription period. See Utah Code 59-30-101
• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Commission: means the Securities Commission created in Section Utah Code 61-1-13
• 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.
• 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
• Department: means the Insurance Department. See Utah Code 31A-1-301
• Depository institution: means the same as that term is defined in Section 7-1-103. See Utah Code 61-1-13
• Director: means the director of the division appointed in accordance with Section 61-1-18. See Utah Code 61-1-13
• Division: means the Division of Securities established by Section 61-1-18. See Utah Code 61-1-13
• Domestic insurer: means an insurer organized under the laws of this state. See Utah Code 31A-1-301
• Electric vehicle: means a qualifying electric vehicle or qualifying plug-in hybrid vehicle. See Utah Code 59-30-101
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• 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}
• Federal covered adviser: means a person who:
            (1)(m)(i) is registered under Section 203 of the Investment Advisers Act of 1940; or
            (1)(m)(ii) is excluded from the definition of "investment adviser" under Section 202(a)(11) of the Investment Advisers Act of 1940. See Utah Code 61-1-13
• 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
• 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.
• Fraud: Intentional deception resulting in injury to another.
• Individual: means a natural person. See Utah Code 31A-1-301
• 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
• insurance company: means a person doing an insurance business as a principal including:
            (104)(a)(i) a fraternal benefit society;
            (104)(a)(ii) an issuer of a gift annuity other than an annuity specified in Subsections 31A-22-1305(2) and (3);
            (104)(a)(iii) a motor club;
            (104)(a)(iv) an employee welfare plan;
            (104)(a)(v) a person purporting or intending to do an insurance business as a principal on that person's own account; and
            (104)(a)(vi) a health maintenance organization. See Utah Code 31A-1-301
• Investment adviser: includes a financial planner or other person who:
                 (1)(q)(ii)(A) as an integral component of other financially related services, provides the investment advisory services described in Subsection (1)(q)(i) to others as part of a business;
                 (1)(q)(ii)(B) holds the person out as providing the investment advisory services described in Subsection (1)(q)(i) to others; or
                 (1)(q)(ii)(C) holds the person out as a financial adviser, financial consultant, or any other similar title as the division may specify in rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, in any way as to imply that the person is generally engaged in an investment advisory business, including a person who does not hold a securities license and uses a title described in this Subsection (1)(q)(ii)(C) in any advertising or marketing material. See Utah Code 61-1-13
• Investment adviser representative: means a partner, officer, director of, or a person occupying a similar status or performing similar functions, or other individual, except clerical or ministerial personnel, who:
                 (1)(r)(i)(A)

                      (1)(r)(i)(A)(I) is employed by or associated with an investment adviser who is licensed or required to be licensed under this chapter; or

                      (1)(r)(i)(A)(II) has a place of business located in this state and is employed by or associated with a federal covered adviser; and
                 (1)(r)(i)(B) does any of the following:

                      (1)(r)(i)(B)(I) makes a recommendation or otherwise renders advice regarding securities;

                      (1)(r)(i)(B)(II) manages accounts or portfolios of clients;

                      (1)(r)(i)(B)(III) determines which recommendation or advice regarding securities should be given;

                      (1)(r)(i)(B)(IV) solicits, offers, or negotiates for the sale of or sells investment advisory services; or

                      (1)(r)(i)(B)(V) supervises employees who perform any of the acts described in this Subsection (1)(r)(i)(B). See Utah Code 61-1-13
• Issuer: means a person who issues or proposes to issue a security or has outstanding a security that it has issued. See Utah Code 61-1-13
• 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.
• Licensee: means a retailer that holds a valid license under Part 2, Licensing, to sell a cannabinoid product. See Utah Code 59-31-101
• 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.
• Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301
• mutual corporation: means a mutual insurance corporation. See Utah Code 31A-1-301
• 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.
• Order: means an order of the commissioner. See Utah Code 31A-1-301
• 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 :
            (1)(x)(i) an individual;
            (1)(x)(ii) a corporation;
            (1)(x)(iii) a partnership;
            (1)(x)(iv) a limited liability company;
            (1)(x)(v) an association;
            (1)(x)(vi) a joint-stock company;
            (1)(x)(vii) a joint venture;
            (1)(x)(viii) a trust where the interests of the beneficiaries are evidenced by a security;
            (1)(x)(ix) an unincorporated organization;
            (1)(x)(x) a government; or
            (1)(x)(xi) a political subdivision of a government. See Utah Code 61-1-13
• 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
• Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301
• 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
• 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
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• purchase: means a contract for purchase of, contract to buy, or acquisition of a security or interest in a security for value. See Utah Code 61-1-13
• Qualifying electric vehicle: means the same as that term is defined in Section 11-42a-102. See Utah Code 59-30-101
• Qualifying plug-in hybrid vehicle: means the same as that term is defined in Section 11-42a-102. See Utah Code 59-30-101
• Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301
• Retail price: means the amount charged by a retailer for a cannabinoid product. See Utah Code 59-31-101
• Retailer: means a person that sells a cannabionoid product to a consumer for personal use. See Utah Code 59-31-101
• Security: means a:
                 (1)(ee)(i)(A) note;
                 (1)(ee)(i)(B) stock;
                 (1)(ee)(i)(C) treasury stock;
                 (1)(ee)(i)(D) bond;
                 (1)(ee)(i)(E) debenture;
                 (1)(ee)(i)(F) evidence of indebtedness;
                 (1)(ee)(i)(G) certificate of interest or participation in a profit-sharing agreement;
                 (1)(ee)(i)(H) collateral-trust certificate;
                 (1)(ee)(i)(I) preorganization certificate or subscription;
                 (1)(ee)(i)(J) transferable share;
                 (1)(ee)(i)(K) investment contract;
                 (1)(ee)(i)(L) burial certificate or burial contract;
                 (1)(ee)(i)(M) voting-trust certificate;
                 (1)(ee)(i)(N) certificate of deposit for a security;
                 (1)(ee)(i)(O) certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
                 (1)(ee)(i)(P) commodity contract or commodity option;
                 (1)(ee)(i)(Q) interest in a limited liability company;
                 (1)(ee)(i)(R) life settlement interest; or
                 (1)(ee)(i)(S) in general, an interest or instrument commonly known as a "security" or a certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase an item listed in Subsections (1)(ee)(i)(A) through (R). See Utah Code 61-1-13
• 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
• State: means a state, territory, or possession of the United States, the District of Columbia, and Puerto Rico. See Utah Code 61-1-13
• 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
• Stock corporation: means a stock insurance corporation. See Utah Code 31A-1-301
• Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
• Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Trustee: A person or institution holding and administering property in trust.
• 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