Terms Used In Utah Code > Title 31A > Chapter 7 > Part 3 - Management

• Adjudicative proceeding: means :
       (2)(a) an action by a board, commission, department, officer, or other administrative unit of the state that determines the legal rights, duties, privileges, immunities, or other legal interests of one or more identifiable persons, including an action to grant, deny, revoke, suspend, modify, annul, withdraw, or amend an authority, right, or license; and
       (2)(b) judicial review of an action described in Subsection (2)(a). See Utah Code 68-3-12.5
• 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.
• 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
• 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
• Amendment: means an endorsement to an insurance policy or certificate. See Utah Code 31A-1-301
• 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.
• 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
• Commission: means the Securities Commission created in Section Utah Code 61-1-13
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Continuance: Putting off of a hearing ot trial until a later time.
• 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
• 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.
• Director: means the director of the division appointed in accordance with Section 61-1-18. See Utah Code 61-1-13
• Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Division: means the Division of Securities established by Section 61-1-18. See Utah Code 61-1-13
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• 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.
• Executor: A male person named in a will to carry out the decedent
• Executor: includes "administrator" when the subject matter justifies the use. See Utah Code 68-3-12.5
• Health care: means any of the following intended for use in the diagnosis, treatment, mitigation, or prevention of a human ailment or impairment:
       (83)(a) a professional service;
       (83)(b) a personal service;
       (83)(c) a facility;
       (83)(d) equipment;
       (83)(e) a device;
       (83)(f) supplies; or
       (83)(g) medicine. See Utah Code 31A-1-301
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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
• 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
• 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.
• Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
• Oath: includes "affirmation. See Utah Code 68-3-12.5
• Oath: A promise to tell the truth.
• offer to sell: includes an attempt or offer to dispose of, or solicitation of an offer to buy, a security or interest in a security for value. See Utah Code 61-1-13
• 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: 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
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Policy: includes a service contract issued by:
            (150)(b)(i) a motor club under Chapter 11, Motor Clubs;
            (150)(b)(ii) a service contract provided under Chapter 6a, Service Contracts; and
            (150)(b)(iii) a corporation licensed under:

                 (150)(b)(iii)(A) Chapter 7, Nonprofit Health Service Insurance Corporations; or

                 (150)(b)(iii)(B) Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301
• Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. 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
• record: means information that is:
                 (1)(aa)(i)(A) inscribed in a tangible medium; or
                 (1)(aa)(i)(B)

                      (1)(aa)(i)(B)(I) stored in an electronic or other medium; and

                      (1)(aa)(i)(B)(II) retrievable in perceivable form. See Utah Code 61-1-13
• 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.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• 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: includes a contract for sale of, contract to sell, or disposition of, a security or interest in a security for value. See Utah Code 61-1-13
• Service of process: The service of writs or summonses to the appropriate party.
• State: means a state, territory, or possession of the United States, the District of Columbia, and Puerto Rico. See Utah Code 61-1-13
• Subpoena: A command to a witness to appear and give testimony.
• Undue influence: means that a person uses a relationship or position of authority, trust, or confidence:
            (1)(hh)(i) that is unrelated to a relationship created:

                 (1)(hh)(i)(A) in the ordinary course of making investments regulated under this chapter; or

                 (1)(hh)(i)(B) by a licensee providing services under this chapter;
            (1)(hh)(ii) that results in:

                 (1)(hh)(ii)(A) an investor perceiving the person as having heightened credibility, personal trustworthiness, or dependability; or

                 (1)(hh)(ii)(B) the person having special access to or control of an investor's financial resources, information, or circumstances; and
            (1)(hh)(iii) to:

                 (1)(hh)(iii)(A) exploit the trust, dependence, or fear of the investor;

                 (1)(hh)(iii)(B) knowingly assist or cause another to exploit the trust, dependence, or fear of the investor; or

                 (1)(hh)(iii)(C) gain control deceptively over the decision making of the investor. See Utah Code 61-1-13
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
• Vulnerable adult: means the same as that term is defined in Section 26B-6-201. See Utah Code 61-1-13
• 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