Terms Used In Utah Code > Title 48 > Chapter 2e > Part 7 - Transferable Interest and Rights

• Distribution: means a transfer of money or other property from a limited partnership to a person on account of a transferable interest or in the person's capacity as a partner. See Utah Code 48-2e-102
• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Limited partner: means a person that:
       (12)(a) has become a limited partner under Section 48-2e-301 or was a limited partner in a limited partnership when the limited partnership became subject to this chapter under Section 48-2e-1205; and
       (12)(b) has not dissociated under Section 48-2e-601. See Utah Code 48-2e-102
• Limited partnership: means an entity formed under this chapter or which becomes subject to this chapter under Part 11, Merger, Interest Exchange, Conversion, and Domestication, or Section 48-2e-1205. See Utah Code 48-2e-102
• Partner: means a limited partner or general partner. See Utah Code 48-2e-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.
• Partnership agreement: means the agreement, whether or not referred to as a partnership agreement, and whether oral, implied, in a record, or in any combination thereof, of all the partners of a limited partnership concerning the matters described in Subsection 48-2e-112(1). See Utah Code 48-2e-102
• Person: means an individual, business corporation, nonprofit corporation, partnership, limited partnership, limited liability company, limited cooperative association, unincorporated nonprofit association, statutory trust, business trust, common-law business trust, estate, trust, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Utah Code 48-2e-102
• Required information: means the information that a limited partnership is required to maintain under Section 48-2e-115. See Utah Code 48-2e-102
• Transfer: includes :
       (25)(a) an assignment;
       (25)(b) a conveyance;
       (25)(c) a sale;
       (25)(d) a lease;
       (25)(e) an encumbrance, including a mortgage or security interest;
       (25)(f) a gift; and
       (25)(g) a transfer by operation of law. See Utah Code 48-2e-102
• Transferable interest: means the right, as initially owned by a person in the person's capacity as a partner, to receive distributions from a limited partnership in accordance with the partnership agreement, whether or not the person remains a partner or continues to own any part of the right. See Utah Code 48-2e-102
• Transferee: means a person to which all or part of a transferable interest has been transferred, whether or not the transferor is a partner. See Utah Code 48-2e-102