Terms Used In Utah Code > Title 48 > Chapter 3a > Part 5 - Transferable Interest and Rights of Transferees and Creditors

• Distribution: means a transfer of money or other property from a limited liability company to a person on account of a transferable interest or in the person's capacity as a member. See Utah Code 48-3a-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.
• Member: means a person that:
       (14)(a) has become a member of a limited liability company under Section 48-3a-401 or was a member in a company when the company became subject to this chapter under Section 48-3a-1405; and
       (14)(b) has not dissociated under Section 48-3a-602. See Utah Code 48-3a-102
• Operating agreement: means the agreement, whether or not referred to as an operating agreement and whether oral, implied, in a record, or in any combination thereof, of all the members of a limited liability company, including a sole member, concerning the matters described in Subsection 48-3a-112(1). See Utah Code 48-3a-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 48-3a-102
• Transfer: includes :
       (28)(a) an assignment;
       (28)(b) a conveyance;
       (28)(c) a sale;
       (28)(d) a lease;
       (28)(e) an encumbrance, including a mortgage or security interest;
       (28)(f) a gift; and
       (28)(g) a transfer by operation of law. See Utah Code 48-3a-102
• Transferable interest: means the right, as initially owned by a person in the person's capacity as a member, to receive distributions from a limited liability company in accordance with the operating agreement, whether or not the person remains a member or continues to own any part of the right. See Utah Code 48-3a-102
• Transferee: means a person to which all or part of a transferable interest has been transferred, whether or not the transferor is a member. See Utah Code 48-3a-102