Terms Used In Utah Code > Title 57 > Chapter 8a > Part 6 - Consolidation of Associations

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• association: means a corporation or other legal entity, any member of which:
            (2)(a)(i) is an owner of a residential lot located within the jurisdiction of the association, as described in the governing documents; and
            (2)(a)(ii) by virtue of membership or ownership of a residential lot is obligated to pay:

                 (2)(a)(ii)(A) real property taxes;

                 (2)(a)(ii)(B) insurance premiums;

                 (2)(a)(ii)(C) maintenance costs; or

                 (2)(a)(ii)(D) for improvement of real property not owned by the member. See Utah Code 57-8a-102
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lot: means :
       (16)(a) a lot, parcel, plot, or other division of land:

            (16)(a)(i) designated for separate ownership or occupancy; and

            (16)(a)(ii)

                 (16)(a)(ii)(A) shown on a recorded subdivision plat; or

                 (16)(a)(ii)(B) the boundaries of which are described in a recorded governing document; or
       (16)(b)

            (16)(b)(i) a unit in a condominium association if the condominium association is a part of a development; or

            (16)(b)(ii) a unit in a real estate cooperative if the real estate cooperative is part of a development. See Utah Code 57-8a-102