§ 59-18-101 Short title
§ 59-18-102 Definitions
§ 59-18-103 Applicability to split interest trust or private foundation trust created before or after effective date
§ 59-18-104 Duties and powers of trustee
§ 59-18-105 Trustee’s fiduciary obligations and duty not to deprive trust of tax exemption, deduction or credit
§ 59-18-106 Trustee’s notice to attorney general of inconsistent provisions in trust
§ 59-18-107 Amendment of governing instrument
§ 59-18-108 Court’s power to relieve trustee from restrictions on powers and duties
§ 59-18-109 Release of power to select charitable donees
§ 59-18-110 Election and consent to release of trust to specified charitable organization
§ 59-18-111 Duties of trustee of trust subject to supervision by specified charitable organization
§ 59-18-112 Interpretation of chapter to encourage charitable gifts
§ 59-18-113 Application of chapter to trusts and trust assets established or acquired before or after effective date

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Terms Used In Utah Code > Title 59 > Chapter 18 - Charitable Trust Act

  • 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
  • Alien insurer: means an insurer domiciled outside the United States. See Utah Code 31A-1-301
  • 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
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Captive insurance company: means :
         (21)(a) an insurer:
              (21)(a)(i) owned by a parent organization; and
              (21)(a)(ii) whose purpose is to insure risks of the parent organization and other risks as authorized under:
                   (21)(a)(ii)(A) Chapter 37, Captive Insurance Companies Act; and
                   (21)(a)(ii)(B) Chapter 37a, Special Purpose Financial Captive Insurance Company Act; or
         (21)(b) in the case of a group or association, an insurer:
              (21)(b)(i) owned by the insureds; and
              (21)(b)(ii) whose purpose is to insure risks of:
                   (21)(b)(ii)(A) a member organization;
                   (21)(b)(ii)(B) a group member; or
                   (21)(b)(ii)(C) an affiliate of:
                        (21)(b)(ii)(C)(I) a member organization; or
                        (21)(b)(ii)(C)(II) a group member. See Utah Code 31A-1-301
  • 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
  • Charitable organization: means an organization described in Section 501(c)(3) and exempt from tax under Section 501(a). See Utah Code 59-18-102
  • City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
  • 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
  • Donor: The person who makes a gift.
  • 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.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiduciary: A trustee, executor, or administrator.
  • 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.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Individual: means a natural person. 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
  • Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes:
              (103)(a)(i) a policyholder;
              (103)(a)(ii) a subscriber;
              (103)(a)(iii) a member; and
              (103)(a)(iv) a beneficiary. See Utah Code 31A-1-301
  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
  • Life insurance: means :
              (114)(a)(i) insurance on a human life; and
              (114)(a)(ii) insurance pertaining to or connected with human life. See Utah Code 31A-1-301
  • Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
  • Mutual: 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 :
         (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
  • Personal property: All property that is not real property.
  • Personal property: includes :
         (25)(a) money;
         (25)(b) goods;
         (25)(c) chattels;
         (25)(d) effects;
         (25)(e) evidences of a right in action;
         (25)(f) a written instrument by which a pecuniary obligation, right, or title to property is created, acknowledged, transferred, increased, defeated, discharged, or diminished; and
         (25)(g) a right or interest in an item described in Subsections (25)(a) through (f). See Utah Code 68-3-12.5
  • 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
  • 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
  • Private foundation trust: means a trust (including a trust described in Section 4947(a)(1)) as defined in Section 509(a). See Utah Code 59-18-102
  • producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • Rebate: means a licensee paying, allowing, giving, or offering to pay, allow, or give, directly or indirectly:
              (166)(a)(i) a refund of premium or portion of premium;
              (166)(a)(ii) a refund of commission or portion of commission;
              (166)(a)(iii) a refund of all or a portion of a consultant fee; or
              (166)(a)(iv) providing services or other benefits not specified in an insurance or annuity contract. See Utah Code 31A-1-301
  • 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
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Split interest trust: means a trust for individual and charitable beneficiaries that is subject to the provisions of Section 4947(a)(2). See Utah Code 59-18-102
  • 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
  • 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
  • Trust: means an express trust created by a trust instrument, including a will. See Utah Code 59-18-102
  • Trustee: means the trustee, trustees, person, or persons possessing a power or powers referred to in this chapter. See Utah Code 59-18-102
  • Trustee: A person or institution holding and administering property in trust.
  • United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
  • 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