Terms Used In Utah Code > Title 63L > Chapter 12 - Granting of Real Property for Moderate Income Housing

• Administrator: means the same as that term is defined in Subsection (187). See Utah Code 31A-1-301
• 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
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the Insurance Department. See Utah Code 31A-1-301
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Escrow: means :
            (64)(a)(i) a transaction that effects the sale, transfer, encumbering, or leasing of real property, when a person not a party to the transaction, and neither having nor acquiring an interest in the title, performs, in accordance with the written instructions or terms of the written agreement between the parties to the transaction, any of the following actions:

                 (64)(a)(i)(A) the explanation, holding, or creation of a document; or

                 (64)(a)(i)(B) the receipt, deposit, and disbursement of money; or
            (64)(a)(ii) a settlement or closing involving:

                 (64)(a)(ii)(A) a mobile home;

                 (64)(a)(ii)(B) a grazing right;

                 (64)(a)(ii)(C) a water right; or

                 (64)(a)(ii)(D) other personal property authorized by the commissioner. See Utah Code 31A-1-301
• Fiduciary: A trustee, executor, or administrator.
• Governmental entity: means :
       (1)(a) an agency, as that term is defined in Section 63G-10-102;
       (1)(b) the School and Institutional Trust Lands Administration created in Section 53C-1-201;
       (1)(c) the School and Institutional Trust Lands Board of Trustees created in Section 53C-1-202; or
       (1)(d) a political subdivision, as that term is defined in Section 63L-11-102. See Utah Code 63L-12-101
• 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
• Insurer: is a s defined in Section 31A-1-301, except that the following persons or similar persons are not insurers for purposes of Part 7, Producer Controlled Insurers:
       (4)(a) a risk retention group as defined in:

            (4)(a)(i) the Superfund Amendments and Reauthorization Act of 1986, Pub. See Utah Code 31A-23a-102
• Liability insurance: includes :
            (112)(b)(i) vehicle liability insurance;
            (112)(b)(ii) residential dwelling liability insurance; and
            (112)(b)(iii) making inspection of, and issuing a certificate of inspection upon, an elevator, boiler, machinery, or apparatus of any kind when done in connection with insurance on the elevator, boiler, machinery, or apparatus. See Utah Code 31A-1-301
• License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301
• Moderate income housing: means housing occupied or reserved for occupancy by households with a gross household income equal to or less than 80% of the median gross income for households of the same size in the county in which the housing is located. See Utah Code 63L-12-101
• Municipality: means the same as that term is defined in Section 10-1-104. See Utah Code 63L-12-101
• 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
• 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
• 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
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: includes :
       (31)(a) land;
       (31)(b) a tenement;
       (31)(c) a hereditament;
       (31)(d) a water right;
       (31)(e) a possessory right; and
       (31)(f) a claim. See Utah Code 68-3-12.5
• Subpoena: A command to a witness to appear and give testimony.
• Title examination: means a license subline of authority in conjunction with the title insurance line of authority that allows a person to issue title insurance commitments or policies on behalf of a title insurer. See Utah Code 31A-23a-102
• Title insurance: means the insuring, guaranteeing, or indemnifying of an owner of real or personal property or the holder of liens or encumbrances on that property, or others interested in the property against loss or damage suffered by reason of liens or encumbrances upon, defects in, or the unmarketability of the title to the property, or invalidity or unenforceability of any liens or encumbrances on the property. See Utah Code 31A-1-301
• Title marketing representative: means a person who:
       (16)(a) represents a title insurer in soliciting, requesting, or negotiating the placing of:

            (16)(a)(i) title insurance; or

            (16)(a)(ii) escrow services; and
       (16)(b) does not have a title examination or escrow license as provided in Section 31A-23a-106. See Utah Code 31A-23a-102
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}