Sections
Part 1 General Provisions 67-4a-101 – 67-4a-104
Part 2 Presumption of Abandonment 67-4a-201 – 67-4a-215
Part 3 Rules for Taking Custody of Property Presumed Abandoned 67-4a-301 – 67-4a-307
Part 4 Report by Holder 67-4a-401 – 67-4a-405
Part 5 Notice to Apparent Owner of Property Presumed Abandoned 67-4a-501 – 67-4a-504
Part 6 Taking Custody of Property by Administrator 67-4a-601 – 67-4a-610
Part 7 Sale of Property by Administrator 67-4a-701 – 67-4a-705
Part 8 Administration of Property 67-4a-801 – 67-4a-804
Part 9 Claim to Recover Property from Administrator 67-4a-901 – 67-4a-906
Part 10 Verified Report of Property and Examination of Records 67-4a-1001 – 67-4a-1011
Part 11 Determination of Liability and Putative Holder Remedies 67-4a-1101 – 67-4a-1104
Part 12 Enforcement by Administrator 67-4a-1201 – 67-4a-1206
Part 13 Agreement to Locate Property of Apparent Owner Held by Administrator 67-4a-1301 – 67-4a-1303
Part 14 Confidentiality and Security of Information 67-4a-1401 – 67-4a-1408
Part 15 Miscellaneous Provisions 67-4a-1501 – 67-4a-1504
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Terms Used In Utah Code > Title 67 > Chapter 4a - Revised Uniform Unclaimed Property Act

  • Actuary: is a s defined by the commissioner by rule, made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 31A-1-301
  • Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Affiliate: means a person who controls, is controlled by, or is under common control with, another person. See Utah Code 31A-1-301
  • Affiliated company: means a business entity that because of common ownership, control, operation, or management is in the same corporate or limited liability company system as:
              (1)(a)(i) a parent;
              (1)(a)(ii) an industrial insured; or
              (1)(a)(iii) a member organization. See Utah Code 31A-37-102
  • 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 captive insurance company: means an insurer:
         (2)(a) formed to write insurance business for a parent or affiliate of the insurer; and
         (2)(b) licensed pursuant to the laws of an alien or foreign jurisdiction that imposes statutory or regulatory standards:
              (2)(b)(i) on a business entity transacting the business of insurance in the alien or foreign jurisdiction; and
              (2)(b)(ii) in a form acceptable to the commissioner. See Utah Code 31A-37-102
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Apparent owner: means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder. See Utah Code 67-4a-102
  • Applicant captive insurance company: means an entity that has submitted an application for a certificate of authority for a captive insurance company, unless the application has been denied or withdrawn. See Utah Code 31A-37-102
  • Application: means a document:
         (10)(a)
              (10)(a)(i) completed by an applicant to provide information about the risk to be insured; and
              (10)(a)(ii) that contains information that is used by the insurer to evaluate risk and decide whether to:
                   (10)(a)(ii)(A) insure the risk under:
                        (10)(a)(ii)(A)(I) the coverage as originally offered; or
                        (10)(a)(ii)(A)(II) a modification of the coverage as originally offered; or
                   (10)(a)(ii)(B) decline to insure the risk; or
         (10)(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301
  • Armed forces: means the United States Army, Navy, Air Force, Marine Corps, Space Force, and Coast Guard. See Utah Code 68-3-12.5
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Association: means a legal association of two or more persons that meets the following requirements:
         (4)(a) the persons are exposed to similar or related liability because of related, similar, or common business trade, products, services, premises, or operations; and
         (4)(b)
              (4)(b)(i) the association or the association's member organizations:
                   (4)(b)(i)(A) own, control, or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer;
                   (4)(b)(i)(B) have complete voting control over an association captive insurance company incorporated as a mutual insurer; or
                   (4)(b)(i)(C) have complete voting control over an association captive insurance company formed as a limited liability company; or
              (4)(b)(ii) the association's member organizations collectively constitute all of the subscribers of an association captive insurance company formed as a reciprocal insurer. See Utah Code 31A-37-102
  • Association captive insurance company: means a business entity that insures risks of:
         (5)(a) a member organization of the association;
         (5)(b) an affiliate of a member organization of the association; and
         (5)(c) the association. See Utah Code 31A-37-102
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Banking organization: means :
         (5)(a) a bank;
         (5)(b) an industrial bank;
         (5)(c) a trust company;
         (5)(d) a savings bank; or
         (5)(e) any organization defined by other law as a bank or banking organization. See Utah Code 67-4a-102
  • 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
  • Branch business: means an insurance business transacted by a branch captive insurance company in this state. See Utah Code 31A-37-102
  • Branch captive insurance company: means an alien captive insurance company that has a certificate of authority from the commissioner to transact the business of insurance in this state through a captive insurance company that is domiciled outside of this state. See Utah Code 31A-37-102
  • Business association: means a corporation, joint stock company, investment company other than an investment company registered under the Investment Company Act of 1940, partnership, unincorporated association, joint venture, limited liability company, business trust, trust company, land bank, safe deposit company, safekeeping depository, financial organization, banking organization, insurance company, federally chartered entity, utility, sole proprietorship, or other business entity, whether or not for profit. See Utah Code 67-4a-102
  • Business entity: means :
         (17)(a) a corporation;
         (17)(b) an association;
         (17)(c) a partnership;
         (17)(d) a limited liability company;
         (17)(e) a limited liability partnership; or
         (17)(f) another legal entity. See Utah Code 31A-1-301
  • business of insurance: includes :
         (98)(a) providing health care insurance by an organization that is or is required to be licensed under this title;
         (98)(b) providing a benefit to an employee in the event of a contingency not within the control of the employee, in which the employee is entitled to the benefit as a right, which benefit may be provided either:
              (98)(b)(i) by a single employer or by multiple employer groups; or
              (98)(b)(ii) through one or more trusts, associations, or other entities;
         (98)(c) providing an annuity:
              (98)(c)(i) including an annuity issued in return for a gift; and
              (98)(c)(ii) except an annuity provided by a person specified in Subsections 31A-22-1305(2) and (3);
         (98)(d) providing the characteristic services of a motor club;
         (98)(e) providing another person with insurance;
         (98)(f) making as insurer, guarantor, or surety, or proposing to make as insurer, guarantor, or surety, a contract or policy offering title insurance;
         (98)(g) transacting or proposing to transact any phase of title insurance, including:
              (98)(g)(i) solicitation;
              (98)(g)(ii) negotiation preliminary to execution;
              (98)(g)(iii) execution of a contract of title insurance;
              (98)(g)(iv) insuring; and
              (98)(g)(v) transacting matters subsequent to the execution of the contract and arising out of the contract, including reinsurance;
         (98)(h) transacting or proposing a life settlement; and
         (98)(i) doing, or proposing to do, any business in substance equivalent to Subsections (98)(a) through (h) in a manner designed to evade this title. See Utah Code 31A-1-301
  • Captive insurance company: includes any of the following formed or holding a certificate of authority under this chapter:
              (9)(b)(i) a branch captive insurance company;
              (9)(b)(ii) a pure captive insurance company;
              (9)(b)(iii) an association captive insurance company;
              (9)(b)(iv) a sponsored captive insurance company;
              (9)(b)(v) an industrial insured captive insurance company, including an industrial insured captive insurance company formed as a risk retention group captive in this state pursuant to the provisions of the Federal Liability Risk Retention Act of 1986;
              (9)(b)(vi) a special purpose captive insurance company; or
              (9)(b)(vii) a special purpose financial captive insurance company. See Utah Code 31A-37-102
  • 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
  • Class action: means a legal action:
         (8)(a) certified by the court as a class action; or
         (8)(b) treated by the court as a class action without being formally certified as a class action. See Utah Code 67-4a-102
  • Commissioner: means Utah's Insurance Commissioner or the commissioner's designee. See Utah Code 31A-37-102
  • Confidential information: means records, reports, and information that is confidential under Section 67-4a-1402. See Utah Code 67-4a-102
  • Contract: A legal written agreement that becomes binding when signed.
  • Controlled unaffiliated business: means a business entity:
         (14)(a)
              (14)(a)(i) in the case of a pure captive insurance company, that is not in the corporate or limited liability company system of a parent or the parent's affiliate; or
              (14)(a)(ii) in the case of an industrial insured captive insurance company, that is not in the corporate or limited liability company system of an industrial insured or an affiliated company of the industrial insured;
         (14)(b)
              (14)(b)(i) in the case of a pure captive insurance company, that has a contractual relationship with a parent or affiliate; or
              (14)(b)(ii) in the case of an industrial insured captive insurance company, that has a contractual relationship with an industrial insured or an affiliated company of the industrial insured; and
         (14)(c) whose risks that are or will be insured by a pure captive insurance company, an industrial insured captive insurance company, or both, are managed in accordance with Subsection 31A-37-106(1)(j) by:
              (14)(c)(i)
                   (14)(c)(i)(A) a pure captive insurance company; or
                   (14)(c)(i)(B) an industrial insured captive insurance company; or
              (14)(c)(ii) a parent or affiliate of:
                   (14)(c)(ii)(A) a pure captive insurance company; or
                   (14)(c)(ii)(B) an industrial insured captive insurance company. See Utah Code 31A-37-102
  • 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
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Department: means the Insurance Department. See Utah Code 31A-1-301
  • Domicile: means :
         (11)(a) for a corporation, the state of the corporation's incorporation;
         (11)(b) for a business association other than a corporation, whose formation requires a filing with a state, the state of the business association's filing;
         (11)(c) for a federally chartered entity or an investment company registered under the Investment Company Act of 1940, the state of the entity's or company's home office; and
         (11)(d) for any other holder, the state of the holder's principal place of business. See Utah Code 67-4a-102
  • Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Utah Code 67-4a-102
  • Electronic mail: means a communication by electronic means that is automatically retained and stored and may be readily accessed or retrieved. See Utah Code 67-4a-102
  • Employee: means :
         (57)(a) an individual employed by an employer; or
         (57)(b) an individual who meets the requirements of Subsection (55)(b). See Utah Code 31A-1-301
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Establisher: means a person who establishes a business entity or a trust. See Utah Code 31A-37-102
  • 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.
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • 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
  • Filing: when used as a noun, means an item required to be filed with the department including:
         (70)(a) a policy;
         (70)(b) a rate;
         (70)(c) a form;
         (70)(d) a document;
         (70)(e) a plan;
         (70)(f) a manual;
         (70)(g) an application;
         (70)(h) a report;
         (70)(i) a certificate;
         (70)(j) an endorsement;
         (70)(k) an actuarial certification;
         (70)(l) a licensee annual statement;
         (70)(m) a licensee renewal application;
         (70)(n) an advertisement;
         (70)(o) a binder; or
         (70)(p) an outline of coverage. See Utah Code 31A-1-301
  • Financial organization: means :
         (14)(a) a savings and loan association; or
         (14)(b) a credit union. See Utah Code 67-4a-102
  • 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.
  • Form: means one of the following prepared for general use:
              (74)(a)(i) a policy;
              (74)(a)(ii) a certificate;
              (74)(a)(iii) an application;
              (74)(a)(iv) an outline of coverage; or
              (74)(a)(v) an endorsement. See Utah Code 31A-1-301
  • Fraud: Intentional deception resulting in injury to another.
  • Game-related digital content: includes :
              (15)(b)(i) game-play currency, including a virtual wallet, even if denominated in United States currency; and
              (15)(b)(ii) the following, if for use or redemption only within the game or platform or another electronic game or electronic-game platform:
                   (15)(b)(ii)(A) points sometimes referred to as gems, tokens, gold, and similar names; and
                   (15)(b)(ii)(B) digital codes. See Utah Code 67-4a-102
  • Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Gift card: includes a prepaid commercial mobile radio service as defined in Utah Code 67-4a-102
  • Governing body: means the persons who hold the ultimate authority to direct and manage the affairs of an entity. See Utah Code 31A-37-102
  • Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner property subject to this chapter. See Utah Code 67-4a-102
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Individual: means a natural person. See Utah Code 31A-1-301
  • Industrial insured: means an insured:
         (18)(a) that produces insurance:
              (18)(a)(i) by the services of a full-time employee acting as a risk manager or insurance manager; or
              (18)(a)(ii) using the services of a regularly and continuously qualified insurance consultant;
         (18)(b) whose aggregate annual premiums for insurance on all risks total at least $25,000; and
         (18)(c) that has at least 25 full-time employees. See Utah Code 31A-37-102
  • Industrial insured captive insurance company: means a business entity that:
         (19)(a) insures risks of the industrial insureds that comprise the industrial insured group; and
         (19)(b) may insure the risks of:
              (19)(b)(i) an affiliated company of an industrial insured; or
              (19)(b)(ii) a controlled unaffiliated business of:
                   (19)(b)(ii)(A) an industrial insured; or
                   (19)(b)(ii)(B) an affiliated company of an industrial insured. See Utah Code 31A-37-102
  • insolvent: means that:
         (95)(a) an insurer is unable to pay the insurer's obligations as the obligations are due;
         (95)(b) an insurer's total adjusted capital is less than the insurer's mandatory control level RBC under Subsection 31A-17-601(8)(c); or
         (95)(c) an insurer's admitted assets are less than the insurer's liabilities. 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
  • Insurance company: means an association, corporation, or fraternal or mutual benefit organization, whether or not for profit, engaged in the business of providing life endowments, annuities, or insurance, including:
         (18)(a) accident insurance;
         (18)(b) burial insurance;
         (18)(c) casualty insurance;
         (18)(d) credit life insurance;
         (18)(e) contract performance insurance;
         (18)(f) dental insurance;
         (18)(g) disability insurance;
         (18)(h) fidelity insurance;
         (18)(i) fire insurance;
         (18)(j) health insurance;
         (18)(k) hospitalization insurance;
         (18)(l) illness insurance;
         (18)(m) life insurance, including endowments and annuities;
         (18)(n) malpractice insurance;
         (18)(o) marine insurance;
         (18)(p) mortgage insurance;
         (18)(q) surety insurance;
         (18)(r) wage protection insurance; and
         (18)(s) worker compensation insurance. See Utah Code 67-4a-102
  • 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
  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
  • 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.
  • Land: includes :
         (18)(a) land;
         (18)(b) a tenement;
         (18)(c) a hereditament;
         (18)(d) a water right;
         (18)(e) a possessory right; and
         (18)(f) a claim. See Utah Code 68-3-12.5
  • Last known address: means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail. See Utah Code 67-4a-102
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Loyalty card: means a record given without direct monetary consideration under an award, reward, benefit, loyalty, incentive, rebate, or promotional program that may be used or redeemed only to obtain goods or services or a discount on goods or services. See Utah Code 67-4a-102
  • Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
  • Mineral: includes :
              (21)(b)(i) building stone;
              (21)(b)(ii) cement material;
              (21)(b)(iii) chemical raw material;
              (21)(b)(iv) coal;
              (21)(b)(v) colloidal and other clay;
              (21)(b)(vi) fissionable and nonfissionable ore;
              (21)(b)(vii) gas;
              (21)(b)(viii) gemstone;
              (21)(b)(ix) gravel;
              (21)(b)(x) lignite;
              (21)(b)(xi) oil;
              (21)(b)(xii) oil shale;
              (21)(b)(xiii) other gaseous liquid or solid hydrocarbon;
              (21)(b)(xiv) road material;
              (21)(b)(xv) sand;
              (21)(b)(xvi) steam and other geothermal resources;
              (21)(b)(xvii) sulphur; and
              (21)(b)(xviii) uranium. See Utah Code 67-4a-102
  • Mineral proceeds: includes an amount payable:
              (22)(b)(i) for the acquisition and retention of a mineral lease, including a bonus, royalty, compensatory royalty, shut-in royalty, minimum royalty, or delay rental;
              (22)(b)(ii) for the extraction, production, or sale of minerals, including a net revenue interest, royalty, overriding royalty, extraction payment, or production payment; and
              (22)(b)(iii) under an agreement or option, including a joint-operating agreement, unit agreement, pooling agreement, and farm-out agreement. See Utah Code 67-4a-102
  • Money order: includes an express money order and a personal money order on which the remitter is the purchaser. See Utah Code 67-4a-102
  • Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Municipal bond: means a bond or evidence of indebtedness issued by a municipality or other political subdivision of a state. See Utah Code 67-4a-102
  • Nonfreely transferable security: includes a worthless security. See Utah Code 67-4a-102
  • Oath: A promise to tell the truth.
  • Oath: includes "affirmation. See Utah Code 68-3-12.5
  • 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
  • Owner: includes :
              (26)(b)(i) a depositor, for a deposit;
              (26)(b)(ii) a beneficiary, for a trust other than a deposit in trust;
              (26)(b)(iii) a creditor, claimant, or payee, for other property; and
              (26)(b)(iv) the lawful bearer of a record that may be used to obtain money, a reward, or a thing of value. See Utah Code 67-4a-102
  • Parent: means a person that directly or indirectly owns, controls, or holds with power to vote more than 50% of the outstanding securities of an organization. See Utah Code 31A-37-102
  • Participant: means an entity that is insured by a sponsored captive insurance company:
         (23)(a) if the losses of the participant are limited through a participant contract to the assets of a protected cell; and
         (23)(b)
              (23)(b)(i) the entity is permitted to be a participant under Section 31A-37-403; or
              (23)(b)(ii) the entity is an affiliate of an entity permitted to be a participant under Section 31A-37-403. See Utah Code 31A-37-102
  • Participant contract: means a contract by which a sponsored captive insurance company:
         (24)(a) insures the risks of a participant; and
         (24)(b) limits the losses of the participant to the assets of a protected cell. See Utah Code 31A-37-102
  • 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.
  • Payroll card: means a record that evidences a payroll card account as defined in Utah Code 67-4a-102
  • 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 :
         (28)(a) an individual;
         (28)(b) an estate;
         (28)(c) a business association;
         (28)(d) a public corporation;
         (28)(e) a government entity;
         (28)(f) an agency;
         (28)(g) a trust;
         (28)(h) an instrumentality; or
         (28)(i) any other legal or commercial entity. See Utah Code 67-4a-102
  • personal information: means :
         (1)(a) information that identifies or reasonably can be used to identify an individual, such as first and last name in combination with the individual's:
              (1)(a)(i) social security number or other government-issued number or identifier;
              (1)(a)(ii) date of birth;
              (1)(a)(iii) home or physical address;
              (1)(a)(iv) electronic mail address or other online contact information or Internet provider address;
              (1)(a)(v) financial account number or credit or debit card number;
              (1)(a)(vi) biometric data, health or medical data, or insurance information; or
              (1)(a)(vii) passwords or other credentials that permit access to an online or other account;
         (1)(b) personally identifiable financial or insurance information, including nonpublic personal information defined by applicable federal law; and
         (1)(c) any combination of data that, if accessed, disclosed, modified, or destroyed without authorization of the owner of the data, or if lost or misused, would require notice or reporting under Section 13-44-202 and federal privacy and data security law, regardless of whether the administrator or the administrator's agent is subject to the law. See Utah Code 67-4a-1401
  • 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
  • Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
  • Property: includes :
              (29)(b)(i) all income from or increments to the property;
              (29)(b)(ii) property referred to as or evidenced by:
                   (29)(b)(ii)(A) money, virtual currency, interest, or a dividend, check, draft, or deposit;
                   (29)(b)(ii)(B) a credit balance, customer's overpayment, stored-value card, payroll card, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds, or unidentified remittance; and
                   (29)(b)(ii)(C) a security except for:
                        (29)(b)(ii)(C)(I) a worthless security; or
                        (29)(b)(ii)(C)(II) a security that is subject to a lien, legal hold, or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the holder's or owner's ability to receive, transfer, sell, or otherwise negotiate the security;
              (29)(b)(iii) a bond, debenture, note, or other evidence of indebtedness;
              (29)(b)(iv) money deposited to redeem a security, make a distribution, or pay a dividend;
              (29)(b)(v) an amount due and payable under an annuity contract or insurance policy;
              (29)(b)(vi) an amount distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit-sharing, employee-savings, supplemental-unemployment insurance, or a similar benefit; and
              (29)(b)(vii) an amount held under a preneed funeral or burial contract, other than a contract for burial rights or opening and closing services, where the contract has not been serviced following the death or the presumed death of the beneficiary. See Utah Code 67-4a-102
  • Protected cell: means a separate account established and maintained by a sponsored captive insurance company for one participant. See Utah Code 31A-37-102
  • Pure captive insurance company: means a business entity that insures risks of a parent or affiliate of the business entity. See Utah Code 31A-37-102
  • Putative holder: means a person believed by the administrator to be a holder, until:
         (30)(a) the person pays or delivers to the administrator property subject to this chapter; or
         (30)(b) the administrator or a court makes a final determination that the person is or is not a holder. See Utah Code 67-4a-102
  • Quorum: The number of legislators that must be present to do business.
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Utah Code 67-4a-102
  • 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
  • Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Road: includes :
         (33)(a) a public bridge;
         (33)(b) a county way;
         (33)(c) a county road;
         (33)(d) a common road; and
         (33)(e) a state road. See Utah Code 68-3-12.5
  • Security: means a:
              (176)(a)(i) note;
              (176)(a)(ii) stock;
              (176)(a)(iii) bond;
              (176)(a)(iv) debenture;
              (176)(a)(v) evidence of indebtedness;
              (176)(a)(vi) certificate of interest or participation in a profit-sharing agreement;
              (176)(a)(vii) collateral-trust certificate;
              (176)(a)(viii) preorganization certificate or subscription;
              (176)(a)(ix) transferable share;
              (176)(a)(x) investment contract;
              (176)(a)(xi) voting trust certificate;
              (176)(a)(xii) certificate of deposit for a security;
              (176)(a)(xiii) certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
              (176)(a)(xiv) commodity contract or commodity option;
              (176)(a)(xv) certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (176)(a)(i) through (xiv); or
              (176)(a)(xvi) another interest or instrument commonly known as a security. See Utah Code 31A-1-301
  • Security: means :
         (32)(a) a security as defined in Revised Article 8 of the Uniform Commercial Code; or
         (32)(b) a security entitlement as defined in Revised Article 8 of the Uniform Commercial Code, including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not:
              (32)(b)(i) registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets;
              (32)(b)(ii) payable to the order of the person;
              (32)(b)(iii) specifically endorsed to the person; or
              (32)(b)(iv) an equity interest in a business association not included in this Subsection (32). See Utah Code 67-4a-102
  • Service of process: The service of writs or summonses to the appropriate party.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Sponsor: means an entity that:
         (28)(a) meets the requirements of Section 31A-37-402; and
         (28)(b) is approved by the commissioner to:
              (28)(b)(i) provide all or part of the capital and surplus required by applicable law in an amount of not less than $350,000, which amount the commissioner may increase by order if the commissioner considers it necessary; and
              (28)(b)(ii) organize and operate a sponsored captive insurance company. See Utah Code 31A-37-102
  • Sponsored captive insurance company: means a captive insurance company:
         (29)(a) in which the minimum capital and surplus required by applicable law is provided by one or more sponsors;
         (29)(b) that is formed or holding a certificate of authority under this chapter;
         (29)(c) that insures the risks of a separate participant through the contract; and
         (29)(d) that segregates each participant's liability through one or more protected cells. See Utah Code 31A-37-102
  • State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Utah Code 67-4a-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
  • Statute: A law passed by a legislature.
  • Stored-value card: means a reloadable or non-reloadable record:
              (35)(a)(i) with a monetary value or amount that can be:
                   (35)(a)(i)(A) used to purchase or otherwise acquire goods or services;
                   (35)(a)(i)(B) used to obtain cash; or
                   (35)(a)(i)(C) redeemed for cash value; and
              (35)(a)(ii) of which the issuer or the issuer's agent has a record of the name and last known address of the apparent owner and the address is in the state of Utah. See Utah Code 67-4a-102
  • Subpoena: A command to a witness to appear and give testimony.
  • Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
  • Treasury rates: means the United States Treasury strip asked yield as published in the Wall Street Journal as of a balance sheet date. See Utah Code 31A-37-102
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
  • Utility: means a person that owns or operates for public use a plant, equipment, real property, franchise, or license for:
         (36)(a) the transmission of communications or information;
         (36)(b) the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas; or
         (36)(c) the provision of sewage or septic services, or trash, garbage, or recycling disposal. See Utah Code 67-4a-102
  • Virtual currency: means a digital representation of value used as a medium of exchange, unit of account, or store of value, which does not have legal tender status recognized by the United States. See Utah Code 67-4a-102
  • Worthless security: means a security whose cost of liquidation and delivery to the administrator would exceed the value of the security on the date a report is due under this chapter. See Utah Code 67-4a-102
  • 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