Terms Used In Utah Code > Title 70A > Chapter 4 > Part 1 - General Provisions and Definitions

• Account: means any deposit or credit account with a bank including a demand, time, savings, passbook, share draft, or similar account, other than the account evidenced by a certificate of deposit. See Utah Code 70A-4-104
• Afternoon: means the period of a day between noon and midnight. See Utah Code 70A-4-104
• Banking day: means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions other than a Saturday, a Sunday, or a legal holiday. See Utah Code 70A-4-104
• Clearinghouse: means an association of banks or other payors regularly clearing items. See Utah Code 70A-4-104
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Draft: means a draft as defined in Section 70A-3-104 or an item, other than an instrument, that is an order. See Utah Code 70A-4-104
• Drawee: means a person ordered in a draft to make payment. See Utah Code 70A-4-104
• Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Utah Code 70A-4-104
• 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.
• 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
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• 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.
• Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
• 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}