Terms Used In Utah Code > Title 75A > Chapter 1 - Fiduciaries

• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• 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.
• 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
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• 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}
• Benefit costs: means the net money payments made to individuals who were employed by employers subject to contributions, excluding extended benefit costs, as provided in this chapter with respect to unemployment. See Utah Code 35A-4-301
• Benefits: means the money payments payable to an individual as provided in this chapter with respect to the individual's unemployment. See Utah Code 35A-4-201
• Computation date: means July 1 of any year, beginning July 1, 1984. See Utah Code 35A-4-301
• Contract: A legal written agreement that becomes binding when signed.
• Contribution: means the money payments required by this chapter to be made into the Unemployment Compensation Fund by any employing unit on account of having individuals in its employ. See Utah Code 35A-4-201
• 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.
• employer: means :
       (1)(a) an individual or employing unit which employs one or more individuals for some portion of a day during a calendar year, or that, as a condition for approval of this chapter for full tax credit against the tax imposed by the Federal Unemployment Tax Act, is required, under the act, to be an employer;
       (1)(b) an employing unit that, having become an employer under Subsection (1)(a), has not, under Sections 35A-4-303 and 35A-4-310, ceased to be an employer subject to this chapter; or
       (1)(c) for the effective period of its election under Subsection 35A-4-310(3), an employing unit that has elected to become fully subject to this chapter. See Utah Code 35A-4-203
• Employing unit: means :
            (1)(a)(i) any individual or type of organization that has or subsequent to January 1, 1935, had one or more individuals performing services for it within the state including any:

                 (1)(a)(i)(A) partnership;

                 (1)(a)(i)(B) association;

                 (1)(a)(i)(C) trust;

                 (1)(a)(i)(D) estate;

                 (1)(a)(i)(E) joint stock company;

                 (1)(a)(i)(F) insurance company;

                 (1)(a)(i)(G) limited liability company;

                 (1)(a)(i)(H) limited liability partnership;

                 (1)(a)(i)(I) joint venture;

                 (1)(a)(i)(J) corporation, whether domestic or foreign;

                 (1)(a)(i)(K) the receiver, trustee in bankruptcy, trustee or successor of any entity listed in Subsections (1)(a)(i)(A) through (J);

                 (1)(a)(i)(L) the legal representative of a deceased person; or

                 (1)(a)(i)(M) a tribal unit; or
            (1)(a)(ii) any properly and legally registered professional employer organization as defined by Section 31A-40-102. See Utah Code 35A-4-202
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: means :
       (1)(a) a trustee under any trust, expressed, implied, resulting or constructive;
       (1)(b) an executor;
       (1)(c) an administrator;
       (1)(d) a guardian;
       (1)(e) a conservator;
       (1)(f) a curator;
       (1)(g) a receiver;
       (1)(h) a trustee in bankruptcy;
       (1)(i) an assignee for the benefit of creditors;
       (1)(j) a partner;
       (1)(k) an agent;
       (1)(l) an officer of a corporation, public or private;
       (1)(m) a public officer; or
       (1)(nn) any other person acting in a fiduciary capacity for any person, trust, or estate. See Utah Code 75A-1-201
• Fiscal year: means the year beginning with July 1 of one year and ending June 30 of the next year. See Utah Code 35A-4-301
• 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.
• Fund: means the Unemployment Compensation Fund established by this chapter. See Utah Code 35A-4-201
• Good faith: means something is in fact done honestly regardless of whether it is done negligently or not. See Utah Code 75A-1-201
• Insured work: means employment for an employer, as defined in Section 35A-4-203. See Utah Code 35A-4-201
• Month: means a calendar month, unless otherwise expressed. 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.
• 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
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Principal: means a person to whom a fiduciary owes an obligation. See Utah Code 75A-1-201
• Probate: Proving a will
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Qualifying period: means the four fiscal years immediately preceding the contribution year on or after January 1, 1985. See Utah Code 35A-4-301
• State: includes the Commonwealth of Puerto Rico, the Virgin Islands, and the District of Columbia. See Utah Code 35A-4-201
• Taxable wages: means all remuneration paid by an employer to employees for insured work that is subject to unemployment insurance contributions. See Utah Code 35A-4-301
• Total wages: means all remuneration paid by an employer to employees for insured work. See Utah Code 35A-4-301
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• wages: means wages as currently defined by Section 3306(b), Internal Revenue Code of 1986, with modifications, subtractions, and adjustments provided in Subsections (2), (3), and (4). See Utah Code 35A-4-208