Terms Used In Utah Code > Title 75A > Chapter 1 > Part 2 - Payments and Deposits by Fiduciaries

• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• 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.
• 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.
• 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
• Good faith: means something is in fact done honestly regardless of whether it is done negligently or not. See Utah Code 75A-1-201
• 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
• Principal: means a person to whom a fiduciary owes an obligation. See Utah Code 75A-1-201
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• 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.