Terms Used In Utah Code > Title 75B > Chapter 1 - General Provisions

• 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.
• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• authority: means a public body corporate and politic created by this part. See Utah Code 35A-8-401
• 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}
• Bonds: means bonds, notes, interim certificates, debentures, or other obligations issued by an authority under this part. See Utah Code 35A-8-401
• City: means a city or town in the state. See Utah Code 35A-8-401
• Contract: A legal written agreement that becomes binding when signed.
• County: means a county in the state. See Utah Code 35A-8-401
• Creditor: means :
       (1)(a) a creditor or other claimant of the settlor existing when the trust is created; or
       (1)(b) a person who subsequently becomes a creditor, including whether or not reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured:

            (1)(b)(i) holding or seeking to enforce a judgment entered by a court or other body having adjudicative authority; or

            (1)(b)(ii) with a right to payment. See Utah Code 75B-1-301
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Domestic support obligation: means :
       (2)(a) a child support judgment or order;
       (2)(b) a spousal support judgment or order; or
       (2)(c) an unsatisfied claim arising from a property division in a divorce proceeding. See Utah Code 75B-1-301
• 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}
• 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 government: includes the United States of America, the Department of Housing and Urban Development, or any other agency or instrumentality, corporate or otherwise, of the United States. See Utah Code 35A-8-401
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grantor: The person who establishes a trust and places property into it.
• Income: means the same as that term is defined in Section 75A-5-101. See Utah Code 75B-1-201
• Insolvent: means :
       (3)(a) having generally ceased to pay debts in the ordinary course of business other than as a result of a bona fide dispute;
       (3)(b) being unable to pay debts as they become due; or
       (3)(c) being insolvent within the meaning of federal bankruptcy law. See Utah Code 75B-1-301
• Inter vivos: Transfer of property from one living person to another living person.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• 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.
• Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
• 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.
• 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.
• 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
• Personal property: All property that is not real property.
• Personal property: includes intangible and tangible personal property. See Utah Code 75B-1-301
• Principal: means the same as that term is defined in Section 75A-5-101. See Utah Code 75B-1-201
• Probate: Proving a will
• project: means a work or undertaking, on contiguous or noncontiguous sites to:
            (11)(a)(i) demolish, clear, or remove buildings from a blighted area;
            (11)(a)(ii) provide or assist in providing decent, safe, and sanitary urban or rural dwellings, apartments, or other living accommodations for persons of medium and low income by any suitable methods, including rental, sale of individual units in single or multifamily structures under conventional condominium, cooperative sales contract, lease-purchase agreement, loans, or subsidizing of rentals or charges; or
            (11)(a)(iii) accomplish a combination of Subsections (11)(a)(i) and (ii). See Utah Code 35A-8-401
• Property: means real property, personal property, and interests in real or personal property. See Utah Code 75B-1-301
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• 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
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Retirement trust: means a trust:
       (3)(a) created by an employer as part of a pension, stock bonus, disability, death benefit, profit sharing, retirement, or similar plan primarily for the benefit of an employee or the employee's family, appointee, or beneficiary;
       (3)(b) to which contributions are made by the employer or employee; and
       (3)(c) that is created for the purpose of distributing principal or income to the employee or the employee's family, appointee, or beneficiary. See Utah Code 75B-1-201
• Settlor: means a person who transfers property in trust. See Utah Code 75B-1-301
• Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
• 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
• Transfer: means any form of transfer of property, including gratuitous transfers, whether by deed, conveyance, or assignment. See Utah Code 75B-1-301
• Trust: means the same as that term is defined in Section 75-1-201. See Utah Code 75B-1-301
• Trustee: A person or institution holding and administering property in trust.
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
• Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
• 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