Terms Used In Utah Code > Title 78B > Chapter 5 > Part 5 - Utah Exemptions Act

• 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.
• 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}
• Civil accounts receivable: means the same as that term is defined in Section 77-32b-102. See Utah Code 78B-5-502
• Civil judgment of restitution: means the same as that term is defined in Section 77-32b-102. See Utah Code 78B-5-502
• Contract: A legal written agreement that becomes binding when signed.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Debt: means a legally enforceable monetary obligation or liability of an individual, whether arising out of contract, tort, or otherwise. See Utah Code 78B-5-502
• Dependent: A person dependent for support upon another.
• Dependent: means the spouse of an individual, and the grandchild or the natural or adoptive child of an individual who derives support primarily from that individual. See Utah Code 78B-5-502
• 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}
• Exempt: means protected, and "exemption" means protection from subjection to a judicial process to collect an unsecured debt. See Utah Code 78B-5-502
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Grantor: The person who establishes a trust and places property into it.
• Judicial lien: means a lien on property obtained by judgment or other legal process instituted for the purpose of collecting an unsecured debt. See Utah Code 78B-5-502
• 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
• Levy: means the seizure of property pursuant to any legal process issued for the purpose of collecting an unsecured debt. See Utah Code 78B-5-502
• Lien: A claim against real or personal property in satisfaction of a debt.
• Lien: means a judicial, or statutory lien, in property securing payment of a debt or performance of an obligation. See Utah Code 78B-5-502
• 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
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• 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
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Security interest: means an interest in property created by contract to secure payment or performance of an obligation. See Utah Code 78B-5-502
• 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.
• Sex: means , in relation to an individual, the individual's biological sex, either male or female, at birth, according to distinct reproductive roles as manifested by:
       (34)(a) sex and reproductive organ anatomy;
       (34)(b) chromosomal makeup; and
       (34)(c) endogenous hormone profiles. 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
• Statute: A law passed by a legislature.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
• Value: means fair market value of an individual's interest in property, exclusive of valid liens. See Utah Code 78B-5-502