Terms Used In Utah Code > Title 7 > Chapter 1 > Part 1 - Citation, Purposes, Definitions, and Application

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bank: means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. See Utah Code 7-1-103
• Branch: means a place of business of a financial institution, other than its main office, at which deposits are received and paid. See Utah Code 7-1-103
• Commissioner: means the commissioner of agriculture and food. See Utah Code 4-1-109
• Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
• control: means the power, directly or indirectly, or through or in concert with one or more persons, to:
       (5)(a) direct or exercise a controlling influence over:

            (5)(a)(i) the management or policies of a financial institution; or

            (5)(a)(ii) the election of a majority of the directors or trustees of an institution; or
       (5)(b) vote 25% or more of any class of voting securities of a financial institution. See Utah Code 7-1-103
• 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.
• Credit union: means a cooperative, nonprofit association incorporated under:
       (6)(a) Chapter 9, Utah Credit Union Act; or
       (6)(b) Utah Code 7-1-103
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the Department of Agriculture and Food created in Chapter 2, Administration. See Utah Code 4-1-109
• Department: means the Department of Agriculture and Food. See Utah Code 4-35-102
• Department: means the Department of Financial Institutions. See Utah Code 7-1-103
• Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that:
       (8)(a) holds or receives deposits, savings, or share accounts;
       (8)(b) issues certificates of deposit; or
       (8)(c) provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103
• Depository institution holding company: means :
            (9)(a)(i) a person other than an individual that:

                 (9)(a)(i)(A) has control over a depository institution; or

                 (9)(a)(i)(B) becomes a holding company of a depository institution under Section 7-1-703; or
            (9)(a)(ii) a person other than an individual that the commissioner finds, after considering the specific circumstances, is exercising or is capable of exercising a controlling influence over a depository institution by means other than those specifically described in this section. See Utah Code 7-1-103
• Donor: The person who makes a gift.
• Fiduciary: A trustee, executor, or administrator.
• Financial institution: means an institution subject to the jurisdiction of the department because of this title. See Utah Code 7-1-103
• Financial institution holding company: means a person, other than an individual that has control over a financial institution or a person that becomes a financial institution holding company under this chapter, including an out-of-state or foreign depository institution holding company. See Utah Code 7-1-103
• Foreign depository institution: means a depository institution chartered or authorized to transact business by a foreign government. See Utah Code 7-1-103
• Fund: means the Plant Pest Fund created by Section 4-35-106. See Utah Code 4-35-102
• Home state: means :
       (14)(a) for a state chartered depository institution, the state that charters the institution;
       (14)(b) for a federally chartered depository institution, the state where the institution's main office is located; and
       (14)(c) for a depository institution holding company, the state in which the total deposits of all depository institution subsidiaries are the largest. See Utah Code 7-1-103
• Industrial bank: means a corporation or limited liability company conducting the business of an industrial bank under Chapter 8, Industrial Banks. See Utah Code 7-1-103
• Institution: means :
       (19)(a) a corporation;
       (19)(b) a limited liability company;
       (19)(c) a partnership;
       (19)(d) a trust;
       (19)(e) an association;
       (19)(f) a joint venture;
       (19)(g) a pool;
       (19)(h) a syndicate;
       (19)(i) an unincorporated organization; or
       (19)(j) any form of business entity. See Utah Code 7-1-103
• Institution subject to the jurisdiction of the department: means an institution or other person described in Section 7-1-501. See Utah Code 7-1-103
• 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.
• 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
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Liquidation: means the act or process of winding up the affairs of an institution subject to the jurisdiction of the department by realizing upon assets, paying liabilities, and appropriating profit or loss, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. See Utah Code 7-1-103
• NOW account: means a savings account from which the owner may make withdrawals by negotiable or transferable instruments for the purpose of making transfers to third parties. See Utah Code 7-1-103
• Organization: means a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal entity. See Utah Code 4-1-109
• Out-of-state: means , in reference to a depository institution or depository institution holding company, an institution or company whose home state is not Utah. See Utah Code 7-1-103
• 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 a natural person or individual, corporation, organization, or other legal entity. See Utah Code 4-1-109
• Person: means :
       (27)(a) an individual;
       (27)(b) a corporation;
       (27)(c) a limited liability company;
       (27)(d) a partnership;
       (27)(e) a trust;
       (27)(f) an association;
       (27)(g) a joint venture;
       (27)(h) a pool;
       (27)(i) a syndicate;
       (27)(j) a sole proprietorship;
       (27)(k) an unincorporated organization; or
       (27)(l) any form of business entity. See Utah Code 7-1-103
• Plant pest: means a biological agent that the commissioner determines to be a threat to agriculture in the state as described in Subsection 4-2-103(1)(k)(i). See Utah Code 4-35-102
• 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
• Receivership: means the administration and management of the affairs of an institution subject to the jurisdiction of the department to conserve, preserve, and properly dispose of the assets, liabilities, and revenues of an institution in possession, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. See Utah Code 7-1-103
• Savings account: means a deposit or other account at a depository institution that is not a transaction account. See Utah Code 7-1-103
• Savings and loan association: means :
       (31)(a) a federal savings and loan association; and
       (31)(b) an out-of-state savings and loan association. See Utah Code 7-1-103
• service organization: means a corporation or other business entity owned or controlled by one or more financial institutions that is engaged or proposes to engage in business activities related to the business of financial institutions. See Utah Code 7-1-103
• State: means , unless the context demands otherwise:
       (33)(a) a state;
       (33)(b) the District of Columbia; or
       (33)(c) the territories of the United States. See Utah Code 7-1-103
• 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
• Subsidiary: means a business entity under the control of an institution. See Utah Code 7-1-103
• Transaction account: includes :
            (36)(b)(i) demand deposits;
            (36)(b)(ii) NOW accounts;
            (36)(b)(iii) savings deposits subject to automatic transfers; and
            (36)(b)(iv) share draft accounts. See Utah Code 7-1-103
• Trust company: means a person authorized to conduct a trust business, as provided in Chapter 5, Trust Business. See Utah Code 7-1-103
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
• Venue: The geographical location in which a case is tried.