Terms Used In Utah Code > Title 7 > Chapter 8 - Industrial Banks

• Adjournment sine die: The end of a legislative session "without day." These adjournments are used to indicate the final adjournment of an annual or the two-year session of legislature.
• Allegation: something that someone says happened.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Applicant: means a person filing an application for a license under this chapter. See Utah Code 7-25-102
• Appointing authority: means the person or body authorized to make an appointment to the board of trustees. See Utah Code 17B-1-102
• Appraisal: A determination of property value.
• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authorized agent: means a person designated by the licensee under this chapter to sell or issue payment instruments or engage in the business of transmitting money on behalf of a licensee. See Utah Code 7-25-102
• 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
• Blockchain: means an electronic method of storing data that is:
       (3)(a) maintained by consensus of multiple unaffiliated parties;
       (3)(b) distributed across multiple locations; and
       (3)(c) mathematically verified. See Utah Code 7-25-102
• Blockchain token: means an electronic record that is:
       (4)(a) recorded on a blockchain; and
       (4)(b) capable of being traded between persons without an intermediary. See Utah Code 7-25-102
• Bond: means :
       (3)(a) a written obligation to repay borrowed money, whether denominated a bond, note, warrant, certificate of indebtedness, or otherwise; and
       (3)(b) a lease agreement, installment purchase agreement, or other agreement that:

            (3)(b)(i) includes an obligation by the district to pay money; and

            (3)(b)(ii) the district's board of trustees, in its discretion, treats as a bond for purposes of Title 11, Chapter 14, Local Government Bonding Act, or Title 11, Chapter 27, Utah Refunding Bond Act. See Utah Code 17B-1-102
• Caucus: From the Algonquian Indian language, a caucus meant "to meet together." An informal organization of members of the legislature that exists to discuss issues of mutual concern and possibly to perform legislative research and policy planning for its members. There are regional, political or ideological, ethnic, and economic-based caucuses.
• Chambers: A judge's office.
• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• County legislative body: means :
       (8)(a) the county commission, in the county commission or expanded county commission form of government established under Title 17, Chapter 52a, Changing Forms of County Government;
       (8)(b) the county council, in the county executive-council optional form of government authorized by Section 17-52a-203; and
       (8)(c) the county council, in the council-manager optional form of government authorized by Section 17-52a-204. See Utah Code 68-3-12.5
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Ditch: includes a drain or natural or constructed watercourse, whether open, covered, or tiled, and whether inside or outside the drainage district. See Utah Code 17B-2a-202
• Drainage: includes the reclamation, protection, or betterment of land by leading, carrying, withholding, or pumping excess water from land through canals, ditches, pipes, or other means. See Utah Code 17B-2a-202
• Drainage district: means a special district that operates under and is subject to the provisions of this chapter and Chapter 2a, Part 2, Drainage District Act, including an entity that was created and operated as a drainage district under the law in effect before April 30, 2007. See Utah Code 17B-1-102
• Eligible function: means :
       (1)(a) a power conferred on a special district under this title;
       (1)(b) a tax or assessment levied by a special district;
       (1)(c) an act or proceeding that a special district:

            (1)(c)(i) has taken; or

            (1)(c)(ii) contemplates taking; or
       (1)(d) a district contract, whether already executed or to be executed in the future, including a contract for the acquisition, construction, maintenance, or operation of works for the district. See Utah Code 17B-1-1201
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• 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.
• facilities: includes any structure, building, system, land, water right, water, or other real or personal property required to provide a service that a special district is authorized to provide, including any related or appurtenant easement or right-of-way, improvement, utility, landscaping, sidewalk, road, curb, gutter, equipment, or furnishing. See Utah Code 17B-1-102
• 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.
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fire protection district: means a special district that operates under and is subject to the provisions of this chapter and Chapter 2a, Part 3, Fire Protection District Act, including an entity that was created and operated as a fire protection district under the law in effect before April 30, 2007. See Utah Code 17B-1-102
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Highway: includes :
       (15)(a) a public bridge;
       (15)(b) a county way;
       (15)(c) a county road;
       (15)(d) a common road; and
       (15)(e) a state road. See Utah Code 68-3-12.5
• Improvement district: means a special district that operates under and is subject to the provisions of this chapter and Chapter 2a, Part 4, Improvement District Act, including an entity that was created and operated as a county improvement district under the law in effect before April 30, 2007. See Utah Code 17B-1-102
• 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
• Industrial loan company: means the same as that term is defined in Section 7-8-21. See Utah Code 7-1-103
• Infrastructure financing district: means a special district that operates under and is subject to the provisions of this chapter and Chapter 2a, Part 13, Infrastructure Financing Districts. See Utah Code 17B-1-102
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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
• 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}
• Interim committee: means the same as that term is defined in legislative rule. See Utah Code 36-12-1
• Irrigation district: means a special district that operates under and is subject to the provisions of this chapter and Chapter 2a, Part 5, Irrigation District Act, including an entity that was created and operated as an irrigation district under the law in effect before April 30, 2007. See Utah Code 17B-1-102
• 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
• Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensee: means a person licensed under this chapter. See Utah Code 7-25-102
• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Major political party: means either of the two political parties having the greatest number of members elected to the two chambers of the Legislature. See Utah Code 36-12-1
• Majority leader: see Floor Leaders
• Metropolitan water district: means a special district that operates under and is subject to the provisions of this chapter and Chapter 2a, Part 6, Metropolitan Water District Act, including an entity that was created and operated as a metropolitan water district under the law in effect before April 30, 2007. See Utah Code 17B-1-102
• Minority leader: See Floor Leaders
• Minority whip: See Whips.
• Money transmission: means the sale or issuance of a payment instrument or engaging in the business of receiving money for transmission or transmitting money within the United States or to locations abroad by any and all means, including payment instrument, wire, facsimile, or electronic transfer. See Utah Code 7-25-102
• Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mosquito abatement district: means a special district that operates under and is subject to the provisions of this chapter and Chapter 2a, Part 7, Mosquito Abatement District Act, including an entity that was created and operated as a mosquito abatement district under the law in effect before April 30, 2007. See Utah Code 17B-1-102
• Municipal: means of or relating to a municipality. See Utah Code 17B-1-102
• Municipality: means a city or town. See Utah Code 17B-1-102
• 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.
• Oversight: Committee review of the activities of a Federal agency or program.
• Payment instrument: means a check, draft, money order, travelers check, or other instrument or written order for the transmission or payment of money, sold or issued to one or more persons, whether or not the instrument is negotiable. See Utah Code 7-25-102
• 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
• Person: means an individual, corporation, partnership, organization, association, trust, governmental agency, or other legal entity. See Utah Code 17B-1-102
• 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
• Political subdivision: means a county, city, town, special district under this title, special service district under Title 17D, Chapter 1, Special Service District Act, an entity created by interlocal cooperation agreement under Title 11, Chapter 13, Interlocal Cooperation Act, or any other governmental entity designated in statute as a political subdivision of the state. See Utah Code 17B-1-102
• Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• Professional legislative staff: means the legislative directors and the members of their staffs. See Utah Code 36-12-1
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Public entity: means :
       (22)(a) the United States or an agency of the United States;
       (22)(b) the state or an agency of the state;
       (22)(c) a political subdivision of the state or an agency of a political subdivision of the state;
       (22)(d) another state or an agency of that state; or
       (22)(e) a political subdivision of another state or an agency of that political subdivision. See Utah Code 17B-1-102
• Public transit district: means a special district that operates under and is subject to the provisions of this chapter and Chapter 2a, Part 8, Public Transit District Act, including an entity that was created and operated as a public transit district under the law in effect before April 30, 2007. See Utah Code 17B-1-102
• Quorum: The number of legislators that must be present to do business.
• 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
• Road: includes :
       (33)(a) a public bridge;
       (33)(b) a county way;
       (33)(c) a county road;
       (33)(d) a common road; and
       (33)(e) a state road. See Utah Code 68-3-12.5
• Service area: means a special district that operates under and is subject to the provisions of this chapter and Chapter 2a, Part 9, Service Area Act, including an entity that was created and operated as a county service area or a regional service area under the law in effect before April 30, 2007. See Utah Code 17B-1-102
• Service of process: The service of writs or summonses to the appropriate party.
• Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
• Special assessment: means an assessment levied against property to pay all or a portion of the costs of making improvements that benefit the property. See Utah Code 17B-1-102
• Special district: means a limited purpose local government entity, as described in Section 17B-1-103, that operates under, is subject to, and has the powers described in:
       (31)(a) this chapter; or
       (31)(b)

            (31)(b)(i) this chapter; and

            (31)(b)(ii)

                 (31)(b)(ii)(A) Chapter 2a, Part 1, Cemetery Maintenance District Act;

                 (31)(b)(ii)(B) Chapter 2a, Part 2, Drainage District Act;

                 (31)(b)(ii)(C) Chapter 2a, Part 3, Fire Protection District Act;

                 (31)(b)(ii)(D) Chapter 2a, Part 4, Improvement District Act;

                 (31)(b)(ii)(E) Chapter 2a, Part 5, Irrigation District Act;

                 (31)(b)(ii)(F) Chapter 2a, Part 6, Metropolitan Water District Act;

                 (31)(b)(ii)(G) Chapter 2a, Part 7, Mosquito Abatement District Act;

                 (31)(b)(ii)(H) Chapter 2a, Part 8, Public Transit District Act;

                 (31)(b)(ii)(I) Chapter 2a, Part 9, Service Area Act;

                 (31)(b)(ii)(J) Chapter 2a, Part 10, Water Conservancy District Act;

                 (31)(b)(ii)(K) Chapter 2a, Part 11, Municipal Services District Act; or

                 (31)(b)(ii)(L) Chapter 2a, Part 13, Infrastructure Financing Districts. See Utah Code 17B-1-102
• Standing committee: means a Senate or House committee established under Senate or House rule for the purpose of considering proposed legislation. See Utah Code 36-12-1
• 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
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Subsidiary: means a business entity under the control of an institution. See Utah Code 7-1-103
• Taxable value: means the taxable value of property as computed from the most recent equalized assessment roll for county purposes. See Utah Code 17B-1-102
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Title lender: includes a person that:
            (3)(b)(i) arranges a title loan on behalf of a title lender;
            (3)(b)(ii) acts as an agent for a title lender; or
            (3)(b)(iii) assists a title lender in the extension of a title loan. See Utah Code 7-24-102
• Title loan: includes a title loan extended at the same premise on which any of the following are sold:
            (4)(b)(i) a motor vehicle, as defined in Section 41-6a-102;
            (4)(b)(ii) a mobile home, as defined in Section 41-6a-102; or
            (4)(b)(iii) a motorboat, as defined in Section 73-18-2. See Utah Code 7-24-102
• Trust company: means a person authorized to conduct a trust business, as provided in Chapter 5, Trust Business. See Utah Code 7-1-103
• Trustee: A person or institution holding and administering property in trust.
• Unincorporated: means not included within a municipality. See Utah Code 17B-1-102
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
• Utah Code: means the 1953 recodification of the Utah Code, as amended, unless the text expressly references a portion of the 1953 recodification of the Utah Code as it existed:
       (42)(a) on the day on which the 1953 recodification of the Utah Code was enacted; or
       (42)(b)

            (42)(b)(i) after the day described in Subsection (42)(a); and

            (42)(b)(ii) before the most recent amendment to the referenced portion of the 1953 recodification of the Utah Code. See Utah Code 68-3-12.5
• Validation order: means a court order adjudicating the validity of an eligible function. See Utah Code 17B-1-1201
• Validation petition: means a petition requesting a validation order. See Utah Code 17B-1-1201
• Validation proceedings: means judicial proceedings occurring in district court pursuant to a validation petition. See Utah Code 17B-1-1201
• Water conservancy district: means a special district that operates under and is subject to the provisions of this chapter and Chapter 2a, Part 10, Water Conservancy District Act, including an entity that was created and operated as a water conservancy district under the law in effect before April 30, 2007. See Utah Code 17B-1-102
• Works: includes a dam, reservoir, well, canal, conduit, pipeline, drain, tunnel, power plant, and any facility, improvement, or property necessary or convenient for supplying or treating water for any beneficial use, and for otherwise accomplishing the purposes of a special district. See Utah Code 17B-1-102
• 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