Terms Used In Utah Code > Title 16 > Chapter 10a > Part 2 - Incorporation

• Address: includes :

  (i)	a post office box number;

  (ii)	a rural free delivery route number; and

  (iii)

  a street name and number. See Utah Code 16-10a-102 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. Amortization: Paying off a loan by regular installments. 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. Appraisal: A determination of property value. Articles of incorporation: include : (a)  amended and restated articles of incorporation; (b)  articles of merger; and (c)  a document of a similar import to those described in Subsections (4)(a) and (b). See Utah Code 16-10a-102 Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Authorized shares: means the shares of all classes a domestic or foreign corporation is authorized to issue. See Utah Code 16-10a-102 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 Bylaws: includes amended bylaws and restated bylaws. See Utah Code 16-10a-102 Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action. Contract: A legal written agreement that becomes binding when signed. Corporate name: means : (a)  the name of a domestic corporation or a domestic nonprofit corporation as stated in its articles of incorporation; or (b)  the name of a foreign corporation or a foreign nonprofit corporation as stated in its articles of incorporation or document of similar import. See Utah Code 16-10a-102 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. Decedent: A deceased person. Dependent: A person dependent for support upon another. Division: means the Division of Corporations and Commercial Code. See Utah Code 16-10a-102 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 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. Fiduciary: A trustee, executor, or administrator. Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration. Land: includes :Utah Code 68-3-12.5 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 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. 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. 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. 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 :Utah Code 68-3-12.5 Personal property: includes :Utah Code 68-3-12.5 Personal property: All property that is not real property. Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way. Proceeding: includes : (a)  a civil suit; (b)  arbitration or mediation; and (c)  a criminal, administrative, or investigatory action. See Utah Code 16-10a-102 Property: includes both real and personal property. See Utah Code 68-3-12.5 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. 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 Trustee: A person or institution holding and administering property in trust.