Terms Used In Utah Code > Title 75 > Chapter 7 - Utah Uniform Trust Code

• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• Affordable housing: means housing occupied or reserved for occupancy by households whose incomes are at or below certain income requirements at rental rates affordable to such households. See Utah Code 35A-8-501
• 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.
• 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.
• 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.
• 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
• 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}
• Board: means the Housing Board created by this part. See Utah Code 35A-8-501
• 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
• Clerk: means the city or county clerk, or the officer charged with the duties customarily imposed on the clerk. See Utah Code 35A-8-401
• Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• 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.
• Continuance: Putting off of a hearing ot trial until a later time.
• 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.
• Counterclaim: A claim that a defendant makes against a plaintiff.
• County: means a county in the state. See Utah Code 35A-8-401
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Department: means the Department of Workforce Services created in Section 35A-1-103. See Utah Code 35A-1-102
• Director: means the director of the division. See Utah Code 35A-8-101
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Division: means the Housing and Community Development Division. See Utah Code 35A-8-101
• 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.
• Executive director: means the executive director of the department appointed under Section 35A-1-201. See Utah Code 35A-1-102
• 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
• Fiduciary: A trustee, executor, or administrator.
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• Fraud: Intentional deception resulting in injury to another.
• Fund: means the Olene Walker Housing Loan Fund created by this part. See Utah Code 35A-8-501
• Governing body: means , in the case of a city, the council or other body of the city in which is vested legislative authority customarily imposed on the city council, and in the case of a county, the board of county commissioners. See Utah Code 35A-8-401
• Grantor: The person who establishes a trust and places property into it.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Guardian: includes a person who:Utah Code 68-3-12.5
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• 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.
• 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.
• 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.
• 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.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Probate: Proving a will
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• project: means a work or undertaking, on contiguous or noncontiguous sites to:

  (i)	demolish, clear, or remove buildings from a blighted area;

  (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

  (iii)

  accomplish a combination of Subsections (11)(a)(i) and (ii). See Utah Code 35A-8-401 Property: includes both real and personal property. See Utah Code 68-3-12.5 Public body: means a city, county or municipal corporation, commission, district, authority, agency, subdivision, or other body of the foregoing. See Utah Code 35A-8-401 Quorum: The number of legislators that must be present to do business. real property: includes :Utah Code 68-3-12.5 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. 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. Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust). Rural: means a county in the state other than Utah, Salt Lake, Davis, or Weber. See Utah Code 35A-8-501 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 Statute: A law passed by a legislature. Statute of limitations: A law that sets the time within which parties must take action to enforce their rights. Summons: Another word for subpoena used by the criminal justice system. Testator: A male person who leaves a will at death. 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. Trustee: A person or institution holding and administering property in trust. Trustor: The person who makes or creates a trust. Also known as the grantor or settlor. 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. Writing: includes :Utah Code 68-3-12.5