78B-5-502. Definitions. As used in this part:
(1) |
“Civil accounts receivable” means the same as that term is defined in Section 77-32b-102. |
Terms Used In Utah Code 78B-5-502
- Contract: A legal written agreement that becomes binding when signed.
- 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
- 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.
- 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
- 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
- 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.
- 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
- Security interest: means an interest in property created by contract to secure payment or performance of an obligation. See Utah Code 78B-5-502
- 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.
(2) |
“Civil judgment of restitution” means the same as that term is defined in Section 77-32b-102. |
(3) |
“Debt” means a legally enforceable monetary obligation or liability of an individual, whether arising out of contract, tort, or otherwise. |
(4) |
“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. |
(5) |
“Exempt” means protected, and “exemption” means protection from subjection to a judicial process to collect an unsecured debt. |
(6) |
“Judicial lien” means a lien on property obtained by judgment or other legal process instituted for the purpose of collecting an unsecured debt. |
(7) |
“Levy” means the seizure of property pursuant to any legal process issued for the purpose of collecting an unsecured debt. |
(8) |
“Lien” means a judicial, or statutory lien, in property securing payment of a debt or performance of an obligation. |
(9) |
“Liquid assets” means deposits, securities, notes, drafts, unpaid earnings not otherwise exempt, accrued vacation pay, refunds, prepayments, and other receivables. |
(10) |
“Security interest” means an interest in property created by contract to secure payment or performance of an obligation. |
(11) |
“Statutory lien” means a lien arising by force of a statute, but does not include a security interest or a judicial lien. |
(12) |
“Value” means fair market value of an individual’s interest in property, exclusive of valid liens. |
Amended by Chapter 260, 2021 General Session