Terms Used In Utah Code > Title 53C > Chapter 4 > Part 2 - Surface Leases and Easements

• 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.
• 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
• 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}
• Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
• 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
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• trust lands: means those properties granted by the United States in the Utah Enabling Act to the state in trust, and other lands transferred to the trust, which must be managed for the benefit of:
       (8)(a) the state's public education system; or
       (8)(b) the institutions of the state which are designated by the Utah Enabling Act as beneficiaries of trust lands. See Utah Code 53C-1-103