(1) |
As used in this section:
Terms Used In Utah Code 13-8-5- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
- 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.
- 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.
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
- Highway: includes :Utah Code 68-3-12.5
- Land: includes :Utah Code 68-3-12.5
- Lien: A claim against real or personal property in satisfaction of a debt.
- Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
- Person: means :Utah Code 68-3-12.5
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- 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.
- 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
- Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
- Writing: includes :Utah Code 68-3-12.5
(a) |
(i) |
“Construction contract” means a written agreement between the parties relative to the design, construction, alteration, repair, or maintenance of a building, structure, highway, appurtenance, appliance, or other improvements to real property, including moving, demolition, and excavating for nonresidential commercial or industrial construction projects. |
(ii) |
If the construction contract is for construction of a project that is part residential and part nonresidential, this section applies only to that portion of the construction project that is nonresidential as determined pro rata based on the percentage of the total square footage of the project that is nonresidential. |
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(b) |
“Construction lender” means any person, including a bank, trust company, savings bank, industrial bank, land bank, safe deposit company, private banker, savings and loan association, credit union, cooperative bank, small loan company, sales finance company, investment company, or any other financial institution that advances money to a borrower for the purpose of making alterations or improvements to real property. A construction lender does not include a person or entity who is acting in the capacity of contractor, original contractor, or subcontractor. |
(c) |
“Construction project” means an improvement to real property that is the subject of a construction contract. |
(d) |
“Contractor” means a person who, for compensation other than wages as an employee, undertakes any work in a construction trade, as defined in Section 58-55-102 and includes:
(i) |
any person engaged as a maintenance person who regularly engages in activities set forth in Section 58-55-102 as a construction trade; or |
(ii) |
a construction manager who performs management and counseling services on a construction project for a fee. |
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(e) |
“Original contractor” means the same as that term is defined in Section 38-1a-102. |
(f) |
“Owner” means the person who holds any legal or equitable title or interest in property. Owner does not include a construction lender unless the construction lender has an ownership interest in the property other than solely as a construction lender. |
(g) |
“Public agency” means any state agency or a county, city, town, school district, special district, special service district, or other political subdivision of the state that enters into a construction contract for an improvement of public property. |
(h) |
“Retention payment” means release of retention proceeds as defined in Subsection (1)(i). |
(i) |
“Retention proceeds” means money earned by a contractor or subcontractor but retained by the owner or public agency pursuant to the terms of a construction contract to guarantee payment or performance by the contractor or subcontractor of the construction contract. |
(j) |
“Subcontractor” means the same as that term is defined in Section 38-1a-102. |
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