Utah Code 22-1-1. Definitions
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Utah Code 22-1-1
- Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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.
- Fiduciary: A trustee, executor, or administrator.
- 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.
- Person: means :Utah Code 68-3-12.5
- Trustee: A person or institution holding and administering property in trust.
In this chapter unless the context or subject matter otherwise requires:
“Fiduciary” includes a trustee under any trust, expressed, implied, resulting or constructive, executor, administrator, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, and any other person acting in a fiduciary capacity for any person, trust or estate.
“Principal” includes any person to whom a fiduciary as such owes an obligation.
A thing is done “in good faith” when it is in fact done honestly, whether it is done negligently or not.
“Fiduciary” includes a trustee under any trust, expressed, implied, resulting or constructive, executor, administrator, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, and any other person acting in a fiduciary capacity for any person, trust or estate.
“Principal” includes any person to whom a fiduciary as such owes an obligation.
A thing is done “in good faith” when it is in fact done honestly, whether it is done negligently or not.
No Change Since 1953