Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
Bail bond: means a bail bond insurance product for a specified monetary amount that is:
(a)
executed by a bail bond producer licensed in accordance with Section 31A-35-401; and
(b)
issued to a court, magistrate, or authorized officer to secure:
(i)
the release of a person from incarceration; and
(ii)
the appearance of the released person at court hearings the person is required to attend. See Utah Code 31A-35-102
Bail bond agency: means any sole proprietor or entity that:
is the agent of a surety insurer that sells a bail bond in connection with judicial proceedings;
(ii)
pledges the assets of a letter of credit from a Utah depository institution for a bail bond in connection with judicial proceedings; or
(iii)
pledges personal or real property, or both, as security for a bail bond in connection with judicial proceedings; and
(c)
receives or is promised money or other things of value for a service described in Subsection (2)(b). See Utah Code 31A-35-102
Bail bond insurance: means a guarantee that a person will attend court when required, up to and including surrender of the person in execution of a sentence imposed under Subsection 77-20-501(1), as a condition to the release of that person from confinement. See Utah Code 31A-1-301
a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
(ii)
a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
(iii)
a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301
Security: means a:
(i)
note;
(ii)
stock;
(iii)
bond;
(iv)
debenture;
(v)
evidence of indebtedness;
(vi)
certificate of interest or participation in a profit-sharing agreement;
(vii)
collateral-trust certificate;
(viii)
preorganization certificate or subscription;
(ix)
transferable share;
(x)
investment contract;
(xi)
voting trust certificate;
(xii)
certificate of deposit for a security;
(xiii)
certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
(xiv)
commodity contract or commodity option;
(xv)
certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (171)(a)(i) through (xiv); or
(xvi)
another interest or instrument commonly known as a security. See Utah Code 31A-1-301
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
is the agent of a surety insurer that sells a bail bond in connection with judicial proceedings;
(ii)
pledges the assets of a letter of credit from a Utah depository institution for a bail bond in connection with judicial proceedings; or
(iii)
pledges personal or real property, or both, as security for a bail bond in connection with judicial proceedings; and
(c)
receives or is promised money or other things of value for a service described in Subsection (2)(b).
(3)
“Bail bond producer” means an individual who:
(a)
is appointed by:
(i)
a surety insurer that sells bail bonds; or
(ii)
a bail bond agency licensed under this chapter;
(b)
is appointed to execute or countersign undertakings of bail in connection with judicial proceedings; and
(c)
receives or is promised money or other things of value for engaging in an act described in Subsection (3)(b).
(4)
“Bail enforcement agent” means the same as that term is defined in Section 53-11-102.
(5)
“Board” means the Bail Bond OversightBoard created in Section 31A-35-201.
(6)
“Certificate” means a certificate of authority issued under this chapter to allow an insurer to operate as a surety insurer.
(7)
“Indemnitor” means an entity or natural person that enters into an agreement with a bail bond agency to hold the bail bond agency harmless from loss incurred as a result of executing a bail bond.
(8)
“Liquid assets” means financial holdings that can be converted into cash in a timely manner without the loss of principal.
(9)
“Premium” means the specified monetary amount used to purchase a bail bond.
