Utah Code 7-26-102. Definitions

7-26-102. Definitions.
As used in this chapter:

(1)	“Adult Protective Services” means the same as that term is defined in Section 26B-6-201.

Terms Used In Utah Code 7-26-102

Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Bank: means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. See Utah Code 7-1-103
Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
Branch: means a place of business of a financial institution, other than its main office, at which deposits are received and paid. See Utah Code 7-1-103
Contract: A legal written agreement that becomes binding when signed.
control: means the power, directly or indirectly, or through or in concert with one or more persons, to:

(a)

direct or exercise a controlling influence over:

(i)	the management or policies of a financial institution; or

(ii)	the election of a majority of the directors or trustees of an institution; or

(b)

vote 25% or more of any class of voting securities of a financial institution. See Utah Code 7-1-103

Covered financial institution: means any of the following that operate in the state:

(a)

a state or federally chartered:

(i)

bank;

(ii)	savings and loan association;

(iii)

savings bank;

(iv)	industrial bank;

(v)	credit union;

(vi)	trust company; or

(vii)

depository institution; or

(b)

a financial institution. See Utah Code 7-26-102

Fiduciary: A trustee, executor, or administrator.

Financial institution: means an institution subject to the jurisdiction of the department because of this title. See Utah Code 7-1-103

Institution: means :

(a)	a corporation;

(b)	a limited liability company;

(c)	a partnership;

(d)

a trust;

(e)	an association;

(f)	a joint venture;

(g)

a pool;

(h)	a syndicate;

(i)	an unincorporated organization; or

(j)

any form of business entity. See Utah Code 7-1-103

Person: means :

(a)	an individual;

(b)	a corporation;

(c)	a limited liability company;

(d)	a partnership;

(e)

a trust;

(f)	an association;

(g)	a joint venture;

(h)

a pool;

(i)	a syndicate;

(j)	a sole proprietorship;

(k)	an unincorporated organization; or

(l)

any form of business entity. See Utah Code 7-1-103

Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}

Property: includes both real and personal property. See Utah Code 68-3-12.5

State: means , unless the context demands otherwise:

(a)

a state;

(b)	the District of Columbia; or

(c)

the territories of the United States. See Utah Code 7-1-103

Trustee: A person or institution holding and administering property in trust.

Vulnerable adult: means :

(a)	an individual who is 65 years old or older; or

(b)

the same as that term is defined in Section 26B-6-201. See Utah Code 7-26-102

(2)

“Covered financial institution” means any of the following that operate in the state:

(a)

a state or federally chartered:

(i)

bank;

(ii)	savings and loan association;

(iii)

savings bank;

(iv)	industrial bank;

(v)	credit union;

(vi)	trust company; or

(vii)

depository institution; or

(b)	a financial institution.

(3)

“Financial exploitation” means:

(a)	the wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or other property of an individual; or

(b)

an act or omission, including through a power of attorney, guardianship, or conservatorship of an individual, to:

(i)	obtain control, through deception, intimidation, or undue influence, over the individual’s money, assets, or other property to deprive the individual of the ownership, use, benefit, or possession of the individual’s money, assets, or other property; or

(ii)	convert the individual’s money, assets, or other property to deprive the individual of the ownership, use, benefit, or possession of the individual’s money, assets, or other property.

(4)	“Law enforcement agency” means the same as that term is defined in Section 53-1-102.

(5)

“Qualified individual” means:

(a)	a branch manager of a covered financial institution; or

(b)	a director, officer, employee, agent, or other representative that a covered financial institution designates.

(6)

“Third party associated with a vulnerable adult” means an individual:

(a)	who is a parent, spouse, adult child, sibling, or other known family member of a vulnerable adult;

(b)	whom a vulnerable adult authorizes the financial institution to contact;

(c)	who is a co-owner, additional authorized signatory, or beneficiary on a vulnerable adult’s account; or

(d)	who is an attorney, trustee, conservator, guardian or other fiduciary whom a court or a government agency selects to manage some or all of the financial affairs of the vulnerable adult.

(7)

“Transaction” means any of the following services that a covered financial institution provides:

(a)	a transfer or request to transfer or disburse funds or assets in an account;

(b)	a request to initiate a wire transfer, initiate an automated clearinghouse transfer, or issue a money order, cashier’s check, or official check;

(c)	a request to negotiate a check or other negotiable instrument;

(d)	a request to change the ownership of, or access to, an account;

(e)

a request to sell or transfer a security or other asset, or a request to affix a medallion stamp or provide any form of guarantee or endorsement in connection with an attempt to sell or transfer a security or other asset, if the person selling or transferring the security or asset is not required to obtain a license under Section 61-1-3;

(f)	a request for a loan, extension of credit, or draw on a line of credit;

(g)	a request to encumber any movable or immovable property; or

(h)	a request to designate or change the designation of beneficiaries to receive any property, benefit, or contract right.

(8)

“Vulnerable adult” means:

(a)	an individual who is 65 years old or older; or

(b)	the same as that term is defined in Section 26B-6-201.

Amended by Chapter 327, 2023 General Session

Previous section

Next section

Part 1 Contents