78B-5-502.  Definitions.
     As used in this part:

(1)  “Civil accounts receivable” means the same as that term is defined in Section 77-32b-102.

Terms Used In Utah Code 78B-5-502

  • Contract: A legal written agreement that becomes binding when signed.
  • Debt: means a legally enforceable monetary obligation or liability of an individual, whether arising out of contract, tort, or otherwise. See Utah Code 78B-5-502
  • Exempt: means protected, and "exemption" means protection from subjection to a judicial process to collect an unsecured debt. See Utah Code 78B-5-502
  • 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.
  • Judicial lien: means a lien on property obtained by judgment or other legal process instituted for the purpose of collecting an unsecured debt. See Utah Code 78B-5-502
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Lien: means a judicial, or statutory lien, in property securing payment of a debt or performance of an obligation. See Utah Code 78B-5-502
  • 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.
  • Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • Security interest: means an interest in property created by contract to secure payment or performance of an obligation. See Utah Code 78B-5-502
  • Statute: A law passed by a legislature.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(2)  “Civil judgment of restitution” means the same as that term is defined in Section 77-32b-102.

(3)  “Debt” means a legally enforceable monetary obligation or liability of an individual, whether arising out of contract, tort, or otherwise.

(4)  “Dependent” means the spouse of an individual, and the grandchild or the natural or adoptive child of an individual who derives support primarily from that individual.

(5)  “Exempt” means protected, and “exemption” means protection from subjection to a judicial process to collect an unsecured debt.

(6)  “Judicial lien” means a lien on property obtained by judgment or other legal process instituted for the purpose of collecting an unsecured debt.

(7)  “Levy” means the seizure of property pursuant to any legal process issued for the purpose of collecting an unsecured debt.

(8)  “Lien” means a judicial, or statutory lien, in property securing payment of a debt or performance of an obligation.

(9)  “Liquid assets” means deposits, securities, notes, drafts, unpaid earnings not otherwise exempt, accrued vacation pay, refunds, prepayments, and other receivables.

(10)  “Security interest” means an interest in property created by contract to secure payment or performance of an obligation.

(11)  “Statutory lien” means a lien arising by force of a statute, but does not include a security interest or a judicial lien.

(12)  “Value” means fair market value of an individual’s interest in property, exclusive of valid liens.

Amended by Chapter 260, 2021 General Session

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