§ 16-12-1 Short title
§ 16-12-2 Definition of real estate investment trust
§ 16-12-3 Declaration of trust — Filing fee
§ 16-12-4 Powers of real estate investment trust
§ 16-12-5 Limited liability of shareholders or beneficiaries
§ 16-12-6 Trustee governed by declaration of trust — Liability

Terms Used In Utah Code > Title 16 > Chapter 12 - Real Estate Investment Trust Act

  • Affected municipality: means an incorporated city or town:
    (a) that is located in the notice area; and
    (b) 
    (i) within which a franchisor is proposing a new or relocated dealership that is within the relevant market area of an existing dealership of the same line-make owned by another franchisee; or
    (ii) within which an existing dealership is located and a franchisor is proposing a new or relocated dealership within the relevant market area of that existing dealership of the same line-make. See Utah Code 13-14-102
  • Affiliate: has the meaning set forth in Section 16-10a-102. See Utah Code 13-14-102
  • 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.
  • board: means the Utah Motor Vehicle Franchise Advisory Board created in Section 13-14-103. See Utah Code 13-14-102
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Dealership: means a site or location in this state:
    (a) at which a franchisee conducts the business of a new motor vehicle dealer; and
    (b) that is identified as a new motor vehicle dealer's principal place of business for licensing purposes under Section 41-3-204. See Utah Code 13-14-102
  • Executive director: means the executive director of the Department of Commerce. See Utah Code 13-14-102
  • 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.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • franchise agreement: includes a sales and service agreement. See Utah Code 13-14-102
  • Franchisee: means a person with whom a franchisor has agreed or permitted, in writing or in practice, to purchase, sell, or offer for sale new motor vehicles manufactured, produced, represented, or distributed by the franchisor. See Utah Code 13-14-102
  • Franchisor: means a person who has, in writing or in practice, agreed with or permits a franchisee to purchase, sell, or offer for sale new motor vehicles manufactured, produced, assembled, represented, or distributed by the franchisor, and includes:
    (a) the manufacturer, producer, assembler, or distributor of the new motor vehicles;
    (b) an intermediate distributor; and
    (c) an agent, officer, or field or area representative of the franchisor. See Utah Code 13-14-102
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Line-make: means :
    (a) for other than a recreational vehicle, the motor vehicles that are offered for sale, lease, or distribution under a common name, trademark, service mark, or brand name of the franchisor; or
    (b) for a recreational vehicle, a specific series of recreational vehicle product that:
    (i) is identified by a common series trade name or trademark;
    (ii) is targeted to a particular market segment, as determined by decor, features, equipment, size, weight, and price range;
    (iii) has a length and floor plan that distinguish the recreational vehicle from other recreational vehicles with substantially the same decor, features, equipment, size, weight, and price;
    (iv) belongs to a single, distinct classification of recreational vehicle product type having a substantial degree of commonality in the construction of the chassis, frame, and body; and
    (v) a franchise agreement authorizes a dealer to sell. See Utah Code 13-14-102
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Motor vehicle: means :
    (i) except as provided in Subsection (16)(b), a trailer;
    (ii) a travel trailer;
    (iii) except as provided in Subsection (16)(b), a motor vehicle as defined in Section 41-3-102;
    (iv) a semitrailer as defined in Section 41-1a-102; and
    (v) a recreational vehicle. See Utah Code 13-14-102
  • New motor vehicle dealer: is a person who is licensed under Subsection 41-3-202(1) to sell new motor vehicles. See Utah Code 13-14-102
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Primary market area: means :
    (a) for an existing dealership, the geographic area established by the franchisor that the existing dealership is intended to serve; or
    (b) for a new or relocated dealership, the geographic area proposed by the franchisor that the new or relocated dealership is intended to serve. See Utah Code 13-14-102
  • Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
  • Recreational vehicle: includes :
    (i) a travel trailer;
    (ii) a camping trailer;
    (iii) a motor home;
    (iv) a fifth wheel trailer; and
    (v) a van. See Utah Code 13-14-102
  • Trustee: A person or institution holding and administering property in trust.