Terms Used In Utah Code > Title 16 > Chapter 16 > Part 8 - Directors and Officers

• Adjudicative proceeding: means :Utah Code 68-3-12.5
• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• Affiliate: means a person that, directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with a person specified. See Utah Code 61-1-13
• Agency: means :

  (a)	a person other than an individual, including a sole proprietorship by which an individual does business under an assumed name; and

  (b)

  an insurance organization licensed or required to be licensed under Section 31A-23a-301, 31A-25-207, or 31A-26-209. See Utah Code 31A-1-301 Agent: means an individual other than a broker-dealer who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities. See Utah Code 61-1-13 Agreement: means the same as that term is defined in Section 59-12-102. See Utah Code 59-28-102 Alien insurer: means an insurer domiciled outside the United States. See Utah Code 31A-1-301 Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it. Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year. Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense. Application: means a document: (a)  (i)  completed by an applicant to provide information about the risk to be insured; and (ii)  that contains information that is used by the insurer to evaluate risk and decide whether to: (A)  insure the risk under: (I)  the coverage as originally offered; or (II)  a modification of the coverage as originally offered; or (B)  decline to insure the risk; or (b)  used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301 Arrest: Taking physical custody of a person by lawful authority. articles of incorporation: means : (a)  the original articles; (b)  a special law; (c)  a charter; (d)  an amendment; (e)  restated articles; (f)  articles of merger or consolidation; (g)  a trust instrument; (h)  another constitutive document for a trust or other entity that is not a corporation; and (i)  an amendment to an item listed in Subsections (11)(a) through (h). See Utah Code 31A-1-301 Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Attachment: A procedure by which a person's property is seized to pay judgments levied by the court. authorized insurer: means an insurer: (i)  holding a valid certificate of authority to do an insurance business in this state; and (ii)  transacting business as authorized by a valid certificate. See Utah Code 31A-1-301 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. 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. 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 board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. See Utah Code 31A-1-301 Bona fide office: means a physical office in this state: (a)  that is open to the public; (b)  that is staffed during regular business hours on regular business days; and (c)  at which the public may appear in person to obtain services. See Utah Code 31A-1-301 Broker-dealer: means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. See Utah Code 61-1-13 Business plan: means the information required to be supplied to the commissioner under Subsections 31A-5-204(2)(i) and (j), including the information required when these subsections apply by reference under: (a)  Section 31A-8-205; or (b)  Subsection 31A-9-205(2). See Utah Code 31A-1-301 Certificate: means evidence of insurance given to: (a)  an insured under a group insurance policy; or (b)  a third party. See Utah Code 31A-1-301 Certified service provider: means the same as that term is defined in Section 59-12-102. See Utah Code 59-28-102 Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes. Commission: means the Securities Commission created in Section 61-1-18. See Utah Code 61-1-13 Commodity: means , except as otherwise specified by the division by rule: (i)  an agricultural, grain, or livestock product or byproduct, except real property or a timber, agricultural, or livestock product grown or raised on real property and offered or sold by the owner or lessee of the real property; (ii)  a metal or mineral, including a precious metal, except a numismatic coin whose fair market value is at least 15% greater than the value of the metal it contains; (iii)  a gem or gemstone, whether characterized as precious, semi-precious, or otherwise; (iv)  a fuel, whether liquid, gaseous, or otherwise; (v)  a foreign currency; and (vi)  all other goods, articles, products, or items of any kind, except a work of art offered or sold by art dealers, at public auction or offered or sold through a private sale by the owner of the work. See Utah Code 61-1-13 Commodity contract: means an account, agreement, or contract for the purchase or sale, primarily for speculation or investment purposes and not for use or consumption by the offeree or purchaser, of one or more commodities, whether for immediate or subsequent delivery or whether delivery is intended by the parties, and whether characterized as a cash contract, deferred shipment or deferred delivery contract, forward contract, futures contract, installment or margin contract, leverage contract, or otherwise. See Utah Code 61-1-13 Commodity option: means an account, agreement, or contract giving a party to the option the right but not the obligation to purchase or sell one or more commodities or one or more commodity contracts, or both whether characterized as an option, privilege, indemnity, bid, offer, put, call, advance guaranty, decline guaranty, or otherwise. See Utah Code 61-1-13 consultant: means a person who: (a)  advises another person about insurance needs and coverages; (b)  is compensated by the person advised on a basis not directly related to the insurance placed; and (c)  except as provided in Section 31A-23a-501, is not compensated directly or indirectly by an insurer or producer for advice given. See Utah Code 31A-1-301 Contract: A legal written agreement that becomes binding when signed. Conviction: A judgement of guilt against a criminal defendant. 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. Corporation: means an insurance corporation, except when referring to: (i)  a corporation doing business: (A)  as: (I)  an insurance producer; (II)  a surplus lines producer; (III)  a limited line producer; (IV)  a consultant; (V)  a managing general agent; (VI)  a reinsurance intermediary; (VII)  a third party administrator; or (VIII)  an adjuster; and (B)  under: (I)  Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries; (II)  Chapter 25, Third Party Administrators; or (III)  Chapter 26, Insurance Adjusters; or (ii)  a noninsurer that is part of a holding company system under Chapter 16, Insurance Holding Companies. See Utah Code 31A-1-301 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Deed: The legal instrument used to transfer title in real property from one person to another. Department: means the Insurance Department. See Utah Code 31A-1-301 Dependent: A person dependent for support upon another. Depository institution: means the same as that term is defined in Section 7-1-103. See Utah Code 61-1-13 Director: means the director of the division appointed in accordance with Section 61-1-18. See Utah Code 61-1-13 Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Division: means the Division of Securities established by Section 61-1-18. See Utah Code 61-1-13 Domestic insurer: means an insurer organized under the laws of this state. See Utah Code 31A-1-301 Employee: means : (a)  an individual employed by an employer; or (b)  an individual who meets the requirements of Subsection (53)(b). See Utah Code 31A-1-301 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Escrow: Money given to a third party to be held for payment until certain conditions are met. Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Exclusion: means for the purposes of accident and health insurance that an insurer does not provide insurance coverage, for whatever reason, for one of the following: (a)  a specific physical condition; (b)  a specific medical procedure; (c)  a specific disease or disorder; or (d)  a specific prescription drug or class of prescription drugs. See Utah Code 31A-1-301 Executive director: means the executive director of the Department of Commerce. See Utah Code 61-1-13 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. Federal covered adviser: means a person who: (i)  is registered under Section 203 of the Investment Advisers Act of 1940; or (ii)  is excluded from the definition of "investment adviser" under Section 202(a)(11) of the Investment Advisers Act of 1940. See Utah Code 61-1-13 Federal covered security: means a security that is a covered security under Section 18(b) of the Securities Act of 1933 or rules or regulations promulgated under Section 18(b) of the Securities Act of 1933. See Utah Code 61-1-13 Fiduciary: A trustee, executor, or administrator. Filed: means that a filing is: (i)  submitted to the department as required by and in accordance with applicable statute, rule, or filing order; (ii)  received by the department within the time period provided in applicable statute, rule, or filing order; and (iii)  accompanied by the appropriate fee in accordance with: (A)  Section 31A-3-103; or (B)  rule. See Utah Code 31A-1-301 Filing: when used as a noun, means an item required to be filed with the department including: (a)  a policy; (b)  a rate; (c)  a form; (d)  a document; (e)  a plan; (f)  a manual; (g)  an application; (h)  a report; (i)  a certificate; (j)  an endorsement; (k)  an actuarial certification; (l)  a licensee annual statement; (m)  a licensee renewal application; (n)  an advertisement; (o)  a binder; or (p)  an outline of coverage. See Utah Code 31A-1-301 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. Foreign insurer: means an insurer domiciled outside of this state, including an alien insurer. See Utah Code 31A-1-301 Form: means one of the following prepared for general use: (i)  a policy; (ii)  a certificate; (iii)  an application; (iv)  an outline of coverage; or (v)  an endorsement. See Utah Code 31A-1-301 Franchise fee: is a s defined in 47 U. See Utah Code 59-26-102 Fraud: Intentional deception resulting in injury to another. Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Guaranteed: means guaranteed as to payment of principal or interest as to debt securities, or dividends as to equity securities. See Utah Code 61-1-13 Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies. Individual: means a natural person. See Utah Code 31A-1-301 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. insolvent: means that: (a)  an insurer is unable to pay the insurer's obligations as the obligations are due; (b)  an insurer's total adjusted capital is less than the insurer's mandatory control level RBC under Subsection 31A-17-601(8)(c); or (c)  an insurer's admitted assets are less than the insurer's liabilities. See Utah Code 31A-1-301 Insurance: includes : (i)  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 Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes: (i)  a policyholder; (ii)  a subscriber; (iii)  a member; and (iv)  a beneficiary. See Utah Code 31A-1-301 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Investment adviser: includes a financial planner or other person who: (A)  as an integral component of other financially related services, provides the investment advisory services described in Subsection (1)(q)(i) to others as part of a business; (B)  holds the person out as providing the investment advisory services described in Subsection (1)(q)(i) to others; or (C)  holds the person out as a financial adviser, financial consultant, or any other similar title as the division may specify in rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, in any way as to imply that the person is generally engaged in an investment advisory business, including a person who does not hold a securities license and uses a title described in this Subsection (1)(q)(ii)(C) in any advertising or marketing material. See Utah Code 61-1-13 Investment adviser representative: means a partner, officer, director of, or a person occupying a similar status or performing similar functions, or other individual, except clerical or ministerial personnel, who: (A)  (I)  is employed by or associated with an investment adviser who is licensed or required to be licensed under this chapter; or (II)  has a place of business located in this state and is employed by or associated with a federal covered adviser; and (B)  does any of the following: (I)  makes a recommendation or otherwise renders advice regarding securities; (II)  manages accounts or portfolios of clients; (III)  determines which recommendation or advice regarding securities should be given; (IV)  solicits, offers, or negotiates for the sale of or sells investment advisory services; or (V)  supervises employees who perform any of the acts described in this Subsection (1)(r)(i)(B). See Utah Code 61-1-13 Investment contract: includes : (i)  an investment in a common enterprise with the expectation of profit to be derived through the essential managerial efforts of someone other than the investor; or (ii)  an investment by which: (A)  an offeree furnishes initial value to an offerer; (B)  a portion of the initial value is subjected to the risks of the enterprise; (C)  the furnishing of the initial value is induced by the offerer's promises or representations that give rise to a reasonable understanding that a valuable benefit of some kind over and above the initial value will accrue to the offeree as a result of the operation of the enterprise; and (D)  the offeree does not receive the right to exercise practical and actual control over the managerial decisions of the enterprise. See Utah Code 61-1-13 Issuer: means a person who issues or proposes to issue a security or has outstanding a security that it has issued. See Utah Code 61-1-13 Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants. Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Land: includes :Utah Code 68-3-12.5 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 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301 Lien: A claim against real or personal property in satisfaction of a debt. Life insurance: means : (i)  insurance on a human life; and (ii)  insurance pertaining to or connected with human life. See Utah Code 31A-1-301 Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301 Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Motor club: means a person: (a)  licensed under: (i)  Chapter 5, Domestic Stock and Mutual Insurance Corporations; (ii)  Chapter 11, Motor Clubs; or (iii)  Chapter 14, Foreign Insurers; and (b)  that promises for an advance consideration to provide for a stated period of time one or more: (i)  legal services under Subsection 31A-11-102(1)(b); (ii)  bail services under Subsection 31A-11-102(1)(c); or (iii)  (A)  trip reimbursement; (B)  towing services; (C)  emergency road services; (D)  stolen automobile services; (E)  a combination of the services listed in Subsections (126)(b)(iii)(A) through (D); or (F)  other services given in Subsections 31A-11-102(1)(b) through (f). See Utah Code 31A-1-301 Multi-channel video or audio service provider: includes the following except as specifically exempted by state or federal law: (i)  a cable operator; (ii)  a CATV provider; (iii)  a multi-point distribution provider; (iv)  a MMDS provider; (v)  a SMATV operator; (vi)  a direct-to-home satellite service provider; or (vii)  a DBS provider. See Utah Code 59-26-102 Municipality: means a city or town. See Utah Code 59-26-102 Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301 nonadmitted insurer: means an insurer: (i)  not holding a valid certificate of authority to do an insurance business in this state; or (ii)  transacting business not authorized by a valid certificate. See Utah Code 31A-1-301 Nonissuer: means not directly or indirectly for the benefit of the issuer. See Utah Code 61-1-13 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. offer to sell: includes an attempt or offer to dispose of, or solicitation of an offer to buy, a security or interest in a security for value. See Utah Code 61-1-13 Order: means an order of the commissioner. See Utah Code 31A-1-301 Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means :Utah Code 68-3-12.5 Person: includes : (a)  an individual; (b)  a partnership; (c)  a corporation; (d)  an incorporated or unincorporated association; (e)  a joint stock company; (f)  a trust; (g)  a limited liability company; (h)  a reciprocal; (i)  a syndicate; or (j)  another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301 Person: means : (i)  an individual; (ii)  a corporation; (iii)  a partnership; (iv)  a limited liability company; (v)  an association; (vi)  a joint-stock company; (vii)  a joint venture; (viii)  a trust where the interests of the beneficiaries are evidenced by a security; (ix)  an unincorporated organization; (x)  a government; or (xi)  a political subdivision of a government. See Utah Code 61-1-13 Plaintiff: The person who files the complaint in a civil lawsuit. 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. Policy: includes a service contract issued by: (i)  a motor club under Chapter 11, Motor Clubs; (ii)  a service contract provided under Chapter 6a, Service Contracts; and (iii)  a corporation licensed under: (A)  Chapter 7, Nonprofit Health Service Insurance Corporations; or (B)  Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301 Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301 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 Precious metal: means the following, whether in coin, bullion, or other form: (i)  silver; (ii)  gold; (iii)  platinum; (iv)  palladium; (v)  copper; and (vi)  such other substances as the division may specify by rule. See Utah Code 61-1-13 Premium: includes , however designated: (i)  an assessment; (ii)  a membership fee; (iii)  a required contribution; or (iv)  monetary consideration. See Utah Code 31A-1-301 Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301 Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 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 Promoter: means a person who, acting alone or in concert with one or more persons, takes initiative in founding or organizing the business or enterprise of a person. See Utah Code 61-1-13 Property: includes both real and personal property. See Utah Code 68-3-12.5 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. purchase: means a contract for purchase of, contract to buy, or acquisition of a security or interest in a security for value. See Utah Code 61-1-13 Purchaser: means the same as that term is defined in Section 59-12-102. See Utah Code 59-28-102 Quorum: The number of legislators that must be present to do business. Rate: means : (i)  the cost of a given unit of insurance; or (ii)  for property or casualty insurance, that cost of insurance per exposure unit either expressed as: (A)  a single number; or (B)  a pure premium rate, adjusted before the application of individual risk variations based on loss or expense considerations to account for the treatment of: (I)  expenses; (II)  profit; and (III)  individual insurer variation in loss experience. See Utah Code 31A-1-301 real property: includes :Utah Code 68-3-12.5 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. record: means information that is: (A)  inscribed in a tangible medium; or (B)  (I)  stored in an electronic or other medium; and (II)  retrievable in perceivable form. See Utah Code 61-1-13 Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301 Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Risk Management Fund: means the fund created under Section 63A-4-201. See Utah Code 31A-12-101 Road: includes :Utah Code 68-3-12.5 Securities Exchange Commission: means the United States Securities Exchange Commission created by the Securities Exchange Act of 1934. See Utah Code 61-1-13 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 Security: means a: (A)  note; (B)  stock; (C)  treasury stock; (D)  bond; (E)  debenture; (F)  evidence of indebtedness; (G)  certificate of interest or participation in a profit-sharing agreement; (H)  collateral-trust certificate; (I)  preorganization certificate or subscription; (J)  transferable share; (K)  investment contract; (L)  burial certificate or burial contract; (M)  voting-trust certificate; (N)  certificate of deposit for a security; (O)  certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease; (P)  commodity contract or commodity option; (Q)  interest in a limited liability company; (R)  life settlement interest; or (S)  in general, an interest or instrument commonly known as a "security" or a certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase an item listed in Subsections (1)(ee)(i)(A) through (R). See Utah Code 61-1-13 sell: includes a contract for sale of, contract to sell, or disposition of, a security or interest in a security for value. See Utah Code 61-1-13 Seller: means the same as that term is defined in Section 59-12-102. See Utah Code 59-28-102 Service of process: The service of writs or summonses to the appropriate party. Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. 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 State: means a state, territory, or possession of the United States, the District of Columbia, and Puerto Rico. See Utah Code 61-1-13 Statute: A law passed by a legislature. Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301 Trustee: A person or institution holding and administering property in trust. Undivided fractionalized long-term estate: means the same as that term is defined in Section 57-29-102. See Utah Code 61-1-13 Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5 Whole long-term estate: means a person owns or persons through joint tenancy own real property through a fee estate. See Utah Code 61-1-13 Working days: means 8 a. See Utah Code 61-1-13 Writing: includes :Utah Code 68-3-12.5