Terms Used In Utah Code > Title 25 > Chapter 6 - Uniform Voidable Transactions Act

• Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affiliate: means :

  (a)

  a person that directly or indirectly owns, controls, or holds with power to vote, 20% or more of the outstanding voting securities of the debtor, other than a person that holds the securities: (i)  as a fiduciary or agent without sole discretionary power to vote the securities; or (ii)  solely to secure a debt, if the person has not exercised the power to vote;

  (b)

  a corporation 20% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor or a person that directly or indirectly owns, controls, or holds, with power to vote, 20% or more of the outstanding voting securities of the debtor, other than a person that holds the securities: (i)  as a fiduciary or agent without sole discretionary power to vote the securities; or (ii)  solely to secure a debt, if the person has not exercised the power to vote;

  (c)	a person whose business is operated by the debtor under a lease or other agreement, or a person substantially all of whose assets are controlled by the debtor; or

  (d)

  a person that operates the debtor's business under a lease or other agreement or controls substantially all of the debtor's assets. See Utah Code 25-6-102 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. Armed forces: means the United States Army, Navy, Air Force, Marine Corps, Space Force, and Coast Guard. See Utah Code 68-3-12.5 Asset: means property of a debtor, but does not include: (a)  property to the extent it is encumbered by a valid lien; (b)  property to the extent it is generally exempt under nonbankruptcy law; or (c)  an interest in property held in tenancy by the entireties to the extent it is not subject to process by a creditor holding a claim against only one tenant. See Utah Code 25-6-102 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. 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 claim for relief: means a right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured. See Utah Code 25-6-102 Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action. Contract: A legal written agreement that becomes binding when signed. 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. Creditor: means a person that has a claim. See Utah Code 25-6-102 Debt: means liability on a claim. See Utah Code 25-6-102 Debtor: means a person that is liable on a claim. See Utah Code 25-6-102 Deed: The legal instrument used to transfer title in real property from one person to another. Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Utah Code 25-6-102 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 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. Fiduciary: A trustee, executor, or administrator. 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. Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Fraud: Intentional deception resulting in injury to another. Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Grantor: The person who establishes a trust and places property into it. Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner property subject to this chapter. See Utah Code 67-4a-102 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Insider: includes : (a)  if the debtor is an individual: (i)  a relative of the debtor or of a general partner of the debtor; (ii)  a partnership in which the debtor is a general partner; (iii)  a general partner in a partnership described in Subsection (8)(a)(ii); (iv)  a corporation of which the debtor is a director, officer, or person in control; or (v)  a limited liability company of which the debtor is a member or manager; (b)  if the debtor is a corporation: (i)  a director of the debtor; (ii)  an officer of the debtor; (iii)  a person in control of the debtor; (iv)  a partnership in which the debtor is a general partner; (v)  a general partner in a partnership described in Subsection (8)(b)(iv); (vi)  a limited liability company of which the debtor is a member or manager; or (vii)  a relative of a general partner, director, officer, or person in control of the debtor; (c)  if the debtor is a partnership: (i)  a general partner in the debtor; (ii)  a relative of a general partner in, a general partner of, or a person in control of the debtor; (iii)  another partnership in which the debtor is a general partner; (iv)  a general partner in a partnership described in Subsection (8)(c)(iii); (v)  a limited liability company of which the debtor is a member or manager; or (vi)  a person in control of the debtor; (d)  if the debtor is a limited liability company: (i)  a member or manager of the debtor; (ii)  another limited liability company in which the debtor is a member or manager; (iii)  a partnership in which the debtor is a general partner; (iv)  a general partner in a partnership described in Subsection (8)(d)(iii); (v)  a person in control of the debtor; or (vi)  a relative of a general partner, member, manager, or person in control of the debtor; (e)  an affiliate, or an insider of an affiliate as if the affiliate were the debtor; and (f)  a managing agent of the debtor. See Utah Code 25-6-102 Inter vivos: Transfer of property from one living person to another living person. Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor. 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. 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 Lien: A claim against real or personal property in satisfaction of a debt. Lien: means a charge against or an interest in property to secure payment of a debt or performance of an obligation, and includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common-law lien, or a statutory lien. See Utah Code 25-6-102 Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship. Mortgage: The written agreement pledging property to a creditor as collateral for a loan. 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. Organization: means a person other than an individual. See Utah Code 25-6-102 Owner: includes : (i)  a depositor, for a deposit; (ii)  a beneficiary, for a trust other than a deposit in trust; (iii)  a creditor, claimant, or payee, for other property; and (iv)  the lawful bearer of a record that may be used to obtain money, a reward, or a thing of value. See Utah Code 67-4a-102 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 an individual, estate, partnership, limited liability company, association, trust, business or nonprofit entity, public corporation, government or governmental subdivision, agency, instrumentality, or other legal or commercial entity. See Utah Code 25-6-102 Person: means : (a)  an individual; (b)  an estate; (c)  a business association; (d)  a public corporation; (e)  a government entity; (f)  an agency; (g)  a trust; (h)  an instrumentality; or (i)  any other legal or commercial entity. See Utah Code 67-4a-102 Personal property: includes :Utah Code 68-3-12.5 Personal property: All property that is not real property. Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 Property: means anything that may be the subject of ownership. See Utah Code 25-6-102 Property: includes : (i)  all income from or increments to the property; (ii)  property referred to as or evidenced by: (A)  money, virtual currency, interest, or a dividend, check, draft, or deposit; (B)  a credit balance, customer's overpayment, stored-value card, payroll card, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds, or unidentified remittance; and (C)  a security except for: (I)  a worthless security; or (II)  a security that is subject to a lien, legal hold, or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the holder's or owner's ability to receive, transfer, sell, or otherwise negotiate the security; (iii)  a bond, debenture, note, or other evidence of indebtedness; (iv)  money deposited to redeem a security, make a distribution, or pay a dividend; (v)  an amount due and payable under an annuity contract or insurance policy; (vi)  an amount distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit-sharing, employee-savings, supplemental-unemployment insurance, or a similar benefit; and (vii)  an amount held under a preneed funeral or burial contract, other than a contract for burial rights or opening and closing services, where the contract has not been serviced following the death or the presumed death of the beneficiary. See Utah Code 67-4a-102 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 inscribed on a tangible medium or that is stored in an electronic or other medium that is retrievable in perceivable form. See Utah Code 25-6-102 Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC Relative: means an individual related by consanguinity within the third degree as determined by the common law, a spouse, or an individual related to a spouse within the third degree as so determined, and includes an individual in an adoptive relationship within the third degree. See Utah Code 25-6-102 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. Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Security: means : (a)  a security as defined in Revised Article 8 of the Uniform Commercial Code; or (b)  a security entitlement as defined in Revised Article 8 of the Uniform Commercial Code, including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not: (i)  registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets; (ii)  payable to the order of the person; (iii)  specifically endorsed to the person; or (iv)  an equity interest in a business association not included in this Subsection (32). See Utah Code 67-4a-102 Sign: means , with present intent to authenticate or adopt a record: (a)  to execute or adopt a tangible symbol; or (b)  to attach to or logically associate with the record an electronic symbol, sound, or process. See Utah Code 25-6-102 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 Transfer: means every mode, direct or indirect, absolute or conditional, or voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset, and includes payment of money, release, lease, and creation of a lien or other encumbrance. See Utah Code 25-6-102 Trustee: A person or institution holding and administering property in trust. 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 Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House. Writing: includes :Utah Code 68-3-12.5