Terms Used In Utah Code > Title 25 > Chapter 6 > Part 1 - General Provisions

• 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 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. 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. 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 Fiduciary: A trustee, executor, or administrator. 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 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 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 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. 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 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 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 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 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