Terms Used In Utah Code > Title 25 > Chapter 6 > Part 3 - Transfers and Remedies

• 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 Attachment: A procedure by which a person's property is seized to pay judgments levied by the court. 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 Contract: A legal written agreement that becomes binding when signed. 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 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. 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 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 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. 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 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 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 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