§ 31A-41-201 Creation of Title Insurance Recovery, Education, and Research Fund
§ 31A-41-202 Assessments
§ 31A-41-203 Use of money

Terms Used In Utah Code > Title 31A > Chapter 41 > Part 2 - Creation of Fund

  • 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
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Assessment: means any charge imposed by the association, including:
    (a) common expenses on or against a unit owner pursuant to the provisions of the declaration, bylaws, or this chapter; and
    (b) an amount that an association of unit owners assesses to a unit owner under Subsection 57-8-43(9)(g). See Utah Code 57-8-3
  • association: means all of the unit owners:
    (a) acting as a group in accordance with the declaration and bylaws; or
    (b) organized as a legal entity in accordance with the declaration. See Utah Code 57-8-3
  • 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
  • Commercial condominium project: means a condominium project that has no residential units within the project. See Utah Code 57-8-3
  • Commission: means the Title and Escrow Commission created in Section 31A-2-403. See Utah Code 31A-41-102
  • Condominium: means the ownership of a single unit in a multiunit project together with an undivided interest in common in the common areas and facilities of the property. See Utah Code 57-8-3
  • Condominium project: means a real estate condominium project; a plan or project whereby two or more units, whether contained in existing or proposed apartments, commercial or industrial buildings or structures, or otherwise, are separately offered or proposed to be offered for sale. See Utah Code 57-8-3
  • Condominium unit: means a unit together with the undivided interest in the common areas and facilities appertaining to that unit. See Utah Code 57-8-3
  • Declarant: means all persons who execute the declaration or on whose behalf the declaration is executed. See Utah Code 57-8-3
  • Declaration: means the instrument by which the property is submitted to the provisions of this act, as it from time to time may be lawfully amended. See Utah Code 57-8-3
  • 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
  • Document: means every instrument in writing, including every conveyance, affecting, purporting to affect, describing, or otherwise concerning any right, title, or interest in real property, except wills and leases for a term not exceeding one year. See Utah Code 57-1-1
  • 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.
  • Fund: means the Title Insurance Recovery, Education, and Research Fund created in Section 31A-41-201. See Utah Code 31A-41-102
  • Individual: means a natural person. 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
  • 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
  • Judicial foreclosure: means a foreclosure of a unit:
    (a) for the nonpayment of an assessment;
    (b) in the manner provided by law for the foreclosure of a mortgage on real property; and
    (c) as provided in this chapter. See Utah Code 57-8-3
  • 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.
  • Limited common areas and facilities: means those common areas and facilities designated in the declaration as reserved for use of a certain unit or units to the exclusion of the other units. See Utah Code 57-8-3
  • Management committee: means the committee as provided in the declaration charged with and having the responsibility and authority to make and to enforce all of the reasonable rules covering the operation and maintenance of the property. See Utah Code 57-8-3
  • Mixed-use condominium project: means a condominium project that has both residential and commercial units in the condominium project. See Utah Code 57-8-3
  • 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.
  • Person: means an individual, corporation, partnership, association, trustee, or other legal entity. See Utah Code 57-8-3
  • 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
  • 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
  • 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
  • Property: means the land, whether leasehold or in fee simple, the building, if any, all improvements and structures thereon, all easements, rights, and appurtenances belonging thereto, and all articles of personal property intended for use in connection therewith. See Utah Code 57-8-3
  • real estate: means any right, title, estate, or interest in land, including all nonextracted minerals located in, on, or under the land, all buildings, fixtures and improvements on the land, and all water rights, rights-of-way, easements, rents, issues, profits, income, tenements, hereditaments, possessory rights, claims, including mining claims, privileges, and appurtenances belonging to, used, or enjoyed with the land or any part of the land. See Utah Code 57-1-1
  • Title insurance: means the insuring, guaranteeing, or indemnifying of an owner of real or personal property or the holder of liens or encumbrances on that property, or others interested in the property against loss or damage suffered by reason of liens or encumbrances upon, defects in, or the unmarketability of the title to the property, or invalidity or unenforceability of any liens or encumbrances on the property. See Utah Code 31A-1-301
  • Title insurance licensee: means :
    (a) an agency title insurance producer; or
    (b) an individual title insurance producer. See Utah Code 31A-41-102
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Trustee: A person or institution holding and administering property in trust.
  • Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
  • Unit: includes one or more rooms or spaces located in one or more floors or a portion of a floor in a building. See Utah Code 57-8-3
  • Unit owner: means the person or persons owning a unit in fee simple and an undivided interest in the fee simple estate of the common areas and facilities in the percentage specified and established in the declaration or, in the case of a leasehold condominium project, the person or persons whose leasehold interest or interests in the condominium unit extend for the entire balance of the unexpired term or terms. See Utah Code 57-8-3
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