Terms Used In Utah Code > Title 31A > Chapter 5 > Part 5 - Corporate Reorganization

• Abatement: means a tax abatement described in Section 59-2-1803. See Utah Code 59-2-1801
• Actively devoted to urban farming: means that:

  (a)	land is devoted to active urban farming activities; and

  (b)

  the land produces greater than 50% of the average agricultural production per acre: (i)  as determined under Section 59-2-1703; and (ii)  for the given type of land and the given county or area. See Utah Code 59-2-1702 Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5 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. 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. 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. 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 Appraisal: A determination of property value. Armed forces: means the United States Army, Navy, Air Force, Marine Corps, Space Force, and Coast Guard. See Utah Code 68-3-12.5 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 assessment book: means a permanent record of the assessment of property as assessed by the county assessor and the commission and may be maintained manually or as a computerized file as a consolidated record or as multiple records by type, classification, or categories. See Utah Code 59-2-102 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. Base parcel: means a parcel of property that was legally: (a)  subdivided into two or more lots, parcels, or other divisions of land; or (b)  (i)  combined with one or more other parcels of property; and (ii)  subdivided into two or more lots, parcels, or other divisions of land. See Utah Code 59-2-102 board of directors: means the group of persons with responsibility over, or management of, a corporation, however designated. 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 revenue levy: means a property tax levy that provides an amount of ad valorem property tax revenue equal to the sum of: (i)  the amount of ad valorem property tax revenue to be generated statewide in the previous year from imposing a multicounty assessing and collecting levy, as specified in Section 59-2-1602; and (ii)  the product of: (A)  eligible new growth, as defined in Section 59-2-924; and (B)  the multicounty assessing and collecting levy certified by the commission for the previous year. See Utah Code 59-2-102 City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5 Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Continuance: Putting off of a hearing ot trial until a later time. 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. 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 County additional property tax: means the property tax levy described in Subsection 59-2-1602(4). See Utah Code 59-2-1601 County executive: means :Utah Code 68-3-12.5 County legislative body: means :Utah Code 68-3-12.5 Decedent: A deceased person. Deed: The legal instrument used to transfer title in real property from one person to another. Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Deferral: means a postponement of a tax due date granted in accordance with Section 59-2-1802 or 59-2-1802. See Utah Code 59-2-1801 Department: means the Insurance Department. See Utah Code 31A-1-301 Domestic insurer: means an insurer organized under the laws of this state. See Utah Code 31A-1-301 Eligible judgment: means a final and unappealable judgment or order under Section 59-2-1330: (a)  that became a final and unappealable judgment or order no more than 14 months before the day on which the notice described in Section 59-2-919. See Utah Code 59-2-102 Eligible owner: means an owner of an attached or a detached single-family residence: (a)  (i)  who is 75 years old or older on or before December 31 of the year in which the individual applies for a deferral under this part; (ii)  whose household income does not exceed 200% of the maximum household income certified to a homeowner's credit described in Section 59-2-1208; and (iii)  whose household liquid resources do not exceed 20 times the amount of property taxes levied on the owner's residence for the preceding calendar year; or (b)  that is a trust described in Section 59-2-1805 if the grantor of the trust is an individual described in Subsection (3)(a). See Utah Code 59-2-1801 Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs. 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. 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. Fair market value: means the amount at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts. See Utah Code 59-2-102 Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it. 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 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 Fund: means the Property Tax Valuation Fund created in Section 59-2-1602. See Utah Code 59-2-1601 Governing body: means : (a)  for a county, city, or town, the legislative body of the county, city, or town; (b)  for a special district under Title 17B, Limited Purpose Local Government Entities - Special Districts, the special district's board of trustees; (c)  for a school district, the local board of education; (d)  for a special service district under Title 17D, Chapter 1, Special Service District Act: (i)  the legislative body of the county or municipality that created the special service district, to the extent that the county or municipal legislative body has not delegated authority to an administrative control board established under Section 17D-1-301; or (ii)  the administrative control board, to the extent that the county or municipal legislative body has delegated authority to an administrative control board established under Section 17D-1-301; or (e)  for a public infrastructure district under Title 17D, Chapter 4, Public Infrastructure District Act, the public infrastructure district's board of trustees. See Utah Code 59-2-102 Grantor: The person who establishes a trust and places property into it. Household: means the same as that term is defined in Section 59-2-1202. See Utah Code 59-2-1801 Household income: means the same as that term is defined in Section 59-2-1202. See Utah Code 59-2-1801 Household liquid resources: means the following resources that are not included in an individual's household income and held by one or more members of the individual's household: (a)  cash on hand; (b)  money in a checking or savings account; (c)  savings certificates; and (d)  stocks or bonds. See Utah Code 59-2-1801 Improvement: includes : (i)  an accessory to an item described in Subsection (18)(a) if the accessory is: (A)  essential to the operation of the item described in Subsection (18)(a); and (B)  installed solely to serve the operation of the item described in Subsection (18)(a); and (ii)  an item described in Subsection (18)(a) that is temporarily detached from the land for repairs and remains located on the land. See Utah Code 59-2-102 Indigent individual: is a poor individual as described in Utah Constitution, Article XIII, Section 3, Subsection (4), who: (a)  (i)  is at least 65 years old; or (ii)  is less than 65 years old and: (A)  the county finds that extreme hardship would prevail on the individual if the county does not defer or abate the individual's taxes; or (B)  the individual has a disability; (b)  has a total household income, as defined in Section 59-2-1202, of less than the maximum household income certified to a homeowner's credit described in Section 59-2-1208; (c)  resides for at least 10 months of the year in the residence that would be subject to the requested abatement or deferral; and (d)  cannot pay the tax assessed on the individual's residence when the tax becomes due. See Utah Code 59-2-1801 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 insurance company: means a person doing an insurance business as a principal including: (i)  a fraternal benefit society; (ii)  an issuer of a gift annuity other than an annuity specified in Subsections 31A-22-1305(2) and (3); (iii)  a motor club; (iv)  an employee welfare plan; (v)  a person purporting or intending to do an insurance business as a principal on that person's own account; and (vi)  a health maintenance organization. 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 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. Lien: A claim against real or personal property in satisfaction of a debt. Livestock: means : (a)  a domestic animal; (b)  a fish; (c)  a fur-bearing animal; (d)  a honeybee; or (e)  poultry. See Utah Code 59-2-102 Mine: means a natural deposit of either metalliferous or nonmetalliferous valuable mineral. See Utah Code 59-2-102 Mining: means the process of producing, extracting, leaching, evaporating, or otherwise removing a mineral from a mine. See Utah Code 59-2-102 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. Multicounty Appraisal Trust: means the Multicounty Appraisal Trust created by an agreement: (a)  entered into by all of the counties in the state; and (b)  authorized by Title 11, Chapter 13, Interlocal Cooperation Act. See Utah Code 59-2-1601 Multicounty assessing and collecting levy: means a property tax levied in accordance with Subsection 59-2-1602(2). See Utah Code 59-2-1601 Mutual: means a mutual insurance corporation. See Utah Code 31A-1-301 mutual corporation: means a mutual insurance corporation. See Utah Code 31A-1-301 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. 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 Personal property: All property that is not real property. Personal property: includes : (a)  every class of property as defined in Subsection (29) that is the subject of ownership and is not real estate or an improvement; (b)  any pipe laid in or affixed to land whether or not the ownership of the pipe is separate from the ownership of the underlying land, even if the pipe meets the definition of an improvement; (c)  bridges and ferries; (d)  livestock; and (e)  outdoor advertising structures as defined in Section 72-7-502. See Utah Code 59-2-102 Plaintiff: The person who files the complaint in a civil lawsuit. Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. 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 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 Property: includes both real and personal property. See Utah Code 68-3-12.5 Property: means property that is subject to assessment and taxation according to its value. See Utah Code 59-2-102 Property taxes due: means the taxes due on an indigent individual's property: (a)  for which a county granted an abatement under Section 59-2-1803; and (b)  for the calendar year for which the county grants the abatement. See Utah Code 59-2-1801 Property taxes paid: means an amount equal to the sum of: (a)  the amount of property taxes the indigent individual paid for the taxable year for which the indigent individual applied for the abatement; and (b)  the amount of the abatement the county grants under Section 59-2-1803. See Utah Code 59-2-1801 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. real property: includes : (a)  the possession of, claim to, ownership of, or right to the possession of land; (b)  all mines, minerals, and quarries in and under the land, all timber belonging to individuals or corporations growing or being on the lands of this state or the United States, and all rights and privileges appertaining to these; and (c)  improvements. See Utah Code 59-2-102 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 Relative: means a spouse, child, parent, grandparent, grandchild, brother, sister, parent-in-law, brother-in-law, sister-in-law, nephew, niece, aunt, uncle, first cousin, or a spouse of any of these individuals. See Utah Code 59-2-1801 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. Residence: means real property where an individual resides, including: (a)  a mobile home, as defined in Section 41-1a-102; or (b)  a manufactured home, as defined in Section 41-1a-102. See Utah Code 59-2-1801 Residential property: includes : (i)  except as provided in Subsection (34)(b)(ii), includes household furnishings, furniture, and equipment if the household furnishings, furniture, and equipment are: (A)  used exclusively within a dwelling unit that is the primary residence of a tenant; and (B)  owned by the owner of the dwelling unit that is the primary residence of a tenant; and (ii)  if the county assessor determines that the property will be used for residential purposes as a primary residence: (A)  property under construction; or (B)  unoccupied property. See Utah Code 59-2-102 Road: includes :Utah Code 68-3-12.5 Rollback tax: means the tax imposed under Section 59-2-1705. See Utah Code 59-2-1702 Sell: means to exchange a contract of insurance: (a)  by any means; (b)  for money or its equivalent; and (c)  on behalf of an insurance company. See Utah Code 31A-1-301 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 Statewide property tax system: means a computer assisted system for mass appraisal, equalization, collection, distribution, and administration related to property tax, created in accordance with Section 59-2-1606. See Utah Code 59-2-1601 Statute: A law passed by a legislature. Stock corporation: means a stock insurance corporation. See Utah Code 31A-1-301 Subdivided lot: means a lot, parcel, or other division of land, that is a division of a base parcel. See Utah Code 59-2-102 Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301 Tax equivalent payment: means a payment required or authorized by statute to be made in lieu of ad valorem taxes on tax exempt property pursuant to a contract entered into under statutory authority and filed with the county assessor of the county in which the property is located. See Utah Code 59-3-102 Tax equivalent property: means property on which any tax equivalent payment is made. See Utah Code 59-3-102 Tax notice charge: means an amount that:Utah Code 59-2-1301.5 Tax notice charge entity: means the entity that certifies to the county treasurer an outstanding amount that:Utah Code 59-2-1301.5 Taxable value: means fair market value less any applicable reduction allowed for residential property under Section 59-2-103. See Utah Code 59-2-102 Taxing entity: means any county, city, town, school district, special taxing district, special district under Title 17B, Limited Purpose Local Government Entities - Special Districts, or other political subdivision of the state with the authority to levy a tax on property. See Utah Code 59-2-102 Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5 Transportable factory-built housing unit: means a: (a)  mobile home; or (b)  manufactured home. See Utah Code 59-2-1502 Transportable factory-built housing unit park: means any tract of land on which two or more unit spaces are: (a)  leased; (b)  rented; or (c)  offered for: (i)  lease; or (ii)  rent. See Utah Code 59-2-1502 Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Trustee: A person or institution holding and administering property in trust. United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5 Urban farming: means : (a)  cultivating food or other marketable crop or engaging in livestock production, including grazing; and (b)  performing the activity described in Subsection (3)(a) with a reasonable expectation of profit and from irrigated land located in a county that has adopted an ordinance governing urban farming in accordance with Section 59-2-1714. See Utah Code 59-2-1702 Venue: The geographical location in which a case is tried. Veteran: means an individual who:Utah Code 68-3-12.5 Withdrawn from this part: means that land that has been assessed under this part is no longer assessed under this part or eligible for assessment under this part for any reason including that: (a)  an owner voluntarily requests that the land be withdrawn from this part; (b)  the land is no longer actively devoted to urban farming; (c)  (i)  the land has a change in ownership; and (ii)  (A)  the new owner fails to apply for assessment under this part as required by Section 59-2-1707; or (B)  an owner applies for assessment under this part, as required by Section 59-2-1707, but the land does not meet the requirements of this part to be assessed under this part; (d)  (i)  the legal description of the land changes; and (ii)  (A)  an owner fails to apply for assessment under this part, as required by Section 59-2-1707; or (B)  an owner applies for assessment under this part, as required by Section 59-2-1707, but the land does not meet the requirements of this part to be assessed under this part; (e)  the owner of the land fails to file an application as provided in Section 59-2-1707; or (f)  except as provided in Section 59-2-1703, the land fails to meet a requirement of Section 59-2-1703. See Utah Code 59-2-1702