Terms Used In Utah Code > Title 41 > Chapter 4 - Financing Dealers and Purchasers

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authority board: means the board of directors of a local building authority, as described in Section 17D-2-203. See Utah Code 17D-2-102
• Bond: includes a bond, note, or other instrument issued under this chapter evidencing an indebtedness of a local building authority. See Utah Code 17D-2-102
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Creating local entity: means the local entity that creates or created the local building authority. See Utah Code 17D-2-102
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• 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.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing body: means :

  (a)	for a county, city, or town, the legislative body of the county, city, or town;

  (b)	for a school district, the local school board for the school district;

  (c)	for a special district, the special district's board of trustees; and

  (d)

  for a special service district, the special service district's governing body, as defined in Section 17D-1-102. See Utah Code 17D-2-102 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. 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 Local entity: means a county, city, town, school district, special district, or special service district. See Utah Code 17D-2-102 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. 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 Project: means an improvement, facility, property, or appurtenance to property that a local entity is permitted under law to own or acquire, whether located inside or outside the local entity's boundary, including: (a)  a public building or other structure of any kind; and (b)  a joint or partial interest in the improvement, facility, property, or appurtenance to property. See Utah Code 17D-2-102 Property: includes both real and personal property. See Utah Code 68-3-12.5 Special district: means the same as that term is defined in Section 17B-1-102. See Utah Code 17D-2-102 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 Statute: A law passed by a legislature. Trustee: A person or institution holding and administering property in trust.