Terms Used In Utah Code > Title 53C > Chapter 1 > Part 1 - General Provisions

• Administration: means the School and Institutional Trust Lands Administration. See Utah Code 53C-1-103
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• board of trustees: means the School and Institutional Trust Lands Board of Trustees. See Utah Code 53C-1-103
• Fiduciary: A trustee, executor, or administrator.
• Land: includes :Utah Code 68-3-12.5
• 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.
• 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
• trust lands: means those properties granted by the United States in the Utah Enabling Act to the state in trust, and other lands transferred to the trust, which must be managed for the benefit of:

  (a)	the state's public education system; or

  (b)

  the institutions of the state which are designated by the Utah Enabling Act as beneficiaries of trust lands. See Utah Code 53C-1-103 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