Terms Used In Utah Code > Title 57 > Chapter 8a > Part 6 - Consolidation of Associations

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• association: means a corporation or other legal entity, any member of which:

  (i)	is an owner of a residential lot located within the jurisdiction of the association, as described in the governing documents; and

  (ii)

  by virtue of membership or ownership of a residential lot is obligated to pay: (A)  real property taxes; (B)  insurance premiums; (C)  maintenance costs; or (D)  for improvement of real property not owned by the member. See Utah Code 57-8a-102 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Lot: means : (a)  a lot, parcel, plot, or other division of land: (i)  designated for separate ownership or occupancy; and (ii)  (A)  shown on a recorded subdivision plat; or (B)  the boundaries of which are described in a recorded governing document; or (b)  (i)  a unit in a condominium association if the condominium association is a part of a development; or (ii)  a unit in a real estate cooperative if the real estate cooperative is part of a development. See Utah Code 57-8a-102