Terms Used In Utah Code > Title 70C > Chapter 1 - General Provisions and Definitions

• Agreement: means the bargain of the parties in fact as stated in a written contract or otherwise as found in the parties' language or by implication from other circumstances, including:

  (a)	course of dealing;

  (b)	usage of trade; or

  (c)

  course of performance. See Utah Code 70C-1-302 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. Beer: means a product that: (i)  contains: (A)  at least . See Utah Code 32B-1-102 Beer retailer: means a business that: (a)  is engaged, primarily or incidentally, in the retail sale of beer to a patron, whether for consumption on or off the business premises; and (b)  is licensed as: (i)  an off-premise beer retailer, in accordance with 2; or (ii)  an on-premise beer retailer, in accordance with Chapter 5, Retail License Act, and 7. See Utah Code 32B-1-102 Commission: means the Alcoholic Beverage Services Commission created in Section 32B-2-201. See Utah Code 32B-1-102 Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action. Contract: A legal written agreement that becomes binding when signed. Contract: means a document containing written terms and conditions of a credit agreement. See Utah Code 70C-1-302 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. Creditor: means : (i)  a party: (A)  who regularly extends consumer credit that is subject to a finance charge or is payable by written agreement in more than four installments, not including a down payment; and (B)  to whom the obligation is initially payable, either on the face of the note or contract, or by agreement when there is no note or contract; (ii)  an issuer of a credit card that extends either open-end credit or credit that: (A)  is not subject to a finance charge; and (B)  is not payable by written agreement in more than four installments; and (iii)  an issuer of a credit card that extends closed-end credit that: (A)  is subject to a finance charge; or (B)  is payable by written agreement in more than four installments. See Utah Code 70C-1-302 Department: means the Department of Alcoholic Beverage Services created in Section 32B-2-203. See Utah Code 32B-1-102 Dwelling: means a residential structure attached to real property that contains one to four units including any of the following if used as a residence: (a)  a condominium unit; (b)  a cooperative unit; (c)  a manufactured home; or (d)  a house. See Utah Code 70C-1-302 Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC Fraud: Intentional deception resulting in injury to another. 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 License: means : (a)  a retail license; (b)  a sublicense; (c)  a license issued in accordance with 4; (d)  a license issued in accordance with Chapter 11, Manufacturing and Related Licenses Act; (e)  a license issued in accordance with Chapter 12, Liquor Warehousing License Act; (f)  a license issued in accordance with Chapter 13, Beer Wholesaling License Act; or (g)  a license issued in accordance with Chapter 17, Liquor Transport License Act. See Utah Code 32B-1-102 Licensee: means a person who holds a license. See Utah Code 32B-1-102 Lien: A claim against real or personal property in satisfaction of a debt. Member: means an individual who, after paying regular dues, has full privileges in an equity licensee or fraternal licensee. See Utah Code 32B-1-102 National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC 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. Off-premise beer retailer: means a beer retailer who is: (i)  licensed in accordance with Chapter 7, Off-Premise Beer Retailer Act; and (ii)  engaged in the retail sale of beer to a patron for consumption off the beer retailer's premises. See Utah Code 32B-1-102 Off-premise beer retailer state license: means a state license issued in accordance with 4. See Utah Code 32B-1-102 Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC Party: means an individual and any other entity legally capable of entering into a binding contract. See Utah Code 70C-1-302 Person: means :Utah Code 68-3-12.5 Premises: means a building, enclosure, or room used in connection with the storage, sale, furnishing, consumption, manufacture, or distribution, of an alcoholic product, unless otherwise defined in this title or rules made by the commission. See Utah Code 32B-1-102 Property: includes both real and personal property. See Utah Code 68-3-12.5 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. Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5 Writing: includes :Utah Code 68-3-12.5