Terms Used In Utah Code > Title 78B > Chapter 5 > Part 4 - Uniform Foreign-Money Claims Act

• Action: means a judicial proceeding or arbitration in which a money payment may be awarded or enforced in respect of a foreign-money claim. See Utah Code 78B-5-402
• 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.
• 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.
• Bank-offered spot rate: means the rate of exchange at which a bank will issue its draft in the foreign money or will cause credit to become available in the foreign money on a next-day basis. See Utah Code 78B-5-402
• 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.
• Contract: A legal written agreement that becomes binding when signed.
• Conversion date: means the banking day next before the date on which money is, in accordance with this part:

  (a)	paid to a judgment creditor;

  (b)	paid to the designated official enforcing a judgment on behalf of the judgment creditor; or

  (c)

  used to effect a recoupment or set-off of claims in different money in an action. See Utah Code 78B-5-402 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. Counterclaim: A claim that a defendant makes against a plaintiff. Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Distribution proceeding: means a judicial or nonjudicial proceeding for an accounting, an assignment for the benefit of creditors, a foreclosure, for the liquidation or rehabilitation of a corporation or other entity, for the distribution of an estate, trust, or other fund in or against which a foreign-money claim is asserted. See Utah Code 78B-5-402 Docket: A log containing brief entries of court proceedings. 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 Foreign money: means money other than money of the United States of America. See Utah Code 78B-5-402 Foreign-money claim: means a claim upon an obligation to pay, or a claim for recovery of a loss, expressed in or measured by a foreign money. See Utah Code 78B-5-402 Fraud: Intentional deception resulting in injury to another. Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor 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. Lien: A claim against real or personal property in satisfaction of a debt. Money: means a medium of exchange for the payment of obligations or a store of value authorized or adopted by a government or by intergovernmental agreement. See Utah Code 78B-5-402 Money of the claim: means the money determined as proper by Section 78B-5-405. See Utah Code 78B-5-402 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. Party: means an individual, a corporation, government or governmental subdivision or agency, business trust, partnership or association of two or more persons having a joint or common interest or any other legal or commercial entity asserting or defending against a foreign-money claim. See Utah Code 78B-5-402 Person: means :Utah Code 68-3-12.5 Plaintiff: The person who files the complaint in a civil lawsuit. Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 Rate of exchange: means the rate at which the money of one country may be converted into money of another country in a free financial market convenient to or reasonably usable by the party obliged to pay or to state a rate of conversion. See Utah Code 78B-5-402 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. Spot rate: means the rate of exchange at which foreign money is sold by a bank or other dealer in foreign exchange for settlement by immediate payment, by charge to an account, or by an agreed delayed settlement not exceeding two days. See Utah Code 78B-5-402 State: means a state, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or the United States Virgin Islands. See Utah Code 78B-5-402 Statute: A law passed by a legislature. United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5