Terms Used In Utah Code > Title 7 > Chapter 1 > Part 6 - Deposit Accounts

• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• 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.
• Agriculture: means the science and art of the production of plants and animals useful to man, including the preparation of plants and animals for human use and disposal by marketing or otherwise. See Utah Code 4-1-109
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• 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.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Bank: means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. See Utah Code 7-1-103
• Banking business: means the offering of deposit accounts to the public and the conduct of such other business activities as may be authorized by this title. See Utah Code 7-1-103
• Branch: means a place of business of a financial institution, other than its main office, at which deposits are received and paid. See Utah Code 7-1-103
• Commissioner: means the commissioner of agriculture and food. See Utah Code 4-1-109
• Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
• Commissioner: means the commissioner of the department. See Utah Code 4-45-102
• Committee: means the Decision and Action Committee created by this chapter. See Utah Code 4-35-102
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• control: means the power, directly or indirectly, or through or in concert with one or more persons, to:

  (a)	direct or exercise a controlling influence over: (i)  the management or policies of a financial institution; or (ii)  the election of a majority of the directors or trustees of an institution; or

  (b)

  vote 25% or more of any class of voting securities of a financial institution. See Utah Code 7-1-103 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. Credit union: means a cooperative, nonprofit association incorporated under: (a)  Chapter 9, Utah Credit Union Act; or (b)  12 U. See Utah Code 7-1-103 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. Department: means the Department of Financial Institutions. See Utah Code 7-1-103 Department: means the Department of Agriculture and Food. See Utah Code 4-35-102 Department: means the Department of Agriculture and Food created in Section 4-2-102. See Utah Code 4-45-102 Depository institution: means a bank, savings and loan association, savings bank, industrial bank, credit union, or other institution that: (a)  holds or receives deposits, savings, or share accounts; (b)  issues certificates of deposit; or (c)  provides to its customers other depository accounts that are subject to withdrawal by checks, drafts, or other instruments or by electronic means to effect third party payments. See Utah Code 7-1-103 Depository institution holding company: means : (i)  a person other than an individual that: (A)  has control over a depository institution; or (B)  becomes a holding company of a depository institution under Section 7-1-703; or (ii)  a person other than an individual that the commissioner finds, after considering the specific circumstances, is exercising or is capable of exercising a controlling influence over a depository institution by means other than those specifically described in this section. See Utah Code 7-1-103 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC Escrow: Money given to a third party to be held for payment until certain conditions are met. 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. Fiduciary: A trustee, executor, or administrator. Financial institution: means an institution subject to the jurisdiction of the department because of this title. See Utah Code 7-1-103 Financial institution holding company: means a person, other than an individual that has control over a financial institution or a person that becomes a financial institution holding company under this chapter, including an out-of-state or foreign depository institution holding company. See Utah Code 7-1-103 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Food: means : (a)  an article used for food or drink for human or animal consumption or the components of the article; (b)  chewing gum or chewing gum components; or (c)  a food supplement for special dietary use that is necessitated because of a physical, physiological, pathological, or other condition. See Utah Code 4-45-102 Foreign depository institution: means a depository institution chartered or authorized to transact business by a foreign government. See Utah Code 7-1-103 Fund: means the Plant Pest Fund created by Section 4-35-106. See Utah Code 4-35-102 Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs. Guardian: includes a person who:Utah Code 68-3-12.5 Home state: means : (a)  for a state chartered depository institution, the state that charters the institution; (b)  for a federally chartered depository institution, the state where the institution's main office is located; and (c)  for a depository institution holding company, the state in which the total deposits of all depository institution subsidiaries are the largest. See Utah Code 7-1-103 Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies. Industrial bank: means a corporation or limited liability company conducting the business of an industrial bank under Chapter 8, Industrial Banks. See Utah Code 7-1-103 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Institution: means : (a)  a corporation; (b)  a limited liability company; (c)  a partnership; (d)  a trust; (e)  an association; (f)  a joint venture; (g)  a pool; (h)  a syndicate; (i)  an unincorporated organization; or (j)  any form of business entity. See Utah Code 7-1-103 Institution subject to the jurisdiction of the department: means an institution or other person described in Section 7-1-501. See Utah Code 7-1-103 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 Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants. 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. Kratom processor: means a person who: (a)  sells, prepares, or maintains a kratom product; or (b)  advertises, represents, or holds oneself out as selling, preparing, or maintaining a kratom product. See Utah Code 4-45-102 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Liquidation: means the act or process of winding up the affairs of an institution subject to the jurisdiction of the department by realizing upon assets, paying liabilities, and appropriating profit or loss, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. See Utah Code 7-1-103 Money services business: includes : (i)  a check casher; (ii)  a deferred deposit lender; (iii)  an issuer or seller of traveler's checks or money orders; and (iv)  a money transmitter. See Utah Code 7-1-103 Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5 NOW account: means a savings account from which the owner may make withdrawals by negotiable or transferable instruments for the purpose of making transfers to third parties. See Utah Code 7-1-103 Oath: includes "affirmation. See Utah Code 68-3-12.5 Oath: A promise to tell the truth. Out-of-state: means , in reference to a depository institution or depository institution holding company, an institution or company whose home state is not Utah. See Utah Code 7-1-103 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 a natural person or individual, corporation, organization, or other legal entity. See Utah Code 4-1-109 Person: means :Utah Code 68-3-12.5 Person: means : (a)  an individual; (b)  a corporation; (c)  a limited liability company; (d)  a partnership; (e)  a trust; (f)  an association; (g)  a joint venture; (h)  a pool; (i)  a syndicate; (j)  a sole proprietorship; (k)  an unincorporated organization; or (l)  any form of business entity. See Utah Code 7-1-103 Plant pest: means a biological agent that the commissioner determines to be a threat to agriculture in the state as described in Subsection 4-2-103(1)(k)(i). See Utah Code 4-35-102 Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 Property: includes both real and personal property. See Utah Code 68-3-12.5 Quorum: The number of legislators that must be present to do business. Receiver: means a person, agency, or instrumentality of this state or the United States appointed to administer and manage an institution subject to the jurisdiction of the department in receivership, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. See Utah Code 7-1-103 Receivership: means the administration and management of the affairs of an institution subject to the jurisdiction of the department to conserve, preserve, and properly dispose of the assets, liabilities, and revenues of an institution in possession, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. See Utah Code 7-1-103 Savings account: means a deposit or other account at a depository institution that is not a transaction account. See Utah Code 7-1-103 Savings and loan association: means : (a)  a federal savings and loan association; and (b)  an out-of-state savings and loan association. See Utah Code 7-1-103 service organization: means a corporation or other business entity owned or controlled by one or more financial institutions that is engaged or proposes to engage in business activities related to the business of financial institutions. See Utah Code 7-1-103 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. Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. 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 State: means , unless the context demands otherwise: (a)  a state; (b)  the District of Columbia; or (c)  the territories of the United States. See Utah Code 7-1-103 Statute: A law passed by a legislature. Subpoena: A command to a witness to appear and give testimony. Subsidiary: means a business entity under the control of an institution. See Utah Code 7-1-103 Summons: Another word for subpoena used by the criminal justice system. Swear: includes "affirm. See Utah Code 68-3-12.5 Testimony: Evidence presented orally by witnesses during trials or before grand juries. Trust company: means a person authorized to conduct a trust business, as provided in Chapter 5, Trust Business. See Utah Code 7-1-103 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 Venue: The geographical location in which a case is tried. Writing: includes :Utah Code 68-3-12.5