Terms Used In Utah Code > Title 7 > Chapter 27 > Part 1 - General Provisions

• Accounts receivable purchase transaction: means a transaction in which a business forwards or otherwise sells to a person all or a portion of the business's accounts, as defined in Section 70A-9a-102, or payment intangibles, as defined in Section 70A-9a-102, at a discount to the accounts' or payment intangibles' expected value. See Utah Code 7-27-101
• Business: means a private enterprise carried on for the purpose of gain or economic profit. See Utah Code 7-27-101
• Business purpose transaction: means a transaction from which the resulting proceeds that a business receives are:

  (i)	provided to the business; or

  (ii)

  intended to be used to carry on the business. See Utah Code 7-27-101 Commercial financing transaction: means a business purpose transaction: (a)  under which a person extends a business a commercial loan or a commercial open-end credit plan; or (b)  that is an accounts receivable purchase transaction. See Utah Code 7-27-101 Commercial loan: means a loan to a business, regardless of whether the loan is secured. See Utah Code 7-27-101 Commercial open-end credit plan: means commercial financing extended to a business on terms under which: (a)  the creditor reasonably contemplates repeat transactions; and (b)  subject to any limit set by the creditor, the amount of financing that the creditor may extend to the business during the term of the plan is made available to the extent that any outstanding balance is repaid. See Utah Code 7-27-101 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 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 Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC 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 Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5 Motor vehicle dealer: means a dealer as defined in Section 41-3-102. See Utah Code 7-27-101 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. 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 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 Provider: includes a person who, under a written agreement with a depository institution, offers one or more commercial financing products provided by the depository institution via an online platform that the person administers. See Utah Code 7-27-101 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 Subsidiary: means a business entity under the control of an institution. See Utah Code 7-1-103