Terms Used In Utah Code > Title 7 > Chapter 5 - Trust Business

• Abstract of judgment: In a federal criminal proceeding, A certification from a U.S. District Court clerk that a judgment of restitution was entered against the defendant owing to the victim. If the defendant inherits, owns, or sells real property or holdings, these assets can then be attached at the state and local levels as well.
• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• 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.
• Affordable housing: means housing occupied or reserved for occupancy by households that meet certain gross household income requirements based on the area median income for households of the same size. See Utah Code 17B-2a-802
• Allegation: something that someone says happened.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• 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: 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
• Bond: means :

  (a)	a written obligation to repay borrowed money, whether denominated a bond, note, warrant, certificate of indebtedness, or otherwise; and

  (b)

  a lease agreement, installment purchase agreement, or other agreement that: (i)  includes an obligation by the district to pay money; and (ii)  the district's board of trustees, in its discretion, treats as a bond for purposes of Title 11, Chapter 14, Local Government Bonding Act, or Title 11, Chapter 27, Utah Refunding Bond Act. See Utah Code 17B-1-102 Business of cashing checks: means cashing a check for consideration. See Utah Code 7-23-102 Business of deferred deposit lending: means extending a deferred deposit loan. See Utah Code 7-23-102 Business trust: means an entity engaged in a trade or business that is created by a declaration of trust that transfers property to trustees, to be held and managed by them for the benefit of persons holding certificates representing the beneficial interest in the trust estate and assets. See Utah Code 7-5-1 Certified mail: means : (a)  a method of mailing that is offered by the United States Postal Service and provides evidence of mailing; or (b)  a method of mailing that is accompanied by a certificate of mailing executed by the individual who caused the notice to be mailed. See Utah Code 38-8-1 Check: is a s defined in Section 70A-3-104. See Utah Code 7-23-102 Check casher: means a person that engages in the business of cashing checks. See Utah Code 7-23-102 Chief executive officer: means a person appointed by the board of trustees of a small public transit district to serve as chief executive officer. See Utah Code 17B-2a-802 City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5 Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103 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. Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Confidential employee: means a person who, in the regular course of the person's duties: (a)  assists in and acts in a confidential capacity in relation to other persons who formulate, determine, and effectuate management policies regarding labor relations; or (b)  has authorized access to information relating to effectuating or reviewing the employer's collective bargaining policies. See Utah Code 17B-2a-802 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 Conviction: A judgement of guilt against a criminal defendant. 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. Council of governments: means a decision-making body in each county composed of membership including the county governing body and the mayors of each municipality in the county. See Utah Code 17B-2a-802 County legislative body: means :Utah Code 68-3-12.5 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. Default: means the failure to perform in a timely manner any obligation or duty described in this chapter or the rental agreement. See Utah Code 38-8-1 Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Deferred deposit lender: means a person that engages in the business of deferred deposit lending. See Utah Code 7-23-102 Deferred deposit loan: means a transaction where: (a)  a person: (i)  presents to a deferred deposit lender a check written on that person's account; or (ii)  provides written or electronic authorization to a deferred deposit lender to effect a debit from that person's account using an electronic payment; and (b)  the deferred deposit lender: (i)  provides the person described in Subsection (7)(a) an amount of money that is equal to the face value of the check or the amount of the debit less any fee or interest charged for the transaction; and (ii)  agrees not to cash the check or process the debit until a specific date. See Utah Code 7-23-102 Department: means the Department of Health and Human Services created in Section 26B-1-201. See Utah Code 36-33-101 Department: means the Department of Transportation created in Section 72-1-201. See Utah Code 17B-2a-802 Department: means the Department of Financial Institutions. See Utah Code 7-1-103 Dependent: A person dependent for support upon another. 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 Division: means the Division of Child and Family Services created in Section 80-2-201. See Utah Code 36-33-101 Docket: A log containing brief entries of court proceedings. Electronic payment: includes a payment made through: (i)  an automated clearing house transaction; (ii)  an electronic check; (iii)  a stored value card; or (iv)  an Internet transfer. See Utah Code 7-23-102 Email: means an electronic message or an executable program or computer file that contains an image of a message that is transmitted between two or more computers or electronic terminals, including electronic messages that are transmitted within or between computer networks. See Utah Code 38-8-1 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts 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. Ex officio: Literally, by virtue of one's office. Executive director: means a person appointed by the board of trustees of a large public transit district to serve as executive director. See Utah Code 17B-2a-802 facilities: includes any structure, building, system, land, water right, water, or other real or personal property required to provide a service that a special district is authorized to provide, including any related or appurtenant easement or right-of-way, improvement, utility, landscaping, sidewalk, road, curb, gutter, equipment, or furnishing. See Utah Code 17B-1-102 Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it. Fiduciary: A trustee, executor, or administrator. 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. Fixed guideway: means the same as that term is defined in Section 59-12-102. See Utah Code 17B-2a-802 Fixed guideway capital development: means the same as that term is defined in Section 72-1-102. See Utah Code 17B-2a-802 Fraud: Intentional deception resulting in injury to another. General manager: means a person appointed by the board of trustees of a small public transit district to serve as general manager. See Utah Code 17B-2a-802 Grantor: The person who establishes a trust and places property into it. 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 Highway: includes :Utah Code 68-3-12.5 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 Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes. 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 Irrigation district: means a special district that operates under and is subject to the provisions of this chapter and Chapter 2a, Part 5, Irrigation District Act, including an entity that was created and operated as an irrigation district under the law in effect before April 30, 2007. See Utah Code 17B-1-102 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. Land: includes :Utah Code 68-3-12.5 Large public transit district: means a public transit district that provides public transit to an area that includes: (a)  more than 65% of the population of the state based on the most recent official census or census estimate of the United States Census Bureau; and (b)  two or more counties. See Utah Code 17B-2a-802 Last known address: means the postal address provided by an occupant in a rental agreement or, if the occupant provides a subsequent written notice of a change of address, the postal address provided in the written notice of a change of address. See Utah Code 38-8-1 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 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Lien: A claim against real or personal property in satisfaction of a debt. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Locally elected public official: means a person who holds an elected position with a county or municipality. See Utah Code 17B-2a-802 Managerial employee: means a person who is: (a)  engaged in executive and management functions; and (b)  charged with the responsibility of directing, overseeing, or implementing the effectuation of management policies and practices. See Utah Code 17B-2a-802 Metropolitan planning organization: means the same as that term is defined in Section 72-1-208. See Utah Code 17B-2a-802 Metropolitan water district: means a special district that operates under and is subject to the provisions of this chapter and Chapter 2a, Part 6, Metropolitan Water District Act, including an entity that was created and operated as a metropolitan water district under the law in effect before April 30, 2007. See Utah Code 17B-1-102 Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Mosquito abatement district: means a special district that operates under and is subject to the provisions of this chapter and Chapter 2a, Part 7, Mosquito Abatement District Act, including an entity that was created and operated as a mosquito abatement district under the law in effect before April 30, 2007. See Utah Code 17B-1-102 Multicounty district: means a public transit district located in more than one county. See Utah Code 17B-2a-802 Municipal: means of or relating to a municipality. See Utah Code 17B-1-102 Municipality: means a city, town, or metro township. See Utah Code 17B-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 Nationwide database: means the Nationwide Mortgage Licensing System and Registry, authorized under federal licensing requirements for mortgage loan originators. See Utah Code 7-23-102 Nationwide database: means the Nationwide Mortgage Licensing System and Registry, authorized under 12 U. See Utah Code 7-24-102 Oath: includes "affirmation. See Utah Code 68-3-12.5 Oath: A promise to tell the truth. 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. Occupant: means a person, or the person's sublessee, successor, or assignee, entitled to the use of a storage space at a self-service storage facility under a rental agreement, to the exclusion of others. See Utah Code 38-8-1 Operator: means a public entity or other person engaged in the transportation of passengers for hire. See Utah Code 17B-2a-802 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 Oversight: Committee review of the activities of a Federal agency or program. Owner: means : (a)  the owner, operator, lessor, or sublessor of a self-service storage facility; (b)  an agent of a person described in Subsection (7)(a); or (c)  any other person authorized by a person described in Subsection (7)(a) to manage the facility or to receive rent from an occupant under a rental agreement. See Utah Code 38-8-1 Panel: means the Child Welfare Legislative Oversight Panel created in Section 36-33-102. See Utah Code 36-33-101 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 :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 Person: means an individual, corporation, partnership, organization, association, trust, governmental agency, or other legal entity. See Utah Code 17B-1-102 Personal property: means movable property not affixed to land and includes goods, merchandise, and household items. See Utah Code 38-8-1 Personal property: includes :Utah Code 68-3-12.5 Personal property: All property that is not real property. Political subdivision: means a county, city, town, metro township, special district under this title, special service district under Title 17D, Chapter 1, Special Service District Act, an entity created by interlocal cooperation agreement under Title 11, Chapter 13, Interlocal Cooperation Act, or any other governmental entity designated in statute as a political subdivision of the state. See Utah Code 17B-1-102 Probate: Proving a will 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 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Public entity: means : (a)  the United States or an agency of the United States; (b)  the state or an agency of the state; (c)  a political subdivision of the state or an agency of a political subdivision of the state; (d)  another state or an agency of that state; or (e)  a political subdivision of another state or an agency of that political subdivision. See Utah Code 17B-1-102 Public transit: means regular, continuing, shared-ride, surface transportation services that are open to the general public or open to a segment of the general public defined by age, disability, or low income. See Utah Code 17B-2a-802 Public transit district: means a special district that provides public transit services. See Utah Code 17B-2a-802 Quorum: The number of legislators that must be present to do business. real property: includes :Utah Code 68-3-12.5 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. 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 Refinance: means a new deferred deposit loan transaction whose proceeds are meant to satisfy the term or amount owed on an existing deferred deposit loan. See Utah Code 7-23-102 Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Rental agreement: means any written agreement or lease that establishes or modifies the terms, conditions, rules, or any other provisions relating to the use and occupancy of a unit or space at a self-service storage facility. See Utah Code 38-8-1 Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals). Road: includes :Utah Code 68-3-12.5 Rollover: means the extension or renewal of the term of a deferred deposit loan. See Utah Code 7-23-102 Rollover: means the extension or renewal of the term of a title loan. See Utah Code 7-24-102 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 Self-service storage facility: means real property designed and used for the purpose of renting or leasing individual storage space to occupants who have access to the facility for the purpose of storing personal property. See Utah Code 38-8-1 Service area: means a special district that operates under and is subject to the provisions of this chapter and Chapter 2a, Part 9, Service Area Act, including an entity that was created and operated as a county service area or a regional service area under the law in effect before April 30, 2007. See Utah Code 17B-1-102 Service of process: The service of writs or summonses to the appropriate party. 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 Small public transit district: means any public transit district that is not a large public transit district. See Utah Code 17B-2a-802 Special assessment: means an assessment levied against property to pay all or a portion of the costs of making improvements that benefit the property. See Utah Code 17B-1-102 Special district: means a limited purpose local government entity, as described in Section 17B-1-103, that operates under, is subject to, and has the powers described in: (a)  this chapter; or (b)  (i)  this chapter; and (ii)  (A)  1; (B)  2; (C)  3; (D)  4; (E)  5; (F)  6; (G)  7; (H)  8; (I)  9; (J)  10; or (K)  11. See Utah Code 17B-1-102 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 Station area plan: means a plan developed and adopted by a municipality in accordance with Section 10-9a-403. See Utah Code 17B-2a-802 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 Supervisor: means a person who has authority, in the interest of the employer, to: (i)  hire, transfer, suspend, lay off, recall, promote, discharge, assign, reward, or discipline other employees; or (ii)  adjust another employee's grievance or recommend action to adjust another employee's grievance. See Utah Code 17B-2a-802 Taxable value: means the taxable value of property as computed from the most recent equalized assessment roll for county purposes. See Utah Code 17B-1-102 Testimony: Evidence presented orally by witnesses during trials or before grand juries. Title lender: includes a person that: (i)  arranges a title loan on behalf of a title lender; (ii)  acts as an agent for a title lender; or (iii)  assists a title lender in the extension of a title loan. See Utah Code 7-24-102 Title loan: includes a title loan extended at the same premise on which any of the following are sold: (i)  a motor vehicle, as defined in Section 41-6a-102; (ii)  a mobile home, as defined in Section 41-6a-102; or (iii)  a motorboat, as defined in Section 73-18-2. See Utah Code 7-24-102 Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5 Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition. Transit facility: means a transit vehicle, transit station, depot, passenger loading or unloading zone, parking lot, or other facility: (a)  leased by or operated by or on behalf of a public transit district; and (b)  related to the public transit services provided by the district, including: (i)  railway or other right-of-way; (ii)  railway line; and (iii)  a reasonable area immediately adjacent to a designated stop on a route traveled by a transit vehicle. See Utah Code 17B-2a-802 Transit vehicle: means a passenger bus, coach, railcar, van, or other vehicle operated as public transportation by a public transit district. See Utah Code 17B-2a-802 Transit-oriented development: means a mixed use residential or commercial area that is designed to maximize access to public transit and includes the development of land owned by a large public transit district. See Utah Code 17B-2a-802 Transit-supportive development: means a mixed use residential or commercial area that is designed to maximize access to public transit and does not include the development of land owned by a large public transit district. See Utah Code 17B-2a-802 Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC Trust business: means , except as provided in Subsection (1)(c), a business in which one acts in any agency or fiduciary capacity, including that of personal representative, executor, administrator, conservator, guardian, assignee, receiver, depositary, or trustee under appointment as trustee for any purpose permitted by law, including the definition of "trust" set forth in Subsection 75-1-201(55). See Utah Code 7-5-1 Trust company: means an institution authorized to engage in the trust business under this chapter. See Utah Code 7-5-1 Trustee: A person or institution holding and administering property in trust. 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 Unincorporated: means not included within a municipality. See Utah Code 17B-1-102 United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5 Vehicle: means personal property required to be registered with the Motor Vehicle Division pursuant to 2, Title 41, Chapter 22, Off-highway Vehicles, or Title 73, Chapter 18, State Boating Act. See Utah Code 38-8-1 Venue: The geographical location in which a case is tried. Verdict: The decision of a petit jury or a judge. Veteran: means an individual who:Utah Code 68-3-12.5 Voice vote: A vote in which the Presiding Officer states the question, then asks those in favor and against to say "Yea" or "Nay," respectively, and announces the result according to his or her judgment. The names or numbers of legisators voting on each side are not recorded. Water conservancy district: means a special district that operates under and is subject to the provisions of this chapter and Chapter 2a, Part 10, Water Conservancy District Act, including an entity that was created and operated as a water conservancy district under the law in effect before April 30, 2007. See Utah Code 17B-1-102 Works: includes a dam, reservoir, well, canal, conduit, pipeline, drain, tunnel, power plant, and any facility, improvement, or property necessary or convenient for supplying or treating water for any beneficial use, and for otherwise accomplishing the purposes of a special district. See Utah Code 17B-1-102 Writ: A formal written command, issued from the court, requiring the performance of a specific act. Writ: means an order or precept in writing, issued in the name of:Utah Code 68-3-12.5 Writing: includes :Utah Code 68-3-12.5