Terms Used In Utah Code > Title 9 > Chapter 6 > Part 5 - State Arts Endowment

• Arts: means the various branches of creative human activity, including visual arts, film, performing arts, sculpture, literature, music, theater, dance, digital arts, video-game arts, and cultural vitality. See Utah Code 9-6-102
• Arts board: means the Utah Arts Advisory Board created in Section 9-6-301. See Utah Code 9-6-102
• 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
• Borrower: means any person who becomes obligated on a real estate loan at the time of origination of such loan and includes mortgagors, trustors under trust deeds and vendees under conditional land sales contracts. See Utah Code 7-17-2
• Continuance: Putting off of a hearing ot trial until a later time.
• 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. 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 Division: means the Division of Arts and Museums. See Utah Code 9-6-102 Endowment fund: means any endowment fund created under this chapter by a qualifying organization. See Utah Code 9-6-501 Escrow: Money given to a third party to be held for payment until certain conditions are met. Fiduciary: A trustee, executor, or administrator. Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC Land: includes :Utah Code 68-3-12.5 Lender: means any person who regularly makes, extends or holds real estate loans and includes, but is not limited to, mortgagees, beneficiaries under trust deeds and vendors under conditional land sales contracts and who regularly require or maintain reserve accounts. See Utah Code 7-17-2 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. 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. Museum: means an organized and permanent institution that: (a)  is owned or controlled by the state, a county, or a municipality, or is a nonprofit organization; (b)  has an educational or aesthetic purpose; (c)  owns or curates a tangible collection; and (d)  exhibits the collection to the public on a regular schedule. See Utah Code 9-6-102 Museums board: means the Utah Museums Advisory Board created in Section 9-6-305. See Utah Code 9-6-102 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. Person: includes an individual, a commercial bank, savings bank, building and loan corporation, savings and loan association, credit union, investment company, insurance company, pension fund, mortgage company, trust company, or any other organization making real estate loans. See Utah Code 7-17-2 Property: includes both real and personal property. See Utah Code 68-3-12.5 Qualifying organization: means any Utah nonprofit arts or museum organization that qualifies under this chapter to create an endowment fund, receive state money into the endowment fund, match state money deposited into the endowment fund, and expend interest earned on the endowment fund. See Utah Code 9-6-501 Real estate loan: means any agreement providing for a loan secured by an interest in real estate in this state containing a residential structure of not more than four housing units, at least one of which is the primary residence of the borrower and includes, but is not limited to, agreements secured by mortgages, trust deeds, and conditional land sales contracts. See Utah Code 7-17-2 Reserve account: means any account, whether denominated escrow, impound, trust, pledge, reserve or otherwise, which is established in connection with a loan secured by an interest in real estate located in this state, whether or not a real estate loan as defined in this chapter, and whether incorporated into the loan agreement or a separate document, whereby the borrower agrees to make periodic prepayment to the lender or its designee of taxes, insurance premiums or other charges pertaining to the property securing the loan and the lender or its designee agrees to pay the taxes, insurance premiums or other charges out of the account on or before their due date. See Utah Code 7-17-2 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 charge: means any direct fee imposed in connection with the administration of a reserve account. See Utah Code 7-17-2 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 State fund: means the Utah Arts and Museums Endowment Fund created in Section 9-6-502. See Utah Code 9-6-501 Trust company: means a person authorized to conduct a trust business, as provided in Chapter 5, Trust Business. See Utah Code 7-1-103