78B-5-502 - Definitions. - Utah Statutes

78B-5-502. Definitions.
As used in this part:
(1) "Debt" means a legally enforceable monetary obligation or liability of an individual,whether arising out of contract, tort, or otherwise.
(2) "Dependent" means the spouse of an individual, and the grandchild or the natural oradoptive child of an individual who derives support primarily from that individual.
(3) "Exempt" means protected, and "exemption" means protection from subjection to ajudicial process to collect an unsecured debt.
(4) "Judicial lien" means a lien on property obtained by judgment or other legal processinstituted for the purpose of collecting an unsecured debt.
(5) "Levy" means the seizure of property pursuant to any legal process issued for thepurpose of collecting an unsecured debt.
(6) "Lien" means a judicial, or statutory lien, in property securing payment of a debt orperformance of an obligation.
(7) "Liquid assets" means deposits, securities, notes, drafts, unpaid earnings nototherwise exempt, accrued vacation pay, refunds, prepayments, and other receivables.
(8) "Security interest" means an interest in property created by contract to securepayment or performance of an obligation.
(9) "Statutory lien" means a lien arising by force of a statute, but does not include asecurity interest or a judicial lien.
(10) "Value" means fair market value of an individual's interest in property, exclusive ofvalid liens.

Renumbered and Amended by Chapter 3, 2008 General Session