Section R592-17-3 - DefinitionsTerm s used in this rule are defined in Sections 31A-1-301, 31A-2-402, and 31A-23a-102. Additional terms are defined as follows:
(1) "Demand deposit account" means a federally insured deposit account from which withdrawals may be made at any time without advance notice.(2) "Depositor" means a person that deposits, in a qualifying trust account, funds held in trust in connection with a real estate transaction.(3) "Depository institution" means a depository institution as defined in Section 7-1-103.(4) "Money market mutual fund" means a mutual fund that:(a) invests in highly liquid, near-term instruments;(b) is registered under federal and state securities laws to sell its shares to the public; and(c) maintains a par value of $1 per share.(5) "Repurchase agreement" means an agreement in which a depository institution agrees to sell to a depositor a security or other asset at a specified price with a commitment to repurchase the security or other asset at a later date for a specified price.(6) "Sweep account" means a demand deposit account subject to an agreement authorizing the depository institution to withdraw funds from the account that exceed a specified amount and deposit those funds into an interest bearing account, purchase specified securities subject to a repurchase agreement, or purchase shares of a mutual fund, then redeposit those funds into the demand deposit account to pay checks presented for payment or other requests for withdrawal.(7) "Trust account" means an account denominated as a trust account in which the depositor is a trustee.Utah Admin. Code R592-17-3
Adopted by Utah State Bulletin Number 2016-8, effective 3/16/2016Amended by Utah State Bulletin Number 2022-01, effective 12/23/2021