Utah Admin. Code R592-17-3 - Definitions
Term 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.
Notes
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