Superseded 10/1/2026

637 words·~3 min read·/ut/title-78a/chapter-5a/10

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/6/2026

78A-5a-101. Definitions for chapter.

As used in this chapter:

(1)"Action" means a lawsuit or case commenced in a court.

(a)"Asset" means property of all kinds, real or personal and tangible or intangible.

(b)"Asset" includes:

(i)cash, except for any reasonable compensation or salary for services rendered;

(ii)stock or other investments;

(iii)goodwill;

(iv)an ownership interest;

(v)a license;

(vi)a cause of action; and

(vii)any similar property.

(3)"Beneficial shareholder" means the same as that term is defined in Section 16-10a-1301 .

(4)"Blockchain" means the same as that term is defined in Section 63A-16-108 .

(5)"Blockchain technology" means computer software or hardware or collections of computer software or hardware, or both, that utilize or enable a blockchain.

(6)"Board" means the board of directors or trustees of a corporation.

(7)"Business" means any enterprise carried on for the purpose of gain or economic profit.

(a)"Business organization" means an organization in any form that is primarily engaged in business.

(b)"Business organization" includes:

(i)an association;

(ii)a corporation;

(iii)a joint stock company;

(iv)a joint venture;

(v)a limited liability company;

(vi)a mutual fund trust;

(vii)a partnership; or

(viii)any other similar form of an organization described in Subsections (8)(b)(i) through

(vii).

(c)"Business organization" does not include a governmental entity as defined in Section 63G-7-102 .

(9)"Claim" means a written demand or assertion in an action.

(10)"Commercial tenant" means the same as that term is defined in Section 78B-6-801 .

(11)"Consumer contract" means a contract entered into by a consumer for the purchase of goods or services for personal, family, or household purposes.

(12)"Court" means the Business and Chancery Court established in Section 78A-5a-102 .

(13)"Decentralized autonomous organization" means the same as that term is defined in Section 48-5-101 .

(14)"Franchisee" means the same as that term is defined in 16 C.F.R. Sec. 436.1.

(15)"Franchisor" means the same as that term is defined in 16 C.F.R. Sec. 436.1.

(16)"Governmental entity" means the same as that term is defined in Section 63G-7-102 .

(17)"Health care" means the same as that term is defined in Section 78B-3-403 .

(18)"Health care provider" means the same as that term is defined in Section 78B-3-403 .

(19)"Monetary damages" does not include:

(a)punitive or exemplary damages;

(b)prejudgment or postjudgment interest; or

(c)attorney fees or costs.

(20)"Officer" means an individual designated by a board, or other governing body of a business organization, to act on behalf of the business organization.

(21)"Owner" means a person who, directly or indirectly, owns or controls an ownership interest in a business organization regardless of whether the person owns or controls the ownership interest through another person, a power of attorney, or another business organization.

(22)"Ownership interest" means an interest owned in a business organization, including any shares, membership interest, partnership interest, or governance or transferable interest.

(23)"Personal injury" means a physical or mental injury, including wrongful death.

(24)"Professional" means an individual whose profession requires a license, registration, or certification on the basis of experience, education, testing, or training.

(a)"Provisional remedy" means a temporary order by a court while an action is pending.

(b)"Provisional remedy" includes a preliminary injunction, a temporary restraining order, a prejudgment writ, or an appointment of a receiver.

(26)"Security" means the same as that term is defined in Section 61-1-13 .

(27)"Shareholder" means the record shareholder or the beneficial shareholder.

(28)"Record shareholder" means the same as that term is defined in Section 16-10a-1301 .

(29)"Trustee" means a person that holds or administers an ownership interest on behalf of a third party.

Amended by Chapter 324 , 2026 General Session