78B-5-502. Definitions.

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

Effective 5/7/2025

As used in this part:

(1)"Civil accounts receivable" means the same as that term is defined in Section 77-32b-102 .

(2)"Civil judgment of restitution" means the same as that term is defined in Section 77-32b-102 .

(3)"Curio or relic firearm" means a firearm that:

(a)is of special interest to a collector because of a quality that is not associated with firearms intended for:

(i)sporting use;

(ii)use as an offensive weapon; or

(iii)use as a defensive weapon;

(i)was manufactured at least 50 years before the current date; and

(ii)is not a replica of a firearm described in Subsection (3)(b)(i);

(c)is certified by the curator of a municipal, state, or federal museum that exhibits firearms to be a curio or relic of museum interest;

(d)derives a substantial part of the firearm's monetary value:

(i)from the fact that the firearm is:

(A)novel;

(B)rare; or

(C)bizarre; or

(ii)because of the firearm's association with a historical:

(A)figure;

(B)period; or

(C)event; and

(e)has been designated as a curio or relic firearm by the director of the United States Treasury Department Bureau of Alcohol, Tobacco, and Firearms under 27 C.F.R. Sec. 478.11.

(4)"Debt" means a legally enforceable monetary obligation or liability of an individual, whether arising out of contract, tort, or otherwise.

(5)"Dependent" means the spouse of an individual, and the grandchild or the natural or adoptive child of an individual who derives support primarily from that individual.

(6)"Exempt" means protected, and "exemption" means protection from subjection to a judicial process to collect an unsecured debt.

(7)"Firearm" means the same as that term is defined in Section 76-11-101 .

(8)"Judicial lien" means a lien on property obtained by judgment or other legal process instituted for the purpose of collecting an unsecured debt.

(9)"Levy" means the seizure of property pursuant to any legal process issued for the purpose of collecting an unsecured debt.

(10)"Lien" means a judicial, or statutory lien, in property securing payment of a debt or performance of an obligation.

(11)"Liquid assets" means deposits, securities, notes, drafts, unpaid earnings not otherwise exempt, accrued vacation pay, refunds, prepayments, and other receivables.

(12)"Security interest" means an interest in property created by contract to secure payment or performance of an obligation.

(13)"Statutory lien" means a lien arising by force of a statute, but does not include a security interest or a judicial lien.

(14)"Value" means fair market value of an individual's interest in property, exclusive of valid liens.

Amended by Chapter 208 , 2025 General Session