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19-3B-103
which is exercisable by another person only upon consent of the trustee or a person holding
an adverse interest. (12) PRESUMPTIVE REMAINDER BENEFICIARY means a person who would be entitled
to the principal of a trust if the income interest were immediately terminated, and if a trust
contains a power of appointment, then the holder of such power of appointment shall also be
a presumptive remainder beneficiary. (13) PROPERTY means anything that may be the subject
of ownership, whether real or personal, legal or equitable, or any interest therein.
Property includes choses in action, claims, and interests created by beneficiary designation
under policies of insurance, financial instruments and deferred compensation and other retirement
arrangements, whether revocable or irrevocable. (14) QUALIFIED BENEFICIARY means a living
beneficiary who, on the date the beneficiary's qualification is determined: (A) is a distributee
or permissible distributee of trust income or principal; (B) would be a...
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19-3D-2
Section 19-3D-2 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. DEFINITIONS. In this
chapter the following terms have the following meanings: (1) APPOINTIVE PROPERTY. The property
or property interest subject to a power of appointment. (2) ASCERTAINABLE STANDARD. A standard
relating to an individual's health, education, support, or maintenance within the meaning
of 26 U.S.C. Section 2041(b)(1)(A), as amended, or 26 U.S.C. Section 2514(c)(1), as amended,
and any applicable regulations. (3) AUTHORIZED FIDUCIARY. (A) A trustee or other fiduciary,
other than a settlor, that has the discretion to distribute or direct a trustee to distribute
part or all of the principal of the first trust to one or more current beneficiaries; (B)
a special fiduciary appointed under Section 19-3D-9; or (C) a special-needs fiduciary under
Section 19-3D-13. (4) BENEFICIARY. A person that: (A) has a present or...
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24-1-33
24-1-33 Powers of authority to secure payment of bonds, etc. In connection with the issuance
of bonds or the incurring of any obligation under a lease and in order to secure the payment
of such bonds or obligations, the authority shall have power: (1) To pledge by resolution,
trust indenture, mortgage, subject to the limitations hereinafter imposed, or other contract
all or any part of its rents, fees or revenues. (2) To covenant against mortgaging all or
any part of its property, real or personal, then owned or thereafter acquired, or against
permitting or suffering any lien thereon. (3) To covenant with respect to limitations on its
right to sell, lease or otherwise dispose of any housing project, or any part thereof, or
with respect to limitations on its right to undertake additional housing projects. (4) To
covenant against pledging all or any part of its rents, fees and revenues to which its right
then exists, or the right to which may thereafter come into existence, or against...
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24-1-72
24-1-72 Powers of authority to secure payment of bonds, etc. In connection with the issuance
of bonds or the incurring of any obligation under a lease and in order to secure the payment
of such bonds or obligations, the authority shall have power: (1) To pledge by resolution,
trust indenture, mortgage, subject to the limitations hereinafter imposed, or other contract
all or any part of its rents, fees, or revenues. (2) To covenant against mortgaging all or
any part of its property, real or personal, then owned or thereafter acquired, or against
permitting or suffering any lien thereon. (3) To covenant with respect to limitations on its
right to sell, lease, or otherwise dispose of any housing project, or any part thereof, or
with respect to limitations on its right to undertake additional housing projects. (4) To
covenant against pledging all or any part of its rents, fees, and revenues to which its right
then exists, or the right to which may thereafter come into existence, or...
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10A-1-1.03
limited liability company or association, a member; and (D) with respect to another foreign
or domestic entity, an owner of an equity interest in that entity. (69) OWNERSHIP INTEREST.
An owner's interest in an entity. The term includes the owner's share of profits and losses
or similar items and the right to receive distributions. The term does not include an owner's
right to participate in management or participate in the direction or oversight of the entity.
An ownership interest is personal property. (70) PARENT or PARENT ENTITY. An entity
that: (A) owns at least 50 percent of the ownership or membership interest of a subsidiary;
or (B) possesses at least 50 percent of the voting power of the owners or members of a subsidiary.
(71) PARTNER. A limited partner or general partner. (72) PARTNERSHIP. Includes a general partnership,
a limited liability partnership, a foreign limited liability partnership, a limited partnership,
a foreign limited partnership, a limited liability...
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22-18-50
or procedures related to specific employees or other matters related to the Commission's internal
personnel practices and procedures; c. Current, threatened, or reasonably anticipated litigation;
d. Negotiation of contracts for the purchase or sale of goods, services, or real estate; e.
Accusing any person of a crime or formally censuring any person; f. Disclosure of trade secrets
or commercial or financial information that is privileged or confidential; g. Disclosure of
information of a personal nature where disclosure would constitute a clearly unwarranted
invasion of personal privacy; h. Disclosure of investigatory records compiled for law
enforcement purposes; i. Disclosure of information related to any investigatory reports prepared
by or on behalf of or for use of the Commission or other committee charged with responsibility
of investigation or determination of compliance issues pursuant to the Compact; or j. Matters
specifically exempted from disclosure by federal or member...
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27-22-1
Section 27-22-1 Insurance of building in name of less than all owners. As to every insurance
contract insuring any dwelling or other building and written in the name of less than all
of the joint owners or tenants in common, with or without survivorship, if such joint tenants
or tenants in common are husband and wife, it shall not be a defense against liability under
the policy that all the joint owners or tenants in common were not named as the insured therein,
nor will the amount due in event of loss be diminished on such account unless, by special
endorsement of the policy, the insurer's liability is limited to the interest of the named
insured. (Acts 1951, No. 781, p. 1376; Acts 1971, No. 407, p. 707, ยง482.)...
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35-4-74
Section 35-4-74 Necessity for including plat or description of plat book, etc.; probate judge
not liable for good faith error. (a) No instrument, other than a will, purporting to create
or transfer any interest in land shall be accepted for record by a probate judge if such instrument
describes the land in which such interest is to be created or transferred by reference to
a plat and the plat is not attached to and made a part of the instrument or the instrument
does not describe the plat book and the office in which such plat book is to be found and
there is no description of the land by metes and bounds; provided, that this section shall
apply only to instruments executed subsequent to July 21, 1972; provided further, that where,
prior to July 21, 1972, any person has received a conveyance of land, or any interest therein,
in which the land is described by reference to a plat which is not recorded and which is not
available to him, this section shall not apply if the grantor or...
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35-6-115
Section 35-6-115 Decree of partition or sale; effect on existing liens. (a) If, on the hearing,
the court is satisfied from the evidence that the parties are joint owners or tenants in common
in the crops, a decree must be entered, declaring the interest or share each has therein,
and ordering the crops divided in specie, or sold for division, as may appear from the evidence
more practicable and better for the interests of the parties; and if any liens exist on the
crops, or on any interest or share therein, in favor of any of the parties, such liens, and
the extent and amount thereof, must be declared; and if a division in specie is ordered, such
liens shall be charges only on the shares of the parties against whom they exist, but if a
sale is ordered, the proceeds of the shares or interest upon which they exist, after payment
of their part of the costs, shall be applied to the satisfaction of such liens. (b) When any
lien exists on the crops, or on any share or interest therein, in...
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10A-1-3.42
Section 10A-1-3.42 Form and validity of certificates; enforcement of entity's rights; abbreviations.
(a) A certificated ownership interest in a domestic entity may contain an impression of the
seal of the entity, if any. A facsimile of the entity's seal may be printed or lithographed
on the certificate. (b) If a domestic entity is authorized to issue ownership interests of
more than one class or series, each certificate representing ownership interests that is issued
by the entity must conspicuously state on the front or back of the certificate: (1) the designations,
preferences, limitations, and relative rights of the ownership interests of each class or
series to the extent they have been determined and the authority of the governing authority
to make those determinations as to subsequent classes or series; or (2) that the information
required by subsection (1) is stated in the domestic entity's governing documents and that
the domestic entity, on written request to the entity's...
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