1. (1) "Demand deposit account" means a federally insured deposit account from which withdrawals may be made at any time without advance notice.
2. (2) "Depositor" means a person that deposits, in a qualifying trust account, funds held in trust in connection with a real estate transaction.
3. (3) "Depository institution" means a depository institution as defined in Section 7-1-103.

4. (4) "Money market mutual fund" means a mutual fund that:

   1. (a) invests in highly liquid, near-term instruments;
   2. (b) is registered under federal and state securities laws to sell its shares to the public; and
   3. (c) maintains a par value of $1 per share.
5. (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. (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. (7) "Trust account" means an account denominated as a trust account in which the depositor is a trustee.

Terms used in this rule are defined in Sections 31A-1-301, 31A-2-402, and 31A-23a-102. Additional terms are defined as follows:

KEY: insurance, title

Date of Last Change: December 23, 2021

Notice of Continuation: February 9, 2026

Authorizing, and Implemented or Interpreted Law: 31A-2-201(3)(a); 31A-2-201(1); 31A-23a-409(2)(b)