Common Definitions

The following terms have special meaning when used in documents which explicitly incorporate them by reference including hyperlink destinations sustained by the Board of Directors of the UPMA:

  1. "Account Holder" means any person who has executed an agreement incorporating these common definitions.

  2. "Account Balance" means the sum of an Member's precious metal contributions or deposits, net of authorized bill/invoice payments, dues, fees, charges, commissions, transfers and withdrawals.

  3. "Constitutional Silver Dollar" means Specie Legal Tender silver coin issued by the United States before 1965 in all its various denominations having 371.25 grains of fine silver per one dollar nominal face value.

  4. "Dollar Cost Averaging (DCA)" means the process by which Escrow Agent converts Paper Dollars into Gold Dollars through a series of separate transactions at the then current Exchange Rate on each business contained within the exchange period, which begins on the next business day following receipt of funds by Escrow Agent and runs for one month, or such other period as Member may designate at the time of tender.

  5. "Escrow Agent" means Legal Tender Services, PLLC, dba Legal Tender Exchange (LTE), or such person or entity LTE may from time to time appoint.

  6. "Exchange Rate" means the number of Paper Dollars per Gold Dollar or per Silver Dollar (rounded to the nearest Paper Cent) set daily by Escrow Agent, according to prevailing retail market prices, for use with respect to all escrowed transactions throughout a given day.

  7. "Gold Cent" or "Quint™" means one hundredth of a Gold Dollar.

  8. "Gold Dollar" means Specie Legal Tender consisting of one fiftieth of a United States American Eagle (22 karat) or American Buffalo (24 karat) coin, having one troy ounce of fine gold content and a "50 dollar" nominal face value, as described in 31 United States Code Annotated (USCA) §§ 5112(a)(7), (a)(11), (i)(1) & (q).

  9. "Member" means an Account Holder who has fulfilled the requirements of membership set forth in article III § 2 of the UPMA™ bylaws.

  10. "Paper Cent" means one hundredth of a Paper Dollar.

  11. "Paper Dollar" means a Federal Reserve Note, as referred to in 31 USCA § 5103, or its electronic equivalent issued through the Federal Reserve Banking system, together with base metal coinage issued by the United States of America.

  12. "Silver Cent" means a one hundredth part of a silver dollar.

  13. "Silver Dollar" means Specie Legal Tender which is a United States American Liberty coin, having one troy ounce of fine silver content and a "One Dollar" nominal face value, as described in 31 USCA §§ 5112(e).

  14. "Specie Legal Tender" means gold or silver coin that is issued by the United States, and as otherwise provided in Utah Code Annotated (UCA) § 1501.1.