State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-05 > 31a-5-508

31A-5-508. Transfer of business or assets.
(1) In the sale, lease, exchange, or mortgage of assets with or without shareholder action,and concerning the rights of dissenting shareholders in those transactions, Sections 16-10a-1201,16-10a-1202, 16-10a-1320 through 16-10a-1328, 16-10a-1330, and 16-10a-1331 apply to stockcorporations. In the sale, lease, exchange, or mortgage of assets, Section 16-6a-1201 applies tomutuals.
(2) Chapter 16 applies to:
(a) the sale of a domestic insurer's assets or book of business, other than in the ordinarycourse of business; or
(b) the insurer entering into contracts of reinsurance which have substantially the sameeffect as a merger.

Amended by Chapter 300, 2000 General Session