31A-27a-503 - Unauthorized postpetition transfers. - Utah Statutes

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Statutes > Utah > Title-31a > Chapter-27a > 31a-27a-503

31A-27a-503. Unauthorized postpetition transfers.
(1) Except as otherwise provided in this section, the receiver may avoid a transfer of aninterest of the insurer in property, or an obligation incurred by the insurer, that is:
(a) made or incurred after the day on which a petition for receivership is filed; and
(b) not authorized by the receiver and approved by the receivership court.
(2) Except to the extent that a transfer or obligation voidable under this section isotherwise voidable under this chapter, a transferee or obligee of a transfer or obligation describedin Subsection (1) has a lien on or may retain, at the option of the receivership court, an interesttransferred or may enforce an obligation incurred, as the case may be:
(a) if the transferee or obligee takes it for value and in good faith; and
(b) to the extent that the transferee or obligee gave value to the insurer in exchange forthe transfer or obligation.

Enacted by Chapter 309, 2007 General Session

State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-27a > 31a-27a-503

31A-27a-503. Unauthorized postpetition transfers.
(1) Except as otherwise provided in this section, the receiver may avoid a transfer of aninterest of the insurer in property, or an obligation incurred by the insurer, that is:
(a) made or incurred after the day on which a petition for receivership is filed; and
(b) not authorized by the receiver and approved by the receivership court.
(2) Except to the extent that a transfer or obligation voidable under this section isotherwise voidable under this chapter, a transferee or obligee of a transfer or obligation describedin Subsection (1) has a lien on or may retain, at the option of the receivership court, an interesttransferred or may enforce an obligation incurred, as the case may be:
(a) if the transferee or obligee takes it for value and in good faith; and
(b) to the extent that the transferee or obligee gave value to the insurer in exchange forthe transfer or obligation.

Enacted by Chapter 309, 2007 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-27a > 31a-27a-503

31A-27a-503. Unauthorized postpetition transfers.
(1) Except as otherwise provided in this section, the receiver may avoid a transfer of aninterest of the insurer in property, or an obligation incurred by the insurer, that is:
(a) made or incurred after the day on which a petition for receivership is filed; and
(b) not authorized by the receiver and approved by the receivership court.
(2) Except to the extent that a transfer or obligation voidable under this section isotherwise voidable under this chapter, a transferee or obligee of a transfer or obligation describedin Subsection (1) has a lien on or may retain, at the option of the receivership court, an interesttransferred or may enforce an obligation incurred, as the case may be:
(a) if the transferee or obligee takes it for value and in good faith; and
(b) to the extent that the transferee or obligee gave value to the insurer in exchange forthe transfer or obligation.

Enacted by Chapter 309, 2007 General Session