16-6a-119. Execution against a mutual benefit corporation.

254 words·~1 min read·/ut/title-16/chapter-6a/16-6a-119

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)As used in this section:

(a)"Judicial lien" means one or more of the following:

(i)a judgment lien; or

(ii)other lien obtained by a judicial or equitable process or proceeding.

(b)"Water right" means:

(i)a right to use water evidenced by a means identified in Section 73-1-10 ; or

(ii)a right to use water under an approved application:

(A)to appropriate;

(B)for a change of use; or

(C)for the exchange of water.

(c)"Water rights and related assets" means a water right or title to:

(i)a water conveyance facility; or

(ii)other asset of a mutual benefit corporation necessary to divert or distribute water to its members.

(2)Except as provided in Subsection

(3), a court may not do the following with regard to a judicial lien recorded on or after May 12, 2009 against the water rights and related assets of a mutual benefit corporation earlier than 180 days after the day on which the judicial lien is recorded or takes effect:

(a)execute the judicial lien;

(b)impose a levy as a result of the judicial lien; or

(c)force the sale, transfer, or change in ownership of the water rights and related assets pursuant to the judicial lien.

(3)This section does not apply to a judicial lien related to a cause of action brought against a mutual benefit corporation by a shareholder under Section 73-3-3.5 .

Enacted by Chapter 37 , 2009 General Session