31A-44-504. Bond.
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/ut/title-31a/chapter-44/31a-44-504A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/10/2016
31A-44-504. Bond.
A court may refuse to make or vacate an order to rehabilitate a provider's facility under this part if the provider posts a bond that is:
(1)in an amount that the court determines is equal to the reserve funding the provider needs to fulfill the provider's obligations under all of the continuing care contracts for the facility;
(2)issued by a recognized surety authorized to do business in the state; and
(3)executed in favor of the state on behalf of any individual entitled to an entrance fee refund or other damages from the provider.
Enacted by Chapter 270 , 2016 General Session