35A-8-422. Property of authority exempt from levy and sale -- Obligees excepted -- Waiver.
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35A-8-422. Property of authority exempt from levy and sale -- Obligees excepted -- Waiver.
(a)Property, including money, acquired or held by an authority under this part shall be exempt from levy and sale by virtue of an execution.
(b)An execution or other judicial process may not issue against the property.
(c)A judgment against the authority is not a charge or lien upon the property.
(2)This section does not apply to or limit the right of an obligee to pursue a remedy for the enforcement of a pledge or lien given by the authority on its rents, fees, or revenues or the right of the federal government to pursue a remedy conferred upon it under this part.
(3)An authority may waive its exemption with respect to claims against a profit-making enterprise occupying a portion of a project if that waiver does not affect or impair the rights of any obligee of the authority.
Renumbered and Amended by Chapter 212 , 2012 General Session