75B-1-306. Affidavit of solvency.

222 words·~1 min read·/ut/title-75b/chapter-1/75b-1-306

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

Effective 5/7/2025

With respect to a transfer of assets to an asset protection trust, a settlor may sign a sworn affidavit stating that at the time of the transfer of the assets to the trust:

(1)the settlor has full right, title, and authority to transfer the assets to the trust;

(2)the transfer of the assets to the trust will not render the settlor insolvent;

(3)the settlor does not intend to hinder, delay, or defraud a known creditor by transferring the assets to the trust;

(4)there is no pending or threatened court action against the settlor, except for a court action identified by the settlor on an attachment to the affidavit;

(5)the settlor is not involved in an administrative proceeding that is reasonably expected to have a material adverse effect on the financial condition of the settlor, except an administrative proceeding identified on an attachment to the affidavit;

(6)at the time of the transfer of the assets to the trust, the settlor is not in default of a domestic support obligation;

(7)the settlor does not contemplate filing for relief under the provisions of United States Code, Title 11, Bankruptcy; and

(8)the assets being transferred to the trust were not derived from unlawful activities.

Enacted by Chapter 338 , 2025 General Session