Esheria Esheria Statutes
Ask AI Sign in

United States — Utah Act or statute

United States — Utah legislation

Utah Code § 11-14-501

This section says government bond pledges can create immediate, perfected liens without filing, and certain ad valorem tax revenues must be used only to pay the bonds.

Source excerpt

bond issuancebond securitygovernment bondslienslocal government debtlocal government financeperfectionprioritysecured transactionssecurity intereststax-backed obligations
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
On this page

Professional statute overview

Enactment structure, operative effect and source provenance

Official source

01

Purpose and legislative effect

“This section says government bond pledges can create immediate, perfected liens without filing, and certain ad valorem tax revenues must be used only to pay the bonds.”

Use this record to locate individual provisions, understand the instrument’s recorded structure, and move from a research summary to the exact source text.

02

How the instrument operates

  1. 01

    Start with the recorded version

    Legal dates not recorded. The date shown identifies this source expression and should not be treated as proof that no later change exists.

  2. 02

    Locate the controlling provision

    Use the provision map, part headings and full-text filter to move from the broad subject to the exact legal language.

  3. 03

    Read conditions and exceptions together

    Keep subsections, definitions, provisos and cross-references in context before drawing a legal conclusion.

  4. 04

    Verify currency and official wording

    Confirm later legislation, commencement notices and corrections with the official publisher before advice, filing or reliance.

03

Research entry points

Selected provisions across the instrument. Open any row to continue with the exact stored text.

Subsection 11-14-501(1)(e)

“Property” is defined to mean any property or interests in property, except real property.

Section 11-14-501(1)(e)

Subsection 11-14-501(3)(d)(i)

based on the time of the creation of the pledge unless otherwise provided in the security agreement; and

Section 11-14-501(3)(d)(i)

Subsection 11-14-501(4)(b)(i)

arises and attaches immediately to the ad valorem tax revenues without the need for any action or authorization by the local political subdivision;

Section 11-14-501(4)(b)(i)

Subsection 11-14-501(7)

This subsection says the section applies to all bonds, including bonds issued before or after the section’s effective date.

Section 11-14-501(7)

04

Source and current-law status

In force source record

Source record from le.utah.gov · Legal dates not recorded

In force

This source records the instrument as in force. Confirm subsequent amendments, commencement notices, and judicial treatment before relying on it.

For advice, pleadings, or compliance decisions, retain the official source and confirm the current consolidated provision.

Official record

Source-indexed provision map

Sections and provisions

Search by section, heading, part or exact legal wording. Every result remains linked to the stored source record.

Showing 40 of 40 provisions

Provision 40

Part 11-14-5

part 11-14-5 Government Security Interests

§ 11-14-501Creation and perfection of government security interests.Provision

Source excerpt

This section says government bond pledges can create immediate, perfected liens without filing, and certain ad valorem tax revenues must be used only to pay the bonds.

Creation and perfection of government security interests. As used in this section: "Bonds" means any bond, note, lease, or other obligation of a governmental unit. "General obligation bond" means a bond, note, warrant, certificate of indebtedness, or other obligation of a local political subdivision that: is payable in whole or in part from revenues derived from ad valorem taxes; and constitutes an indebtedness within the meaning of any applicable constitutional or statutory debt limitation. "General obligation bond" includes a general obligation tax, revenue, or bond anticipation note issued by a local political subdivision that is payable in whole or in part from revenues derived from ad valorem taxes. "Governmental unit" has the meaning assigned in Section 70A-9a-102 . "Pledge" means the creation of a security interest of any kind. "Property" means any property or interests in property, other than real property. "Security agreement" means any resolution, ordinance, indenture, document, or other agreement or instrument under which the revenues, fees, rents, charges, taxes, or other property are pledged to secure the bonds. This section expressly governs the creation, perfection, priority, and enforcement of a security interest created by the state or a governmental unit of the state, notwithstanding anything in Title 70A, Chapter 9a, Uniform Commercial Code - Secured Transactions , to the contrary. The revenues, fees, rents, charges, taxes, or other property pledged by a governmental unit for the purpose of securing its bonds are immediately subject to the lien of the pledge. The lien is a perfected lien upon the effective date of the security agreement. The physical delivery, filing, or recording of a security agreement or financing statement under the Uniform Commercial Code or otherwise, or any other similar act, is not necessary to perfect the lien. The lien of any pledge is valid, binding, perfected, and enforceable from the time the pledge is made. The lien of the pledge has priority: based on the time of the creation of the pledge unless otherwise provided in the security agreement; and as against all parties having claims of any kind in tort, contract, or otherwise against the governmental unit, regardless of whether or not the parties have notice of the lien. Each pledge and security agreement made for the benefit or security of any of the bonds shall continue to be effective until: the principal, interest, and premium, if any, on the bonds have been fully paid; provision for payment has been made; or the lien created by the security agreement has been released by agreement of the parties in interest or as provided by the security agreement that created the lien. General obligation bonds issued and sold by or on behalf of a local political subdivision shall be secured by a first statutory lien on all revenues received pursuant to the levy and collection of ad valorem taxes. The lien described in Subsection (4)(a) : arises and attaches immediately to the ad valorem tax revenues without the need for any action or authorization by the local political subdivision; is valid and binding from the time the general obligation bonds are executed and delivered; and is effective, binding, and enforceable against the local political subdivision, its successors, transferees, and creditors, and all others asserting rights to the ad valorem tax revenues. A lien described in Subsection (4)(a) is enforceable against the parties described in Subsection (4)(b)(iii) : regardless of whether the parties described in Subsection (4)(b)(iii) have notice of the lien; and without the need for any physical delivery, recordation, filing, or further action. Any amounts appropriated or added to the tax levy to pay principal of and premium and interest on general obligation bonds: shall be applied solely to the payment of those general obligation bonds; and may not be used for any other purpose, except as provided by law. This section applies to all revenues received pursuant to the levy and collection of the ad valorem tax regardless of the date on which the general obligation bonds were issued. This section applies to all bonds, including bonds issued before or after the effective date of this section.
Section 11-14-501Verify source
§ 11-14-501(1)Subsection 11-14-501(1)Provision

Source excerpt

This subsection defines several terms used in the section, including “bonds,” “general obligation bond,” “governmental unit,” “pledge,” “property,” and “security agreement.”

As used in this section: "Bonds" means any bond, note, lease, or other obligation of a governmental unit. "General obligation bond" means a bond, note, warrant, certificate of indebtedness, or other obligation of a local political subdivision that: is payable in whole or in part from revenues derived from ad valorem taxes; and constitutes an indebtedness within the meaning of any applicable constitutional or statutory debt limitation. "General obligation bond" includes a general obligation tax, revenue, or bond anticipation note issued by a local political subdivision that is payable in whole or in part from revenues derived from ad valorem taxes. "Governmental unit" has the meaning assigned in Section 70A-9a-102 . "Pledge" means the creation of a security interest of any kind. "Property" means any property or interests in property, other than real property. "Security agreement" means any resolution, ordinance, indenture, document, or other agreement or instrument under which the revenues, fees, rents, charges, taxes, or other property are pledged to secure the bonds.
Section 11-14-501(1)Verify source
§ 11-14-501(1)(a)Subsection 11-14-501(1)(a)Provision

Source excerpt

"Bonds" means any bond, note, lease, or other obligation of a governmental unit.

"Bonds" means any bond, note, lease, or other obligation of a governmental unit.
Section 11-14-501(1)(a)Verify source
§ 11-14-501(1)(b)Subsection 11-14-501(1)(b)Provision

Source excerpt

This provision defines “general obligation bond” and includes certain local-government obligations backed by ad valorem tax revenues.

"General obligation bond" means a bond, note, warrant, certificate of indebtedness, or other obligation of a local political subdivision that: is payable in whole or in part from revenues derived from ad valorem taxes; and constitutes an indebtedness within the meaning of any applicable constitutional or statutory debt limitation. "General obligation bond" includes a general obligation tax, revenue, or bond anticipation note issued by a local political subdivision that is payable in whole or in part from revenues derived from ad valorem taxes.
Section 11-14-501(1)(b)Verify source
§ 11-14-501(1)(b)(i)Subsection 11-14-501(1)(b)(i)Provision

Source excerpt

Defines “general obligation bond” as a local political subdivision obligation payable in whole or part from ad valorem tax revenues and treated as indebtedness under applicable debt limits.

"General obligation bond" means a bond, note, warrant, certificate of indebtedness, or other obligation of a local political subdivision that: is payable in whole or in part from revenues derived from ad valorem taxes; and constitutes an indebtedness within the meaning of any applicable constitutional or statutory debt limitation.
Section 11-14-501(1)(b)(i)Verify source
§ 11-14-501(1)(b)(i)(A)Subsection 11-14-501(1)(b)(i)(A)Provision

Source excerpt

is payable in whole or in part from revenues derived from ad valorem taxes; and

is payable in whole or in part from revenues derived from ad valorem taxes; and
Section 11-14-501(1)(b)(i)(A)Verify source
§ 11-14-501(1)(b)(i)(B)Subsection 11-14-501(1)(b)(i)(B)Provision

Source excerpt

constitutes an indebtedness within the meaning of any applicable constitutional or statutory debt limitation.

constitutes an indebtedness within the meaning of any applicable constitutional or statutory debt limitation.
Section 11-14-501(1)(b)(i)(B)Verify source
§ 11-14-501(1)(b)(ii)Subsection 11-14-501(1)(b)(ii)Provision

Source excerpt

This provision defines “general obligation bond” to include certain taxes, revenue, or bond anticipation notes issued by a local political subdivision and payable from ad valorem tax revenues.

"General obligation bond" includes a general obligation tax, revenue, or bond anticipation note issued by a local political subdivision that is payable in whole or in part from revenues derived from ad valorem taxes.
Section 11-14-501(1)(b)(ii)Verify source
§ 11-14-501(1)(c)Subsection 11-14-501(1)(c)Provision

Source excerpt

“Governmental unit” is defined by reference to Section 70A-9a-102.

"Governmental unit" has the meaning assigned in Section 70A-9a-102 .
Section 11-14-501(1)(c)Verify source
§ 11-14-501(1)(d)Subsection 11-14-501(1)(d)Provision

Source excerpt

“Pledge” means creating a security interest of any kind.

"Pledge" means the creation of a security interest of any kind.
Section 11-14-501(1)(d)Verify source
§ 11-14-501(1)(e)Subsection 11-14-501(1)(e)Provision

Source excerpt

“Property” is defined to mean any property or interests in property, except real property.

"Property" means any property or interests in property, other than real property.
Section 11-14-501(1)(e)Verify source
§ 11-14-501(1)(f)Subsection 11-14-501(1)(f)Provision

Source excerpt

"Security agreement" means any resolution, ordinance, indenture, document, or other agreement or instrument under which the revenues, fees, rents, charges, taxes, or other property are pledged to secure the bonds.

"Security agreement" means any resolution, ordinance, indenture, document, or other agreement or instrument under which the revenues, fees, rents, charges, taxes, or other property are pledged to secure the bonds.
Section 11-14-501(1)(f)Verify source
§ 11-14-501(2)Subsection 11-14-501(2)Provision

Source excerpt

This section says it governs creation, perfection, priority, and enforcement of a security interest made by the state or a state governmental unit, even if Title 70A, Chapter 9a says otherwise.

This section expressly governs the creation, perfection, priority, and enforcement of a security interest created by the state or a governmental unit of the state, notwithstanding anything in Title 70A, Chapter 9a, Uniform Commercial Code - Secured Transactions , to the contrary.
Section 11-14-501(2)Verify source
§ 11-14-501(3)Subsection 11-14-501(3)Provision

Source excerpt

The revenues, fees, rents, charges, taxes, or other property pledged by a governmental unit for the purpose of securing its bonds are immediately subject to the lien of the pledge. The lien is a perfected lien upon the effective date of

The revenues, fees, rents, charges, taxes, or other property pledged by a governmental unit for the purpose of securing its bonds are immediately subject to the lien of the pledge. The lien is a perfected lien upon the effective date of the security agreement. The physical delivery, filing, or recording of a security agreement or financing statement under the Uniform Commercial Code or otherwise, or any other similar act, is not necessary to perfect the lien. The lien of any pledge is valid, binding, perfected, and enforceable from the time the pledge is made. The lien of the pledge has priority: based on the time of the creation of the pledge unless otherwise provided in the security agreement; and as against all parties having claims of any kind in tort, contract, or otherwise against the governmental unit, regardless of whether or not the parties have notice of the lien. Each pledge and security agreement made for the benefit or security of any of the bonds shall continue to be effective until: the principal, interest, and premium, if any, on the bonds have been fully paid; provision for payment has been made; or the lien created by the security agreement has been released by agreement of the parties in interest or as provided by the security agreement that created the lien.
Section 11-14-501(3)Verify source
§ 11-14-501(3)(a)Subsection 11-14-501(3)(a)Provision

Source excerpt

Property pledged by a governmental unit to secure its bonds is immediately subject to the pledge lien.

The revenues, fees, rents, charges, taxes, or other property pledged by a governmental unit for the purpose of securing its bonds are immediately subject to the lien of the pledge.
Section 11-14-501(3)(a)Verify source
§ 11-14-501(3)(b)Subsection 11-14-501(3)(b)Provision

Source excerpt

The lien is a perfected lien upon the effective date of the security agreement. The physical delivery, filing, or recording of a security agreement or financing statement under the Uniform Commercial Code or otherwise, or any other similar

The lien is a perfected lien upon the effective date of the security agreement. The physical delivery, filing, or recording of a security agreement or financing statement under the Uniform Commercial Code or otherwise, or any other similar act, is not necessary to perfect the lien.
Section 11-14-501(3)(b)Verify source
§ 11-14-501(3)(b)(i)Subsection 11-14-501(3)(b)(i)Provision

Source excerpt

The lien is perfected when the security agreement takes effect.

The lien is a perfected lien upon the effective date of the security agreement.
Section 11-14-501(3)(b)(i)Verify source
§ 11-14-501(3)(b)(ii)Subsection 11-14-501(3)(b)(ii)Provision

Source excerpt

The physical delivery, filing, or recording of a security agreement or financing statement under the Uniform Commercial Code or otherwise, or any other similar act, is not necessary to perfect the lien.

The physical delivery, filing, or recording of a security agreement or financing statement under the Uniform Commercial Code or otherwise, or any other similar act, is not necessary to perfect the lien.
Section 11-14-501(3)(b)(ii)Verify source
§ 11-14-501(3)(c)Subsection 11-14-501(3)(c)Provision

Source excerpt

The lien of any pledge is valid, binding, perfected, and enforceable from the time the pledge is made.

The lien of any pledge is valid, binding, perfected, and enforceable from the time the pledge is made.
Section 11-14-501(3)(c)Verify source
§ 11-14-501(3)(d)Subsection 11-14-501(3)(d)Provision

Source excerpt

The lien of the pledge has priority: based on the time of the creation of the pledge unless otherwise provided in the security agreement; and as against all parties having claims of any kind in tort, contract, or otherwise against the

The lien of the pledge has priority: based on the time of the creation of the pledge unless otherwise provided in the security agreement; and as against all parties having claims of any kind in tort, contract, or otherwise against the governmental unit, regardless of whether or not the parties have notice of the lien.
Section 11-14-501(3)(d)Verify source
§ 11-14-501(3)(d)(i)Subsection 11-14-501(3)(d)(i)Provision

Source excerpt

based on the time of the creation of the pledge unless otherwise provided in the security agreement; and

based on the time of the creation of the pledge unless otherwise provided in the security agreement; and
Section 11-14-501(3)(d)(i)Verify source
§ 11-14-501(3)(d)(ii)Subsection 11-14-501(3)(d)(ii)Provision

Source excerpt

as against all parties having claims of any kind in tort, contract, or otherwise against the governmental unit, regardless of whether or not the parties have notice of the lien.

as against all parties having claims of any kind in tort, contract, or otherwise against the governmental unit, regardless of whether or not the parties have notice of the lien.
Section 11-14-501(3)(d)(ii)Verify source
§ 11-14-501(3)(e)Subsection 11-14-501(3)(e)Provision

Source excerpt

Each pledge and security agreement made for the benefit or security of any of the bonds shall continue to be effective until: the principal, interest, and premium, if any, on the bonds have been fully paid; provision for payment has been

Each pledge and security agreement made for the benefit or security of any of the bonds shall continue to be effective until: the principal, interest, and premium, if any, on the bonds have been fully paid; provision for payment has been made; or the lien created by the security agreement has been released by agreement of the parties in interest or as provided by the security agreement that created the lien.
Section 11-14-501(3)(e)Verify source
§ 11-14-501(3)(e)(i)Subsection 11-14-501(3)(e)(i)Provision

Source excerpt

the principal, interest, and premium, if any, on the bonds have been fully paid;

the principal, interest, and premium, if any, on the bonds have been fully paid;
Section 11-14-501(3)(e)(i)Verify source
§ 11-14-501(3)(e)(ii)Subsection 11-14-501(3)(e)(ii)Provision

Source excerpt

provision for payment has been made; or

provision for payment has been made; or
Section 11-14-501(3)(e)(ii)Verify source
§ 11-14-501(3)(e)(iii)Subsection 11-14-501(3)(e)(iii)Provision

Source excerpt

A lien created by a security agreement is released if the parties in interest agree, or if the security agreement itself provides for release.

the lien created by the security agreement has been released by agreement of the parties in interest or as provided by the security agreement that created the lien.
Section 11-14-501(3)(e)(iii)Verify source
§ 11-14-501(4)Subsection 11-14-501(4)Provision

Source excerpt

General obligation bonds issued by or for a local political subdivision must be secured by a first statutory lien on revenues from ad valorem taxes.

General obligation bonds issued and sold by or on behalf of a local political subdivision shall be secured by a first statutory lien on all revenues received pursuant to the levy and collection of ad valorem taxes. The lien described in Subsection (4)(a) : arises and attaches immediately to the ad valorem tax revenues without the need for any action or authorization by the local political subdivision; is valid and binding from the time the general obligation bonds are executed and delivered; and is effective, binding, and enforceable against the local political subdivision, its successors, transferees, and creditors, and all others asserting rights to the ad valorem tax revenues. A lien described in Subsection (4)(a) is enforceable against the parties described in Subsection (4)(b)(iii) : regardless of whether the parties described in Subsection (4)(b)(iii) have notice of the lien; and without the need for any physical delivery, recordation, filing, or further action.
Section 11-14-501(4)Verify source
§ 11-14-501(4)(a)Subsection 11-14-501(4)(a)Provision

Source excerpt

General obligation bonds issued and sold by or for a local political subdivision must be secured by a first statutory lien on revenues from ad valorem taxes.

General obligation bonds issued and sold by or on behalf of a local political subdivision shall be secured by a first statutory lien on all revenues received pursuant to the levy and collection of ad valorem taxes.
Section 11-14-501(4)(a)Verify source
§ 11-14-501(4)(b)Subsection 11-14-501(4)(b)Provision

Source excerpt

The lien described in Subsection (4)(a) : arises and attaches immediately to the ad valorem tax revenues without the need for any action or authorization by the local political subdivision; is valid and binding from the time the general

The lien described in Subsection (4)(a) : arises and attaches immediately to the ad valorem tax revenues without the need for any action or authorization by the local political subdivision; is valid and binding from the time the general obligation bonds are executed and delivered; and is effective, binding, and enforceable against the local political subdivision, its successors, transferees, and creditors, and all others asserting rights to the ad valorem tax revenues.
Section 11-14-501(4)(b)Verify source
§ 11-14-501(4)(b)(i)Subsection 11-14-501(4)(b)(i)Provision

Source excerpt

arises and attaches immediately to the ad valorem tax revenues without the need for any action or authorization by the local political subdivision;

arises and attaches immediately to the ad valorem tax revenues without the need for any action or authorization by the local political subdivision;
Section 11-14-501(4)(b)(i)Verify source
§ 11-14-501(4)(b)(ii)Subsection 11-14-501(4)(b)(ii)Provision

Source excerpt

is valid and binding from the time the general obligation bonds are executed and delivered; and

is valid and binding from the time the general obligation bonds are executed and delivered; and
Section 11-14-501(4)(b)(ii)Verify source
§ 11-14-501(4)(b)(iii)Subsection 11-14-501(4)(b)(iii)Provision

Source excerpt

is effective, binding, and enforceable against the local political subdivision, its successors, transferees, and creditors, and all others asserting rights to the ad valorem tax revenues.

is effective, binding, and enforceable against the local political subdivision, its successors, transferees, and creditors, and all others asserting rights to the ad valorem tax revenues.
Section 11-14-501(4)(b)(iii)Verify source
§ 11-14-501(4)(c)Subsection 11-14-501(4)(c)Provision

Source excerpt

A lien described in Subsection (4)(a) remains enforceable against the parties described in Subsection (4)(b)(iii), even if they do not have notice of it and without any physical delivery, recordation, filing, or other further action.

A lien described in Subsection (4)(a) is enforceable against the parties described in Subsection (4)(b)(iii) : regardless of whether the parties described in Subsection (4)(b)(iii) have notice of the lien; and without the need for any physical delivery, recordation, filing, or further action.
Section 11-14-501(4)(c)Verify source
§ 11-14-501(4)(c)(i)Subsection 11-14-501(4)(c)(i)Provision

Source excerpt

regardless of whether the parties described in Subsection (4)(b)(iii) have notice of the lien; and

regardless of whether the parties described in Subsection (4)(b)(iii) have notice of the lien; and
Section 11-14-501(4)(c)(i)Verify source
§ 11-14-501(4)(c)(ii)Subsection 11-14-501(4)(c)(ii)Provision

Source excerpt

without the need for any physical delivery, recordation, filing, or further action.

without the need for any physical delivery, recordation, filing, or further action.
Section 11-14-501(4)(c)(ii)Verify source
§ 11-14-501(5)Subsection 11-14-501(5)Provision

Source excerpt

Any amounts appropriated or added to the tax levy to pay principal of and premium and interest on general obligation bonds: shall be applied solely to the payment of those general obligation bonds; and may not be used for any other

Any amounts appropriated or added to the tax levy to pay principal of and premium and interest on general obligation bonds: shall be applied solely to the payment of those general obligation bonds; and may not be used for any other purpose, except as provided by law.
Section 11-14-501(5)Verify source
§ 11-14-501(5)(a)Subsection 11-14-501(5)(a)Provision

Source excerpt

shall be applied solely to the payment of those general obligation bonds; and

shall be applied solely to the payment of those general obligation bonds; and
Section 11-14-501(5)(a)Verify source
§ 11-14-501(5)(b)Subsection 11-14-501(5)(b)Provision

Source excerpt

It may not be used for any other purpose, except as provided by law.

may not be used for any other purpose, except as provided by law.
Section 11-14-501(5)(b)Verify source
§ 11-14-501(6)Subsection 11-14-501(6)Provision

Source excerpt

This section applies to all revenues received pursuant to the levy and collection of the ad valorem tax regardless of the date on which the general obligation bonds were issued.

This section applies to all revenues received pursuant to the levy and collection of the ad valorem tax regardless of the date on which the general obligation bonds were issued.
Section 11-14-501(6)Verify source
§ 11-14-501(7)Subsection 11-14-501(7)Provision

Source excerpt

This subsection says the section applies to all bonds, including bonds issued before or after the section’s effective date.

This section applies to all bonds, including bonds issued before or after the effective date of this section.
Section 11-14-501(7)Verify source

Legislative relationships

0 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

No structured legislative relationships were detected

The statute remains fully searchable by provision. Consult the source text for amendments and cross-references that have not yet been indexed.

Recorded versions and source checkpoint

1 version available in this collection

Current-law checkpoint
  • Undated version · currentEnglish · In force

This relationship view does not by itself establish whether another instrument remains in force.

Check official source

Source-linked research

Ask AI about this statute

The overview, provisions, and source records above are public. Continue in a separate conversation with this statute’s jurisdiction and source version attached.

About this LexChat collection

Statute information is organised from identified legislative sources for professional research. Corrections can be reported to hello@esheria.ai.