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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-19-5.5

Transferred assets must be taken free of avoided/disallowed liens and unperfected liens, except for expressly assumed items, and remain subject to allowed perfected liens.

Source excerpt

asset transferliability allocationliability transferlien prioritysupervisory acquisitionsupervisory merger
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“Transferred assets must be taken free of avoided/disallowed liens and unperfected liens, except for expressly assumed items, and remain subject to allowed perfected liens.”

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Transferred assets free of encumbrances.

Transferred assets must be taken free of avoided/disallowed liens and unperfected liens, except for expressly assumed items, and remain subject to allowed perfected liens.

Section 7-19-5.5

Subsection 7-19-5.5(1)

A transferee in a supervisory merger or supervisory acquisition takes the transferred assets, business, and property free of avoided or disallowed liens, claims, and encumbrances, free of unperfected liens unless expressly assumed, and subject to allowed…

Section 7-19-5.5(1)

Subsection 7-19-5.5(1)(b)

Transferred assets, business, and property must be free of unperfected liens, claims, and encumbrances, except for amounts expressly assumed by the transferee.

Section 7-19-5.5(1)(b)

Subsection 7-19-5.5(1)(c)

subject to all allowed perfected liens, claims, security interests, and encumbrances relating to such assets, business, and property.

Section 7-19-5.5(1)(c)

Subsection 7-19-5.5(2)

Only liabilities, claims, and obligations expressly assumed by the transferee are transferred or assigned in a supervisory merger or supervisory acquisition, and the transferee is not liable for claims or obligations tied to acts or omissions of the…

Section 7-19-5.5(2)

04

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In force source record

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

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Showing 6 of 6 provisions

Provision 6
§ 7-19-5.5Transferred assets free of encumbrances.Provision

Source excerpt

Transferred assets must be taken free of avoided/disallowed liens and unperfected liens, except for expressly assumed items, and remain subject to allowed perfected liens.

Transferred assets free of encumbrances. Any institution or other person to whom assets, business, and property are transferred pursuant to a supervisory merger or a supervisory acquisition shall take those assets, business, and property: free and clear of all liens, claims, and encumbrances that have been avoided or disallowed by the commissioner under Sections 7-2-6 and 7-2-12 ; free and clear of all unperfected liens, claims, and encumbrances pertaining to the assets, business, and property, except to the extent expressly assumed by the transferee; and subject to all allowed perfected liens, claims, security interests, and encumbrances relating to such assets, business, and property. Only those deposit liabilities and other liabilities, claims, and obligations of or against the transferring institution, its officers, directors, employees, and agents which are expressly assumed by the transferee shall be transferred or assigned pursuant to a supervisory merger or a supervisory acquisition. In addition, no such transferee shall be liable for any claim or obligation made against or attributable to acts or omissions of the commissioner, the department, or any of their agents, arising out of or related to the supervisory merger or the supervisory acquisition.
Section 7-19-5.5Verify source
§ 7-19-5.5(1)Subsection 7-19-5.5(1)Provision

Source excerpt

A transferee in a supervisory merger or supervisory acquisition takes the transferred assets, business, and property free of avoided or disallowed liens, claims, and encumbrances, free of unperfected liens unless expressly assumed, and subject to allowed perfected liens and security interests.

Any institution or other person to whom assets, business, and property are transferred pursuant to a supervisory merger or a supervisory acquisition shall take those assets, business, and property: free and clear of all liens, claims, and encumbrances that have been avoided or disallowed by the commissioner under Sections 7-2-6 and 7-2-12 ; free and clear of all unperfected liens, claims, and encumbrances pertaining to the assets, business, and property, except to the extent expressly assumed by the transferee; and subject to all allowed perfected liens, claims, security interests, and encumbrances relating to such assets, business, and property.
Section 7-19-5.5(1)Verify source
§ 7-19-5.5(1)(a)Subsection 7-19-5.5(1)(a)Provision

Source excerpt

free and clear of all liens, claims, and encumbrances that have been avoided or disallowed by the commissioner under Sections 7-2-6 and 7-2-12 ;

free and clear of all liens, claims, and encumbrances that have been avoided or disallowed by the commissioner under Sections 7-2-6 and 7-2-12 ;
Section 7-19-5.5(1)(a)Verify source
§ 7-19-5.5(1)(b)Subsection 7-19-5.5(1)(b)Provision

Source excerpt

Transferred assets, business, and property must be free of unperfected liens, claims, and encumbrances, except for amounts expressly assumed by the transferee.

free and clear of all unperfected liens, claims, and encumbrances pertaining to the assets, business, and property, except to the extent expressly assumed by the transferee; and
Section 7-19-5.5(1)(b)Verify source
§ 7-19-5.5(1)(c)Subsection 7-19-5.5(1)(c)Provision

Source excerpt

subject to all allowed perfected liens, claims, security interests, and encumbrances relating to such assets, business, and property.

subject to all allowed perfected liens, claims, security interests, and encumbrances relating to such assets, business, and property.
Section 7-19-5.5(1)(c)Verify source
§ 7-19-5.5(2)Subsection 7-19-5.5(2)Provision

Source excerpt

Only liabilities, claims, and obligations expressly assumed by the transferee are transferred or assigned in a supervisory merger or supervisory acquisition, and the transferee is not liable for claims or obligations tied to acts or omissions of the commissioner, the department, or their agents.

Only those deposit liabilities and other liabilities, claims, and obligations of or against the transferring institution, its officers, directors, employees, and agents which are expressly assumed by the transferee shall be transferred or assigned pursuant to a supervisory merger or a supervisory acquisition. In addition, no such transferee shall be liable for any claim or obligation made against or attributable to acts or omissions of the commissioner, the department, or any of their agents, arising out of or related to the supervisory merger or the supervisory acquisition.
Section 7-19-5.5(2)Verify source

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