| (1) |
In this section, “possessory lien” means an interest, other than a security interest or an agricultural lien:
Terms Used In Utah Code 70A-9a-333- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means :Utah Code 68-3-12.5
- Statute: A law passed by a legislature.
| (a) |
which secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person’s business; |
| (b) |
which is created by statute or rule of law in favor of the person; and |
| (c) |
whose effectiveness depends on the person’s possession of the goods. |
|
| (2) |
A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise. |
Enacted by Chapter 252, 2000 General Session
