11-13-605. Notice of limitation on liabilities of segments.
| (1) |
Terms Used In Utah Code 11-13-605- Associated entity: means a taxed interlocal entity that adopts a segment's organizing resolution. See Utah Code 11-13-602
- Indexed office: means the address identified under Subsection 63G-7-401(5)(a)(i) by a segment's associated entity in the associated entity's statement described in Subsection 63G-7-401(5). See Utah Code 11-13-602
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Principal county: means the county in which the indexed office of a segment's associated entity is located. See Utah Code 11-13-602
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Segment: means a segment created in accordance with Section 11-13-604. See Utah Code 11-13-602
| (a) |
A notice of limitation on liabilities of a segment described in Subsection 11-13-604(2)(e) shall:
| (i) |
state:
| (A) |
the name of the segment’s associated entity; |
| (B) |
the associated entity’s indexed office; |
| (C) |
the associated entity’s principal county; and |
| (D) |
that the liabilities of each segment established by the associated entity, regardless of when the segment is created, are limited in accordance with the provisions of this part; and |
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| (ii) |
be acknowledged by a director or an officer of the associated entity. |
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| (b) |
A notice of limitation on liabilities of a segment is not required to refer to a particular segment. |
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| (2) |
| (a) |
The requirements described in Section 57-3-105 do not apply to a notice of limitation on liabilities of a segment. |
| (b) |
A county recorder shall record a notice of limitation on liabilities of a segment that:
| (i) |
is submitted to the county recorder for recording; and |
| (ii) |
satisfies the requirements described in Subsection (1)(a). |
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| (3) |
A recorded notice of limitation on liabilities of a segment does not create any interest in or otherwise encumber the property described in the notice. |
| (5) |
A notice of limitation on liabilities of a segment that is recorded in accordance with this part in the principal county of the segment’s associated entity constitutes notice for all purposes of the limitation on liabilities of the segment, regardless of whether the segment is established at the time the notice is recorded. |
Enacted by Chapter 382, 2016 General Session
