Assets of a dissolved nonprofit corporation that are to be transferred to a creditor, claimant, or member of the nonprofit corporation shall be reduced to cash and deposited with the state treasurer in accordance with Title 67, Chapter 4a, Revised Uniform Unclaimed Property Act, if the creditor, claimant, or member:
(1)
cannot be found; or
Need help reviewing 501c forms? Have it reviewed by a lawyer, get answers to your questions and move forward with confidence. Connect with a lawyer now
Terms Used In Utah Code 16-6a-1419
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Receive: when used in reference to receipt of a writing or other document by a domestic or foreign nonprofit corporation, means the writing or other document is actually received:
(a)
by the domestic or foreign nonprofit corporation at:
(i)
its registered office in this state; or
(ii)
its principal office;
(b)
by the secretary of the domestic or foreign nonprofit corporation, wherever the secretary is found; or
(c)
by another person authorized by the bylaws or the board of directors to receive the writing or other document, wherever that person is found. See Utah Code 16-6a-102
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
