(1)  In the sale, lease, exchange, or mortgage of assets with or without shareholder action, and concerning the rights of dissenting shareholders in those transactions, Sections 16-10a-1201, 16-10a-1202, 16-10a-1320 through 16-10a-1328, 16-10a-1330, and 16-10a-1331 apply to stock corporations. In the sale, lease, exchange, or mortgage of assets, Section 16-6a-1201 applies to mutuals.

Terms Used In Utah Code 31A-5-508

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Domestic insurer: means an insurer organized under the laws of this state. See Utah Code 31A-1-301
  • Insurance: includes :
(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301
    • (2)  Chapter 16, Insurance Holding Companies, applies to:

    (a)  the sale of a domestic insurer‘s assets or book of business, other than in the ordinary course of business; or

    (b)  the insurer entering into contracts of reinsurance which have substantially the same effect as a merger.

    Amended by Chapter 300, 2000 General Session

      Previous section
    Next section  
     Part 5 Contents