| (1) |
A pledge made by the board is valid and binding from the time the pledge is made. |
Terms Used In Utah Code 53B-13-109
- Board: means the Utah Board of Higher Education described in Section 53B-1-402. See Utah Code 53B-1-101.5
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Resolution: when used in relation to the issuance of bonds, means the resolution or trust agreement securing the bonds. See Utah Code 53B-13-102
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
| (2) |
The money or property pledged and subsequently received by the board is immediately subject to the lien of the pledge without physical delivery or further act. |
| (3) |
The lien of the pledge is valid and binding against all parties having a claim in tort, contract, or otherwise against the board, irrespective of whether the parties have notice of the claim. |
| (4) |
Neither the resolution nor another instrument by which a pledge is created need be recorded. |
Enacted by Chapter 167, 1987 General Session
