Superseded 7/1/2022

(1)  The following institutions of higher education are bodies politic and corporate with perpetual succession and with all rights, immunities, and franchises necessary to function as such:

Terms Used In Utah Code 53B-2-101

  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • 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
  • Technical college: means an institution of higher education described in Subsection 53B-1-102(1)(b). See Utah Code 53B-1-101.5
(a)  the University of Utah;

(b)  Utah State University;

(c)  Weber State University;

(d)  Southern Utah University;

(e)  Snow College;

(f)  Dixie State University;

(g)  Utah Valley University;

(h)  Salt Lake Community College;

(i)  Bridgerland Technical College;

(j)  Davis Technical College;

(k)  Dixie Technical College;

(l)  Mountainland Technical College;

(m)  Ogden-Weber Technical College;

(n)  Southwest Technical College;

(o)  Tooele Technical College; and

(p)  Uintah Basin Technical College.

(2) 

(a)  An institution of higher education may have and use a corporate seal and may, subject to this title, take, hold, lease, sell, and convey real and personal property as the interest of the institution requires.

(b)  An institution of higher education is vested with all the property, franchises, and endowments of, and is subject to, all the contracts, obligations, and liabilities of the institution’s respective predecessor.

(c) 

(i)  An institution of higher education may enter into business relationships or dealings with private seed or venture capital entities or partnerships consistent with Utah Constitution Article VI, Section 29, Subsection (2).

(ii)  A business dealing or relationship entered into under Subsection (2)(c)(i) does not preclude the private entity or partnership from participating in or receiving benefits from a venture capital program authorized or sanctioned by the laws of this state, unless otherwise precluded by the specific law that authorizes or sanctions the program.

Amended by Chapter 382, 2017 General Session