Utah Code 63H-8-411. Asset disposition upon dissolution of corporation

63H-8-411. Asset disposition upon dissolution of corporation.
Upon dissolution of the corporation:

(1)	all liabilities and obligations of the corporation, including obligations to bondholders, shall be paid, satisfied, discharged, or adequately provided for; and

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.
Corporation: means the Utah Housing Corporation created by Section 63H-8-201, which, prior to July 1, 2001, was named the Utah Housing Finance Agency. See Utah Code 63H-8-103
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Property: includes both real and personal property. See Utah Code 68-3-12.5
State: means the state of Utah. See Utah Code 63H-8-103

(2)	all remaining money, property, rights, claims, and interests of the corporation shall revert or be conveyed to the state.

Renumbered and Amended by Chapter 226, 2015 General Session