Section 402 – Governing law.
Effective 5/9/2017 25-6-402. Governing law. (1) In this section, the following rules determine the debtor’s location: (a) a debtor who is an individual is located at the individual’s principal residence; (b) a debtor that is an organization and has only one place of business is located at its place of business; and (c) a debtor […]
Section 403 – Application to series organization.
Effective 5/9/2017 25-6-403. Application to series organization. (1) As used in this section: (a) “Protected series” means an arrangement, however denominated, created by a series organization that, pursuant to the law under which the series organization is organized, has the characteristics described in Subsection (1)(b). (b) “Series organization” means an organization that, pursuant to the […]
Section 404 – Legal principles applicable to chapter.
Effective 5/9/2017 25-6-404. Legal principles applicable to chapter. Unless displaced by this chapter, the principles of law and equity, including merchant law and the law relating to principal and agent, equitable subordination, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validating or invalidating cause, supplement this chapter’s provisions. Renumbered and Amended by Chapter […]
Section 405 – Construction of chapter.
Effective 5/9/2017 25-6-405. Construction of chapter. This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it. Renumbered and Amended by Chapter 204, 2017 General Session
Section 406 – Applicability of chapter.
Effective 5/9/2017 25-6-406. Applicability of chapter. (1) This chapter applies when any transfer occurs after the effective date of this act. (2) The amendments to this chapter that take effect on May 9, 2017: (a) apply to a transfer made or obligation incurred on or after May 9, 2017; (b) do not apply to a […]
Section 407 – Relation to Electronic Signatures in Global and National Commerce Act.
Effective 5/9/2017 25-6-407. Relation to Electronic Signatures in Global and National Commerce Act. This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Sec. 7001 et seq., but does not modify, limit, or supersede Section 101(c) of that act, 15 U.S.C. Sec. 7001(c), or authorize electronic delivery of […]
Section 502 – Asset protection trust.
Effective 5/14/2019 25-6-502. Asset protection trust. (1) As used in this section: (a) “Creditor” means: (i) a creditor or other claimant of the settlor existing when the trust is created; or (ii) a person who subsequently becomes a creditor, including, whether or not reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, […]
Section 302 – Transfer — When made.
Effective 5/9/2017 25-6-302. Transfer — When made. In this chapter: (1) a transfer is made: (a) with respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that […]
Section 303 – Remedies of creditors.
Effective 5/9/2017 25-6-303. Remedies of creditors. (1) In an action for relief against a transfer or obligation under this chapter, a creditor, subject to the limitations in Section 25-6-304, may obtain: (a) avoidance of the transfer or obligation to the extent necessary to satisfy the creditor’s claim; (b) an attachment or other provisional remedy against […]
Section 304 – Good faith transfer.
Effective 5/9/2017 25-6-304. Good faith transfer. (1) Except as otherwise provided in this section, a transfer or obligation is not voidable under Subsection 25-6-202(1)(a) against a person that took in good faith and for a reasonably equivalent value given the debtor or against any subsequent transferee or obligee. (2) Except as otherwise provided in this […]