63B-1-320. State to succeed to property of authority when encumbrances paid or authority dissolved.
- (1) Each facility shall immediately vest in and become the property of this state when the obligations encumbering it are paid.
- (2) If the authority is dissolved at any time, for any reason, all property of the authority shall immediately vest in and become the property of this state, which shall succeed to all rights of the authority and to any encumbrances which may then exist on any particular facilities, to the extent provided by this part.
Renumbered and Amended by Chapter 86, 2003 General Session