§ 32B-8a-501. License not to be pledged as security -- Prohibited transfers. (Effective 7/1/2014)

Latest version.

(1)	A retail licensee may not enter into any agreement under which the retail licensee pledges the retail license as security for a loan or as security for the fulfillment of any agreement.

(2)

A retail licensee may not transfer a retail license if the transfer is to:

(a)	satisfy a loan or to fulfill an agreement entered into more than 90 days preceding the date on which the transfer application is filed;

(b)	gain or establish a preference to or for any creditor of the transferor, except as provided by Section 32B-8a-202; or

(c)	defraud or injure a creditor of the transferor.

(3)	A retail licensee may not transfer a retail license except in accordance with this chapter.

Revisor instructions Chapter 349, 2013 General Session
Enacted by Chapter 334, 2011 General Session

                    
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