UTAH CODE (Last Updated: January 16, 2015) |
Title 31A. Insurance Code |
Chapter 27a. Insurer Receivership Act |
Part 5. Asset Recovery |
§ 31A-27a-503. Unauthorized postpetition transfers.
Latest version.
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(2) Except to the extent that a transfer or obligation voidable under this section is otherwise voidable under this chapter, a transferee or obligee of a transfer or obligation described in Subsection (1) has a lien on or may retain, at the option of the receivership court, an interest transferred or may enforce an obligation incurred, as the case may be: (a) if the transferee or obligee takes it for value and in good faith; and (b) to the extent that the transferee or obligee gave value to the insurer in exchange for the transfer or obligation.
Enacted by Chapter 309, 2007 General Session