Utah Code 31A-36-103. Law governing
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(1) If there is more than one owner on a single policy and the owners are residents of different states, the law of the state in which the owner having the largest percentage ownership resides governs the life settlement. If the owners own equal fractions of a policy, the owners may agree in writing that the law of the state in which one resides governs the life settlement.
Terms Used In Utah Code 31A-36-103
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Life settlement: includes :(8)(b)(i) the transfer for compensation or value of ownership or beneficial interest in a trust or other entity that owns a policy if the trust or other entity is formed or operated for the principal purpose of acquiring one or more policies; or(8)(b)(ii) a premium finance loan made for a policy by a lender to an owner on, before, or after the date of issuance of the policy if the owner:(8)(b)(ii)(A) receives on the date of the premium finance loan a guarantee of a future life settlement value of the policy; or(8)(b)(ii)(B) agrees on the date of the premium finance loan to sell the policy or any portion of the policy's death benefit on a date following the issuance of the policy. See Utah Code 31A-36-102
- Owner: means any of the following who resides in this state and seeks to enter into a life settlement:
(12)(a)(i) the owner of a policy; or(12)(a)(ii) the holder of a certificate of a group policy. See Utah Code 31A-36-102- Policy: means :
(13)(a) an individual or group life insurance policy;(13)(b) an individual or group annuity policy;(13)(c) a group life insurance certificate;(13)(d) a group annuity certificate; or(13)(e) a life insurance policy or an annuity policy, whether or not delivered or issued for delivery in Utah:(13)(e)(i) affecting the rights of a resident of Utah; or(13)(e)(ii) bearing a reasonable relation to Utah. See Utah Code 31A-36-102- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Writing: includes :
(48)(a) printing;(48)(b) handwriting; and(48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5(2) A life settlement that is subject to this chapter may not:(2)(a) require that the life settlement be construed according to the laws of another jurisdiction; or(2)(b) deprive a court of competent jurisdiction in Utah to have jurisdiction over an action. - Owner: means any of the following who resides in this state and seeks to enter into a life settlement: