Utah Code 53B-13-109. Board pledges — Attachment of lien — Recording unnecessary
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(1) A pledge made by the board is valid and binding from the time the pledge is made.
Terms Used In Utah Code 53B-13-109
- Board: means the Utah Board of Higher Education described in Section 53B-1-402. See Utah Code 53B-1-101.5
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Resolution: when used in relation to the issuance of bonds, means the resolution or trust agreement securing the bonds. See Utah Code 53B-13-102
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(2) The money or property pledged and subsequently received by the board is immediately subject to the lien of the pledge without physical delivery or further act.
(3) The lien of the pledge is valid and binding against all parties having a claim in tort, contract, or otherwise against the board, irrespective of whether the parties have notice of the claim.
(4) Neither the resolution nor another instrument by which a pledge is created need be recorded.