(1) The receiver may avoid a transfer of or lien on the property of, or obligation incurred by, an insurer that the insurer or a policyholder, creditor, member, or stockholder of the insurer:

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Terms Used In Utah Code 31A-27a-507

  • Commissioner: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
  • creditor: means a person having a claim against an insurer whether the claim is:
         (5)(a) matured or not matured;
         (5)(b) liquidated or unliquidated;
         (5)(c) secured or unsecured;
         (5)(d) absolute; or
         (5)(e) fixed or contingent. See Utah Code 31A-27a-102
  • insurer: means a person who:
         (23)(a) is doing, has done, purports to do, or is licensed to do the business of insurance;
         (23)(b) is or has been subject to the authority of, or to rehabilitation, liquidation, reorganization, supervision, or conservation by an insurance commissioner; or
         (23)(c) is included under Section 31A-27a-104. See Utah Code 31A-27a-102
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • receiver: means the commissioner or the commissioner's designee, including a rehabilitator, liquidator, or ancillary receiver. See Utah Code 31A-27a-102
  • State: means a state, district, or territory of the United States. See Utah Code 31A-27a-102
  • Transfer: includes the sale and every other and different mode of disposing of or parting with property or with an interest in property, whether:
              (46)(a)(i) directly or indirectly;
              (46)(a)(ii) absolutely or conditionally;
              (46)(a)(iii) voluntarily or involuntarily; or
              (46)(a)(iv) by or without judicial proceedings. See Utah Code 31A-27a-102
     (1)(a) may have avoided without regard to any knowledge of:

          (1)(a)(i) the receiver;
          (1)(a)(ii) the commissioner;
          (1)(a)(iii) the insurer; or
          (1)(a)(iv) a policyholder, creditor, member, or stockholder of the insurer; and
     (1)(b) whether or not a policyholder, creditor, member, or stockholder described in this Subsection (1) exists.
(2) The receiver is considered a creditor without knowledge for purposes of pursuing claims under:

     (2)(b) similar provisions of state or federal law.