Utah Code 73-18c-305. State treasurer’s certificate to satisfy owner’s or operator’s security requirement
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(1) A certificate of the state treasurer that conforms to this section satisfies the owner‘s or operator‘s security requirement of Section 73-18c-301 .
Terms Used In Utah Code 73-18c-305
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Judgment: means any judgment that is final by:(4)(a) expiration without appeal of the time within which an appeal might have been perfected; or(4)(b) final affirmation on appeal, rendered by a court of competent jurisdiction of any state or of the United States, upon a cause of action for damages:(4)(b)(i) arising out of the ownership, maintenance, or use of any personal watercraft, including damages for care and loss of services because of bodily injury to or death of any person, or because of injury to or destruction of property including the loss of use of the property; or(4)(b)(ii) on a settlement agreement. See Utah Code 73-18c-102
- Operator: means the person who is in control of a motorboat while it is in use. See Utah Code 73-18c-102
- Owner: includes a person entitled to the use or possession of a motorboat subject to an interest by another person, reserved or created by agreement and securing payment or performance of an obligation. See Utah Code 73-18c-102
- Person: means :
(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2) The certificate of the state treasurer shall certify that the person named in it has deposited in trust with the state treasurer cash in an amount equal to twice the single limit under Subsection31A-22-1503(2) or securities with a fair market value of a similar amount, which securities are legal investments for insurers under Section31A-18-105 . The state treasurer may not accept a deposit and issue a certificate for it, unless the deposit is accompanied by evidence that there are no unsatisfied liens of any character on the assets deposited.(3) The deposit shall be held by the state treasurer in trust to satisfy any execution on a judgment that would be paid under an insurance policy conforming to Sections31A-22-1502 and31A-22-1503 had the treasurer issued such a policy.(4) Except as provided under Subsection(3) , assets deposited with the treasurer under this chapter are exempt from attachment or execution.