Utah Code 16-6a-607. Creditor’s action against member
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A proceeding may not be brought by a creditor to reach the liability, if any, of a member to the nonprofit corporation unless:
(1)
Terms Used In Utah Code 16-6a-607
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Member: includes :(34)(b)(i) "voting member"; and(34)(b)(ii) a shareholder in a water company. See Utah Code 16-6a-102
- Proceeding: includes :
(42)(a) a civil suit;(42)(b) arbitration;(42)(c) mediation;(42)(d) a criminal action;(42)(e) an administrative action; or(42)(f) an investigatory action. See Utah Code 16-6a-102(1)(a) final judgment has been rendered in favor of the creditor against the nonprofit corporation; and(1)(b) execution has been returned unsatisfied in whole or in part; or(2) a proceeding described in Subsection (1) would be useless. - Proceeding: includes :