Utah Code 25-6-302. Transfer — When made
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In this chapter:
(1) a transfer is made:
Terms Used In Utah Code 25-6-302
- Asset: means property of a debtor, but does not include:(2)(a) property to the extent it is encumbered by a valid lien;(2)(b) property to the extent it is generally exempt under nonbankruptcy law; or(2)(c) an interest in property held in tenancy by the entireties to the extent it is not subject to process by a creditor holding a claim against only one tenant. See Utah Code 25-6-102
- Contract: A legal written agreement that becomes binding when signed.
- Creditor: means a person that has a claim. See Utah Code 25-6-102
- Debtor: means a person that is liable on a claim. See Utah Code 25-6-102
- 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.
- Property: means anything that may be the subject of ownership. See Utah Code 25-6-102
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium that is retrievable in perceivable form. See Utah Code 25-6-102
- Transfer: means every mode, direct or indirect, absolute or conditional, or voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset, and includes payment of money, release, lease, and creation of a lien or other encumbrance. See Utah Code 25-6-102
(1)(a) with respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good faith purchaser of the asset from the debtor against which applicable law permits the transfer to be perfected cannot acquire an interest in the asset that is superior to the interest of the transferee; and(1)(b) with respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien other than under this chapter that is superior to the interest of the transferee;
(2) if applicable law permits the transfer to be perfected as provided in Subsection (1) and the transfer is not so perfected before the commencement of an action for relief under this chapter, the transfer is deemed made immediately before the commencement of the action;
(3) if applicable law does not permit the transfer to be perfected as provided in Subsection (1), the transfer is made when it becomes effective between the debtor and the transferee;
(4) a transfer is not made until the debtor has acquired rights in the asset transferred; and
(5) an obligation is incurred:
(5)(a) if oral, when it becomes effective between the parties; or
(5)(b) if evidenced by a record, when the record signed by the obligor is delivered to or for the benefit of the obligee.