Utah Code 25-6-406. Applicability of chapter
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(1) This chapter applies when any transfer occurs after the effective date of this act.
Terms Used In Utah Code 25-6-406
- 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.
- 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
(2) The amendments to this chapter that take effect on May 9, 2017:
(2)(a) apply to a transfer made or obligation incurred on or after May 9, 2017;
(2)(b) do not apply to a transfer made or obligation incurred before May 9, 2017; and
(2)(c) do not apply to a right of action that has accrued before May 9, 2017.
(3) For purposes of Subsection (2), a transfer is made and an obligation is incurred at the time provided in Section 25-6-302.