Utah Code 31A-27a-503. Unauthorized postpetition transfers
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(1) Except as otherwise provided in this section, the receiver may avoid a transfer of an interest of the insurer in property, or an obligation incurred by the insurer, that is:
Terms Used In Utah Code 31A-27a-503
- Filed: means that a filing is:(69)(a)(i) submitted to the department as required by and in accordance with applicable statute, rule, or filing order;(69)(a)(ii) received by the department within the time period provided in applicable statute, rule, or filing order; and(69)(a)(iii) accompanied by the appropriate fee in accordance with:(69)(a)(iii)(A) Section
31A-3-103 ; or(69)(a)(iii)(B) rule. See Utah Code 31A-1-301- Good faith: means honesty in fact and intention, and in regard to Part 5, Asset Recovery, also requires the absence of:
(19)(a) information that would lead a reasonable person in the same position to know that the insurer is financially impaired or insolvent; and(19)(b) knowledge regarding the imminence or pendency of a delinquency proceeding against the insurer. 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.
- 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: 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
- receivership: means a rehabilitation, liquidation, or ancillary receivership. See Utah Code 31A-27a-102
- receivership court: refers to the court in which a delinquency proceeding is pending. 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) made or incurred after the day on which a petition for receivership is filed; and(1)(b) not authorized by the receiver and approved by the receivership court.(2) Except to the extent that a transfer or obligation voidable under this section is otherwise voidable under this chapter, a transferee or obligee of a transfer or obligation described in Subsection (1) has a lien on or may retain, at the option of the receivership court, an interest transferred or may enforce an obligation incurred, as the case may be:(2)(a) if the transferee or obligee takes it for value and in good faith; and(2)(b) to the extent that the transferee or obligee gave value to the insurer in exchange for the transfer or obligation. - Good faith: means honesty in fact and intention, and in regard to Part 5, Asset Recovery, also requires the absence of: