Utah Code 31A-27a-507. Receiver as lien creditor
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(1) The receiver may avoid a transfer of or lien on the property of, or obligation incurred by, an insurer that the insurer or a policyholder, creditor, member, or stockholder of the insurer:
Terms Used In Utah Code 31A-27a-507
- Commissioner: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
- creditor: means a person having a claim against an insurer whether the claim is:(5)(a) matured or not matured;(5)(b) liquidated or unliquidated;(5)(c) secured or unsecured;(5)(d) absolute; or(5)(e) fixed or contingent. 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.
- Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301
- 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.
- Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301
- 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
- State: means a state, district, or territory of the United States. 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) may have avoided without regard to any knowledge of:
(1)(a)(i) the receiver;
(1)(a)(ii) the commissioner;
(1)(a)(iii) the insurer; or
(1)(a)(iv) a policyholder, creditor, member, or stockholder of the insurer; and
(1)(b) whether or not a policyholder, creditor, member, or stockholder described in this Subsection (1) exists.
(2) The receiver is considered a creditor without knowledge for purposes of pursuing claims under:
(2)(b) similar provisions of state or federal law.