Utah Code 31A-27a-802. Discharge of liquidator and termination of liquidation proceedings
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(1) When all property justifying the expense of collection and distribution is collected and distributed under this chapter, the liquidator shall apply to the receivership court for an order discharging the liquidator and terminating the proceeding.
Terms Used In Utah Code 31A-27a-802
- Application: means a document:(10)(a)(10)(a)(i) completed by an applicant to provide information about the risk to be insured; and(10)(a)(ii) that contains information that is used by the insurer to evaluate risk and decide whether to:(10)(a)(ii)(A) insure the risk under:(10)(a)(ii)(A)(I) the coverage as originally offered; or(10)(a)(ii)(A)(II) a modification of the coverage as originally offered; or(10)(a)(ii)(B) decline to insure the risk; or(10)(b) used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301
- Order: means an order of the commissioner. See Utah Code 31A-1-301
- Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- 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
(2) The receivership court may grant the application and make any other orders, including orders to:
(2)(a) transfer any remaining funds that are uneconomic to distribute; or
(2)(b) pursuant to Subsection 31A-27a-703(3), assign an asset that remains unliquidated, including a claim or cause of action, as may be considered appropriate.