57-8a-230.  Administration of funds.
     An association:

(1)  shall keep all of the association’s funds in an account in the name of the association; and

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Terms Used In Utah Code 57-8a-230

  • association: means a corporation or other legal entity, any member of which:
(i) is an owner of a residential lot located within the jurisdiction of the association, as described in the governing documents; and
(ii) by virtue of membership or ownership of a residential lot is obligated to pay:
(A) real property taxes;
(B) insurance premiums;
(C) maintenance costs; or
(D) for improvement of real property not owned by the member. See Utah Code 57-8a-102
  • Person: means :Utah Code 68-3-12.5
    • (2)  may not commingle the association’s funds with the funds of any other person.

    Enacted by Chapter 395, 2018 General Session

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