(1) Section 61-1-1, Subsection 61-1-3(1), Sections 61-1-7, 61-1-15.5, 61-1-17, and 61-1-22 apply to persons who sell or offer to sell when:

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Terms Used In Utah Code 61-1-26

  • Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Director: means the director of the division appointed in accordance with Section 61-1-18. See Utah Code 61-1-13
  • Division: means the Division of Securities established by Section 61-1-18. See Utah Code 61-1-13
  • Executor: A male person named in a will to carry out the decedent
  • Executor: includes "administrator" when the subject matter justifies the use. See Utah Code 68-3-12.5
  • Issuer: means a person who issues or proposes to issue a security or has outstanding a security that it has issued. See Utah Code 61-1-13
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • offer to sell: includes an attempt or offer to dispose of, or solicitation of an offer to buy, a security or interest in a security for value. See Utah Code 61-1-13
  • Person: means :
              (1)(x)(i) an individual;
              (1)(x)(ii) a corporation;
              (1)(x)(iii) a partnership;
              (1)(x)(iv) a limited liability company;
              (1)(x)(v) an association;
              (1)(x)(vi) a joint-stock company;
              (1)(x)(vii) a joint venture;
              (1)(x)(viii) a trust where the interests of the beneficiaries are evidenced by a security;
              (1)(x)(ix) an unincorporated organization;
              (1)(x)(x) a government; or
              (1)(x)(xi) a political subdivision of a government. See Utah Code 61-1-13
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
  • Security: means a:
                   (1)(ee)(i)(A) note;
                   (1)(ee)(i)(B) stock;
                   (1)(ee)(i)(C) treasury stock;
                   (1)(ee)(i)(D) bond;
                   (1)(ee)(i)(E) debenture;
                   (1)(ee)(i)(F) evidence of indebtedness;
                   (1)(ee)(i)(G) certificate of interest or participation in a profit-sharing agreement;
                   (1)(ee)(i)(H) collateral-trust certificate;
                   (1)(ee)(i)(I) preorganization certificate or subscription;
                   (1)(ee)(i)(J) transferable share;
                   (1)(ee)(i)(K) investment contract;
                   (1)(ee)(i)(L) burial certificate or burial contract;
                   (1)(ee)(i)(M) voting-trust certificate;
                   (1)(ee)(i)(N) certificate of deposit for a security;
                   (1)(ee)(i)(O) certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
                   (1)(ee)(i)(P) commodity contract or commodity option;
                   (1)(ee)(i)(Q) interest in a limited liability company;
                   (1)(ee)(i)(R) life settlement interest; or
                   (1)(ee)(i)(S) in general, an interest or instrument commonly known as a "security" or a certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase an item listed in Subsections (1)(ee)(i)(A) through (R). See Utah Code 61-1-13
  • sell: includes a contract for sale of, contract to sell, or disposition of, a security or interest in a security for value. See Utah Code 61-1-13
  • Service of process: The service of writs or summonses to the appropriate party.
  • State: means a state, territory, or possession of the United States, the District of Columbia, and Puerto Rico. See Utah Code 61-1-13
  • Writing: includes :
         (48)(a) printing;
         (48)(b) handwriting; and
         (48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5
     (1)(a) an offer to sell is made in this state; or
     (1)(b) an offer to buy is made and accepted in this state.
(2) Section 61-1-1, Subsection 61-1-3(1), and Section 61-1-17 apply to persons who buy or offer to buy when:

     (2)(a) an offer to buy is made in this state; or
     (2)(b) an offer to sell is made and accepted in this state.
(3) For the purposes of this section, an offer to sell or to buy is made in this state whether or not either party is then present in this state, when the offer:

     (3)(a) originates from this state; or
     (3)(b) is directed by the offeror to this state and received at the place to which it is directed, or at any post office in this state in the case of a mailed offer.
(4) For the purposes of this section, an offer to sell or to buy is accepted in this state when acceptance:

     (4)(a) is communicated to the offeror in this state; and
     (4)(b) has not previously been communicated to the offeror, orally or in writing, outside this state, and acceptance is communicated to the offeror in this state, whether or not either party is then present in this state, when the offeree directs it to the offeror in this state reasonably believing the offeror to be in this state and it is received at the place to which it is directed or at any post office in this state in the case of a mailed acceptance.
(5) An offer to sell or to buy is not made in this state when:

     (5)(a) the publisher circulates or there is circulated on his behalf in this state any bona fide newspaper or other publication of general, regular, and paid circulation which is not published in this state, or which is published in this state but has had more than 2/3 of its circulation outside this state during the past 12 months; or
     (5)(b) a radio or television program originating outside this state is received in this state.
(6) Section 61-1-2 and Subsection 61-1-3(3), as well as Section 61-1-17 so far as investment advisers are concerned, apply when any act instrumental in effecting prohibited conduct is done in this state, whether or not either party is then present in this state.
(7)

     (7)(a) Every application for registration under this chapter and every issuer which proposes to offer a security in this state through any person acting on an agency basis in the common-law sense shall file with the division, in such form as it prescribes by rule, an irrevocable consent appointing the division or the director to be his attorney to receive service of any lawful process in any noncriminal suit, action, or proceeding against him or his successor, executor, or administrator which arises under this chapter or any rule or order hereunder after the consent has been filed, with the same force and validity as if served personally on the person filing the consent.
     (7)(b) A person who has filed such a consent in connection with a previous registration or notice filing need not file another.
     (7)(c) Service may be made by leaving a copy of the process in the office of the division, but it is not effective unless the plaintiff, who may be the division in a suit, action, or proceeding instituted by it, sends notice of the service and a copy of the process by registered mail to the defendant or respondent at his last address on file with the division, and the plaintiff’s affidavit of compliance with this subsection is filed in the case on or before the return day of the process, if any, or within such further time as the court allows.
(8)

     (8)(a) When any person, including any nonresident of this state, engages in conduct prohibited or made actionable by this chapter or any rule or order hereunder, and he has not filed a consent to service of process under Subsection (7) and personal jurisdiction over him cannot otherwise be obtained in this state, that conduct shall be considered equivalent to his appointment of the division or the director to be his attorney to receive service of any lawful process in any noncriminal suit, action, or proceeding against him or his successor executor or administrator which grows out of that conduct and which is brought under this chapter or any rule or order hereunder, with the same force and validity as if served on him personally.
     (8)(b) Service may be made by leaving a copy of the process in the office of the division, but it is not effective unless the plaintiff, who may be the division in a suit, action, or proceeding instituted by it, sends notice of the service and a copy of the process by registered mail to the defendant or respondent at his last-known address or takes other steps which are reasonably calculated to give actual notice, and the plaintiff’s affidavit of compliance with this subsection is filed in the case on or before the return day of the process, if any, or within such further time as the court allows.
(9) When process is served under this section, the court, or the director shall order such continuance as may be necessary to afford the defendant or respondent reasonable opportunity to defend.

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