Utah Code 63H-8-411. Asset disposition upon dissolution of corporation
Current as of: 2024 | Check for updates
|
Other versions
Upon dissolution of the corporation:
(1) all liabilities and obligations of the corporation, including obligations to bondholders, shall be paid, satisfied, discharged, or adequately provided for; and
Terms Used In Utah Code 63H-8-411
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Utah Housing Corporation created by Section 63H-8-201, which, prior to July 1, 2001, was named the Utah Housing Finance Agency. See Utah Code 63H-8-103
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- State: means the state of Utah. See Utah Code 63H-8-103
(2) all remaining money, property, rights, claims, and interests of the corporation shall revert or be conveyed to the state.