Utah Code 67-4a-704. Purchaser owns property after sale
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(1) A purchaser of property at a sale conducted by the administrator under this chapter takes the property free of all claims of the owner, a previous holder, or a person claiming through the owner or holder.
Terms Used In Utah Code 67-4a-704
- Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
- Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner property subject to this chapter. See Utah Code 67-4a-102
- Owner: includes :(26)(b)(i) a depositor, for a deposit;(26)(b)(ii) a beneficiary, for a trust other than a deposit in trust;(26)(b)(iii) a creditor, claimant, or payee, for other property; and(26)(b)(iv) the lawful bearer of a record that may be used to obtain money, a reward, or a thing of value. See Utah Code 67-4a-102
- Person: means :
(28)(a) an individual;(28)(b) an estate;(28)(c) a business association;(28)(d) a public corporation;(28)(e) a government entity;(28)(f) an agency;(28)(g) a trust;(28)(h) an instrumentality; or(28)(i) any other legal or commercial entity. See Utah Code 67-4a-102- Property: includes :
(29)(b)(i) all income from or increments to the property;(29)(b)(ii) property referred to as or evidenced by:(29)(b)(ii)(A) money, virtual currency, interest, or a dividend, check, draft, or deposit;(29)(b)(ii)(B) a credit balance, customer's overpayment, stored-value card, payroll card, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds, or unidentified remittance; and(29)(b)(ii)(C) a security except for:(29)(b)(ii)(C)(I) a worthless security; or(29)(b)(ii)(C)(II) a security that is subject to a lien, legal hold, or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the holder's or owner's ability to receive, transfer, sell, or otherwise negotiate the security;(29)(b)(iii) a bond, debenture, note, or other evidence of indebtedness;(29)(b)(iv) money deposited to redeem a security, make a distribution, or pay a dividend;(29)(b)(v) an amount due and payable under an annuity contract or insurance policy;(29)(b)(vi) an amount distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit-sharing, employee-savings, supplemental-unemployment insurance, or a similar benefit; and(29)(b)(vii) an amount held under a preneed funeral or burial contract, other than a contract for burial rights or opening and closing services, where the contract has not been serviced following the death or the presumed death of the beneficiary. See Utah Code 67-4a-102(2) The administrator shall execute documents necessary to complete the transfer of ownership to the purchaser. - Person: means :