Current through the 2024 Fourth Special Session
Section 16-6a-119 - Execution against a mutual benefit corporation(1) As used in this section: (a) "Judicial lien" means one or more of the following:(ii) other lien obtained by a judicial or equitable process or proceeding.(b) "Water right" means: (i) a right to use water evidenced by a means identified in Section 73-1-10; or(ii) a right to use water under an approved application: (B) for a change of use; or(C) for the exchange of water.(c) "Water rights and related assets" means a water right or title to: (i) a water conveyance facility; or(ii) other asset of a mutual benefit corporation necessary to divert or distribute water to its members.(2) Except as provided in Subsection (3), a court may not do the following with regard to a judicial lien recorded on or after May 12, 2009 against the water rights and related assets of a mutual benefit corporation earlier than 180 days after the day on which the judicial lien is recorded or takes effect: (a) execute the judicial lien;(b) impose a levy as a result of the judicial lien; or(c) force the sale, transfer, or change in ownership of the water rights and related assets pursuant to the judicial lien.(3) This section does not apply to a judicial lien related to a cause of action brought against a mutual benefit corporation by a shareholder under Section 73-3-3.5.Enacted by Chapter 37, 2009 General Session.