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:
(i) a judgment lien; or
(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:
(A) to appropriate;
(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
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