16-6a-119 - Execution against a mutual benefit corporation.

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 toits members.
(2) Except as provided in Subsection (3), a court may not do the following with regard toa judicial lien recorded on or after May 12, 2009 against the water rights and related assets of amutual benefit corporation earlier than 180 days after the day on which the judicial lien isrecorded 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 assetspursuant to the judicial lien.
(3) This section does not apply to a judicial lien related to a cause of action broughtagainst a mutual benefit corporation by a shareholder under Section 73-3-3.5.

Enacted by Chapter 37, 2009 General Session