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[Introduced][Amended][Status][Bill Documents][Fiscal Note][Bills Directory]

S.B. 21 Enrolled

             1     

UNINCORPORATED BUSINESS ENTITIES

             2     
2013 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Chief Sponsor: Lyle W. Hillyard

             5     
House Sponsor: V. Lowry Snow

             6     
             7      LONG TITLE
             8      General Description:
             9          This bill modifies Title 48, Partnership, to enact a new Unincorporated Business Entity
             10      Act, and modifies references to the partnership or unincorporated business entities
             11      provisions throughout the Utah Code.
             12      Highlighted Provisions:
             13          This bill:
             14          .    enacts provisions related to partnerships, including:
             15              .    providing for general provisions;
             16              .    addressing the nature of a partnership;
             17              .    addressing relations of partners to persons dealing with partnerships;
             18              .    addressing relations of partners to each other and to partnership;
             19              .    addressing transferable interests and rights of transferees and creditors;
             20              .    addressing dissociation;
             21              .    addressing dissociation when business not wound up;
             22              .    addressing dissolution and winding up;
             23              .    addressing mergers, interest exchanges, conversion, and domestication;
             24              .    providing for limited liability partnerships;
             25              .    addressing foreign limited liability partnerships; and
             26              .    enacting miscellaneous provisions;
             27          .    enacts provisions related to limited partnerships, including:
             28              .    providing for general provisions;
             29              .    addressing formation and the certificate of limited partnership and other filings;


             30              .    addressing limited partners;
             31              .    addressing general partners;
             32              .    addressing contributions and distributions;
             33              .    addressing dissociation;
             34              .    addressing transferable interests and rights of transferees and creditors;
             35              .    addressing dissolution and winding up;
             36              .    addressing foreign limited partnerships;
             37              .    addressing actions by partners;
             38              .    addressing merger, interest exchange, conversion, and domestication;
             39              .    enacting miscellaneous provisions;
             40          .    enacts provisions related to limited liability companies, including:
             41              .    providing for general provisions;
             42              .    addressing formation, the certificate of organization, and other filings;
             43              .    addressing relations of members and managers to persons dealing with limited
             44      liability company;
             45              .    addressing relations of members to each other and to limited liability company;
             46              .    addressing transferable interests and rights of transferees and creditors;
             47              .    addressing dissociation;
             48              .    addressing dissolution and winding up;
             49              .    addressing foreign limited liability companies;
             50              .    addressing actions by members;
             51              .    addressing merger, interest exchange, conversion, and domestication;
             52              .    addressing professional services companies, series, and low-profit limited
             53      liability companies; and
             54              .    enacting miscellaneous provisions;
             55          .    extends repeal date of existing Title 48, Partnership, to January 1, 2016;
             56          .    repeals previous provisions modifying existing Title 48, Partnership;
             57          .     modifies cross-references;


             58          .    makes technical and conforming amendments.
             59      Money Appropriated in this Bill:
             60          None
             61      Other Special Clauses:
             62          This bill provides an effective date.
             63      Utah Code Sections Affected:
             64      AMENDS:
             65          7-1-810 (Effective 07/01/13), as last amended by Laws of Utah 2011, Chapter 353
             66          7-3-10 (Effective 07/01/13), as last amended by Laws of Utah 2011, Chapter 353
             67          7-8-3 (Effective 07/01/13), as last amended by Laws of Utah 2011, Chapter 353
             68          13-34-114 (Effective 07/01/13), as last amended by Laws of Utah 2011, Chapter 353
             69          16-6a-1008.7 (Effective 07/01/13), as last amended by Laws of Utah 2011, Chapter
             70      353
             71          16-10a-1008.7 (Effective 07/01/13), as last amended by Laws of Utah 2011, Chapter
             72      353
             73          16-16-111 (Effective 07/01/13), as last amended by Laws of Utah 2011, Chapter 353
             74          16-17-102 (Effective 07/01/13), as last amended by Laws of Utah 2011, Chapter 353
             75          31A-37a-102 (Effective 07/01/13), as last amended by Laws of Utah 2011, Chapter
             76      353
             77          46-4-503 (Effective 07/01/13), as last amended by Laws of Utah 2011, Chapter 353
             78          53C-1-201 (Effective 05/01/13) (Sup 07/01/13), as last amended by Laws of Utah
             79      2012, Chapter 347
             80          61-2f-401 (Effective 07/01/13), as last amended by Laws of Utah 2011, Chapter 353
             81          61-2g-103 (Effective 07/01/13), as last amended by Laws of Utah 2011, Chapter 353
             82          75-7-1011 (Effective 07/01/13), as last amended by Laws of Utah 2011, Chapter 353
             83      ENACTS:
             84          48-1-.5, Utah Code Annotated 1953
             85          48-1c-101, Utah Code Annotated 1953


             86          48-1d-101, Utah Code Annotated 1953
             87          48-1d-102, Utah Code Annotated 1953
             88          48-1d-103, Utah Code Annotated 1953
             89          48-1d-104, Utah Code Annotated 1953
             90          48-1d-105, Utah Code Annotated 1953
             91          48-1d-106, Utah Code Annotated 1953
             92          48-1d-107, Utah Code Annotated 1953
             93          48-1d-108, Utah Code Annotated 1953
             94          48-1d-109, Utah Code Annotated 1953
             95          48-1d-110, Utah Code Annotated 1953
             96          48-1d-111, Utah Code Annotated 1953
             97          48-1d-112, Utah Code Annotated 1953
             98          48-1d-113, Utah Code Annotated 1953
             99          48-1d-114, Utah Code Annotated 1953
             100          48-1d-115, Utah Code Annotated 1953
             101          48-1d-116, Utah Code Annotated 1953
             102          48-1d-117, Utah Code Annotated 1953
             103          48-1d-118, Utah Code Annotated 1953
             104          48-1d-201, Utah Code Annotated 1953
             105          48-1d-202, Utah Code Annotated 1953
             106          48-1d-203, Utah Code Annotated 1953
             107          48-1d-204, Utah Code Annotated 1953
             108          48-1d-301, Utah Code Annotated 1953
             109          48-1d-302, Utah Code Annotated 1953
             110          48-1d-303, Utah Code Annotated 1953
             111          48-1d-304, Utah Code Annotated 1953
             112          48-1d-305, Utah Code Annotated 1953
             113          48-1d-306, Utah Code Annotated 1953


             114          48-1d-307, Utah Code Annotated 1953
             115          48-1d-308, Utah Code Annotated 1953
             116          48-1d-401, Utah Code Annotated 1953
             117          48-1d-402, Utah Code Annotated 1953
             118          48-1d-403, Utah Code Annotated 1953
             119          48-1d-404, Utah Code Annotated 1953
             120          48-1d-405, Utah Code Annotated 1953
             121          48-1d-406, Utah Code Annotated 1953
             122          48-1d-407, Utah Code Annotated 1953
             123          48-1d-501, Utah Code Annotated 1953
             124          48-1d-502, Utah Code Annotated 1953
             125          48-1d-503, Utah Code Annotated 1953
             126          48-1d-504, Utah Code Annotated 1953
             127          48-1d-505, Utah Code Annotated 1953
             128          48-1d-601, Utah Code Annotated 1953
             129          48-1d-602, Utah Code Annotated 1953
             130          48-1d-603, Utah Code Annotated 1953
             131          48-1d-604, Utah Code Annotated 1953
             132          48-1d-605, Utah Code Annotated 1953
             133          48-1d-701, Utah Code Annotated 1953
             134          48-1d-702, Utah Code Annotated 1953
             135          48-1d-703, Utah Code Annotated 1953
             136          48-1d-801, Utah Code Annotated 1953
             137          48-1d-802, Utah Code Annotated 1953
             138          48-1d-803, Utah Code Annotated 1953
             139          48-1d-804, Utah Code Annotated 1953
             140          48-1d-805, Utah Code Annotated 1953
             141          48-1d-901, Utah Code Annotated 1953


             142          48-1d-902, Utah Code Annotated 1953
             143          48-1d-903, Utah Code Annotated 1953
             144          48-1d-904, Utah Code Annotated 1953
             145          48-1d-905, Utah Code Annotated 1953
             146          48-1d-906, Utah Code Annotated 1953
             147          48-1d-907, Utah Code Annotated 1953
             148          48-1d-908, Utah Code Annotated 1953
             149          48-1d-909, Utah Code Annotated 1953
             150          48-1d-910, Utah Code Annotated 1953
             151          48-1d-1001, Utah Code Annotated 1953
             152          48-1d-1002, Utah Code Annotated 1953
             153          48-1d-1003, Utah Code Annotated 1953
             154          48-1d-1004, Utah Code Annotated 1953
             155          48-1d-1005, Utah Code Annotated 1953
             156          48-1d-1006, Utah Code Annotated 1953
             157          48-1d-1007, Utah Code Annotated 1953
             158          48-1d-1008, Utah Code Annotated 1953
             159          48-1d-1021, Utah Code Annotated 1953
             160          48-1d-1022, Utah Code Annotated 1953
             161          48-1d-1023, Utah Code Annotated 1953
             162          48-1d-1024, Utah Code Annotated 1953
             163          48-1d-1025, Utah Code Annotated 1953
             164          48-1d-1026, Utah Code Annotated 1953
             165          48-1d-1031, Utah Code Annotated 1953
             166          48-1d-1032, Utah Code Annotated 1953
             167          48-1d-1033, Utah Code Annotated 1953
             168          48-1d-1034, Utah Code Annotated 1953
             169          48-1d-1035, Utah Code Annotated 1953


             170          48-1d-1036, Utah Code Annotated 1953
             171          48-1d-1041, Utah Code Annotated 1953
             172          48-1d-1042, Utah Code Annotated 1953
             173          48-1d-1043, Utah Code Annotated 1953
             174          48-1d-1044, Utah Code Annotated 1953
             175          48-1d-1045, Utah Code Annotated 1953
             176          48-1d-1046, Utah Code Annotated 1953
             177          48-1d-1051, Utah Code Annotated 1953
             178          48-1d-1052, Utah Code Annotated 1953
             179          48-1d-1053, Utah Code Annotated 1953
             180          48-1d-1054, Utah Code Annotated 1953
             181          48-1d-1055, Utah Code Annotated 1953
             182          48-1d-1056, Utah Code Annotated 1953
             183          48-1d-1101, Utah Code Annotated 1953
             184          48-1d-1102, Utah Code Annotated 1953
             185          48-1d-1103, Utah Code Annotated 1953
             186          48-1d-1104, Utah Code Annotated 1953
             187          48-1d-1105, Utah Code Annotated 1953
             188          48-1d-1106, Utah Code Annotated 1953
             189          48-1d-1107, Utah Code Annotated 1953
             190          48-1d-1108, Utah Code Annotated 1953
             191          48-1d-1109, Utah Code Annotated 1953
             192          48-1d-1201, Utah Code Annotated 1953
             193          48-1d-1202, Utah Code Annotated 1953
             194          48-1d-1203, Utah Code Annotated 1953
             195          48-1d-1204, Utah Code Annotated 1953
             196          48-1d-1205, Utah Code Annotated 1953
             197          48-1d-1206, Utah Code Annotated 1953


             198          48-1d-1207, Utah Code Annotated 1953
             199          48-1d-1208, Utah Code Annotated 1953
             200          48-1d-1209, Utah Code Annotated 1953
             201          48-1d-1210, Utah Code Annotated 1953
             202          48-1d-1211, Utah Code Annotated 1953
             203          48-1d-1212, Utah Code Annotated 1953
             204          48-1d-1301, Utah Code Annotated 1953
             205          48-1d-1302, Utah Code Annotated 1953
             206          48-1d-1303, Utah Code Annotated 1953
             207          48-1d-1304, Utah Code Annotated 1953
             208          48-1d-1305, Utah Code Annotated 1953
             209          48-1d-1306, Utah Code Annotated 1953
             210          48-1d-1307, Utah Code Annotated 1953
             211          48-1d-1308, Utah Code Annotated 1953
             212          48-1d-1309, Utah Code Annotated 1953
             213          48-1d-1310, Utah Code Annotated 1953
             214          48-1d-1401, Utah Code Annotated 1953
             215          48-1d-1402, Utah Code Annotated 1953
             216          48-1d-1403, Utah Code Annotated 1953
             217          48-1d-1404, Utah Code Annotated 1953
             218          48-1d-1405, Utah Code Annotated 1953
             219          48-2a-100, Utah Code Annotated 1953
             220          48-2c-100, Utah Code Annotated 1953
             221          48-2e-101, Utah Code Annotated 1953
             222          48-2e-102, Utah Code Annotated 1953
             223          48-2e-103, Utah Code Annotated 1953
             224          48-2e-104, Utah Code Annotated 1953
             225          48-2e-105, Utah Code Annotated 1953


             226          48-2e-106, Utah Code Annotated 1953
             227          48-2e-107, Utah Code Annotated 1953
             228          48-2e-108, Utah Code Annotated 1953
             229          48-2e-109, Utah Code Annotated 1953
             230          48-2e-110, Utah Code Annotated 1953
             231          48-2e-111, Utah Code Annotated 1953
             232          48-2e-112, Utah Code Annotated 1953
             233          48-2e-113, Utah Code Annotated 1953
             234          48-2e-114, Utah Code Annotated 1953
             235          48-2e-115, Utah Code Annotated 1953
             236          48-2e-116, Utah Code Annotated 1953
             237          48-2e-117, Utah Code Annotated 1953
             238          48-2e-118, Utah Code Annotated 1953
             239          48-2e-201, Utah Code Annotated 1953
             240          48-2e-202, Utah Code Annotated 1953
             241          48-2e-203, Utah Code Annotated 1953
             242          48-2e-204, Utah Code Annotated 1953
             243          48-2e-205, Utah Code Annotated 1953
             244          48-2e-206, Utah Code Annotated 1953
             245          48-2e-207, Utah Code Annotated 1953
             246          48-2e-208, Utah Code Annotated 1953
             247          48-2e-209, Utah Code Annotated 1953
             248          48-2e-210, Utah Code Annotated 1953
             249          48-2e-211, Utah Code Annotated 1953
             250          48-2e-212, Utah Code Annotated 1953
             251          48-2e-301, Utah Code Annotated 1953
             252          48-2e-302, Utah Code Annotated 1953
             253          48-2e-303, Utah Code Annotated 1953


             254          48-2e-304, Utah Code Annotated 1953
             255          48-2e-305, Utah Code Annotated 1953
             256          48-2e-306, Utah Code Annotated 1953
             257          48-2e-401, Utah Code Annotated 1953
             258          48-2e-402, Utah Code Annotated 1953
             259          48-2e-403, Utah Code Annotated 1953
             260          48-2e-404, Utah Code Annotated 1953
             261          48-2e-405, Utah Code Annotated 1953
             262          48-2e-406, Utah Code Annotated 1953
             263          48-2e-407, Utah Code Annotated 1953
             264          48-2e-408, Utah Code Annotated 1953
             265          48-2e-409, Utah Code Annotated 1953
             266          48-2e-501, Utah Code Annotated 1953
             267          48-2e-502, Utah Code Annotated 1953
             268          48-2e-503, Utah Code Annotated 1953
             269          48-2e-504, Utah Code Annotated 1953
             270          48-2e-505, Utah Code Annotated 1953
             271          48-2e-601, Utah Code Annotated 1953
             272          48-2e-602, Utah Code Annotated 1953
             273          48-2e-603, Utah Code Annotated 1953
             274          48-2e-604, Utah Code Annotated 1953
             275          48-2e-605, Utah Code Annotated 1953
             276          48-2e-606, Utah Code Annotated 1953
             277          48-2e-607, Utah Code Annotated 1953
             278          48-2e-701, Utah Code Annotated 1953
             279          48-2e-702, Utah Code Annotated 1953
             280          48-2e-703, Utah Code Annotated 1953
             281          48-2e-704, Utah Code Annotated 1953


             282          48-2e-801, Utah Code Annotated 1953
             283          48-2e-802, Utah Code Annotated 1953
             284          48-2e-803, Utah Code Annotated 1953
             285          48-2e-804, Utah Code Annotated 1953
             286          48-2e-805, Utah Code Annotated 1953
             287          48-2e-806, Utah Code Annotated 1953
             288          48-2e-807, Utah Code Annotated 1953
             289          48-2e-808, Utah Code Annotated 1953
             290          48-2e-809, Utah Code Annotated 1953
             291          48-2e-810, Utah Code Annotated 1953
             292          48-2e-811, Utah Code Annotated 1953
             293          48-2e-812, Utah Code Annotated 1953
             294          48-2e-813, Utah Code Annotated 1953
             295          48-2e-901, Utah Code Annotated 1953
             296          48-2e-902, Utah Code Annotated 1953
             297          48-2e-903, Utah Code Annotated 1953
             298          48-2e-904, Utah Code Annotated 1953
             299          48-2e-905, Utah Code Annotated 1953
             300          48-2e-906, Utah Code Annotated 1953
             301          48-2e-907, Utah Code Annotated 1953
             302          48-2e-908, Utah Code Annotated 1953
             303          48-2e-909, Utah Code Annotated 1953
             304          48-2e-910, Utah Code Annotated 1953
             305          48-2e-911, Utah Code Annotated 1953
             306          48-2e-912, Utah Code Annotated 1953
             307          48-2e-1001, Utah Code Annotated 1953
             308          48-2e-1002, Utah Code Annotated 1953
             309          48-2e-1003, Utah Code Annotated 1953


             310          48-2e-1004, Utah Code Annotated 1953
             311          48-2e-1005, Utah Code Annotated 1953
             312          48-2e-1006, Utah Code Annotated 1953
             313          48-2e-1101, Utah Code Annotated 1953
             314          48-2e-1102, Utah Code Annotated 1953
             315          48-2e-1103, Utah Code Annotated 1953
             316          48-2e-1104, Utah Code Annotated 1953
             317          48-2e-1105, Utah Code Annotated 1953
             318          48-2e-1106, Utah Code Annotated 1953
             319          48-2e-1107, Utah Code Annotated 1953
             320          48-2e-1108, Utah Code Annotated 1953
             321          48-2e-1121, Utah Code Annotated 1953
             322          48-2e-1122, Utah Code Annotated 1953
             323          48-2e-1123, Utah Code Annotated 1953
             324          48-2e-1124, Utah Code Annotated 1953
             325          48-2e-1125, Utah Code Annotated 1953
             326          48-2e-1126, Utah Code Annotated 1953
             327          48-2e-1131, Utah Code Annotated 1953
             328          48-2e-1132, Utah Code Annotated 1953
             329          48-2e-1133, Utah Code Annotated 1953
             330          48-2e-1134, Utah Code Annotated 1953
             331          48-2e-1135, Utah Code Annotated 1953
             332          48-2e-1136, Utah Code Annotated 1953
             333          48-2e-1141, Utah Code Annotated 1953
             334          48-2e-1142, Utah Code Annotated 1953
             335          48-2e-1143, Utah Code Annotated 1953
             336          48-2e-1144, Utah Code Annotated 1953
             337          48-2e-1145, Utah Code Annotated 1953


             338          48-2e-1146, Utah Code Annotated 1953
             339          48-2e-1151, Utah Code Annotated 1953
             340          48-2e-1152, Utah Code Annotated 1953
             341          48-2e-1153, Utah Code Annotated 1953
             342          48-2e-1154, Utah Code Annotated 1953
             343          48-2e-1155, Utah Code Annotated 1953
             344          48-2e-1156, Utah Code Annotated 1953
             345          48-2e-1201, Utah Code Annotated 1953
             346          48-2e-1202, Utah Code Annotated 1953
             347          48-2e-1203, Utah Code Annotated 1953
             348          48-2e-1204, Utah Code Annotated 1953
             349          48-2e-1205, Utah Code Annotated 1953
             350          48-3a-101, Utah Code Annotated 1953
             351          48-3a-102, Utah Code Annotated 1953
             352          48-3a-103, Utah Code Annotated 1953
             353          48-3a-104, Utah Code Annotated 1953
             354          48-3a-105, Utah Code Annotated 1953
             355          48-3a-106, Utah Code Annotated 1953
             356          48-3a-107, Utah Code Annotated 1953
             357          48-3a-108, Utah Code Annotated 1953
             358          48-3a-109, Utah Code Annotated 1953
             359          48-3a-110, Utah Code Annotated 1953
             360          48-3a-111, Utah Code Annotated 1953
             361          48-3a-112, Utah Code Annotated 1953
             362          48-3a-113, Utah Code Annotated 1953
             363          48-3a-114, Utah Code Annotated 1953
             364          48-3a-115, Utah Code Annotated 1953
             365          48-3a-116, Utah Code Annotated 1953


             366          48-3a-201, Utah Code Annotated 1953
             367          48-3a-202, Utah Code Annotated 1953
             368          48-3a-203, Utah Code Annotated 1953
             369          48-3a-204, Utah Code Annotated 1953
             370          48-3a-205, Utah Code Annotated 1953
             371          48-3a-206, Utah Code Annotated 1953
             372          48-3a-207, Utah Code Annotated 1953
             373          48-3a-208, Utah Code Annotated 1953
             374          48-3a-209, Utah Code Annotated 1953
             375          48-3a-210, Utah Code Annotated 1953
             376          48-3a-211, Utah Code Annotated 1953
             377          48-3a-212, Utah Code Annotated 1953
             378          48-3a-301, Utah Code Annotated 1953
             379          48-3a-302, Utah Code Annotated 1953
             380          48-3a-303, Utah Code Annotated 1953
             381          48-3a-304, Utah Code Annotated 1953
             382          48-3a-401, Utah Code Annotated 1953
             383          48-3a-402, Utah Code Annotated 1953
             384          48-3a-403, Utah Code Annotated 1953
             385          48-3a-404, Utah Code Annotated 1953
             386          48-3a-405, Utah Code Annotated 1953
             387          48-3a-406, Utah Code Annotated 1953
             388          48-3a-407, Utah Code Annotated 1953
             389          48-3a-408, Utah Code Annotated 1953
             390          48-3a-409, Utah Code Annotated 1953
             391          48-3a-410, Utah Code Annotated 1953
             392          48-3a-501, Utah Code Annotated 1953
             393          48-3a-502, Utah Code Annotated 1953


             394          48-3a-503, Utah Code Annotated 1953
             395          48-3a-504, Utah Code Annotated 1953
             396          48-3a-601, Utah Code Annotated 1953
             397          48-3a-602, Utah Code Annotated 1953
             398          48-3a-603, Utah Code Annotated 1953
             399          48-3a-701, Utah Code Annotated 1953
             400          48-3a-702, Utah Code Annotated 1953
             401          48-3a-703, Utah Code Annotated 1953
             402          48-3a-704, Utah Code Annotated 1953
             403          48-3a-705, Utah Code Annotated 1953
             404          48-3a-706, Utah Code Annotated 1953
             405          48-3a-707, Utah Code Annotated 1953
             406          48-3a-708, Utah Code Annotated 1953
             407          48-3a-709, Utah Code Annotated 1953
             408          48-3a-710, Utah Code Annotated 1953
             409          48-3a-711, Utah Code Annotated 1953
             410          48-3a-801, Utah Code Annotated 1953
             411          48-3a-802, Utah Code Annotated 1953
             412          48-3a-803, Utah Code Annotated 1953
             413          48-3a-804, Utah Code Annotated 1953
             414          48-3a-805, Utah Code Annotated 1953
             415          48-3a-806, Utah Code Annotated 1953
             416          48-3a-901, Utah Code Annotated 1953
             417          48-3a-902, Utah Code Annotated 1953
             418          48-3a-903, Utah Code Annotated 1953
             419          48-3a-904, Utah Code Annotated 1953
             420          48-3a-905, Utah Code Annotated 1953
             421          48-3a-906, Utah Code Annotated 1953


             422          48-3a-907, Utah Code Annotated 1953
             423          48-3a-908, Utah Code Annotated 1953
             424          48-3a-909, Utah Code Annotated 1953
             425          48-3a-910, Utah Code Annotated 1953
             426          48-3a-911, Utah Code Annotated 1953
             427          48-3a-912, Utah Code Annotated 1953
             428          48-3a-1001, Utah Code Annotated 1953
             429          48-3a-1002, Utah Code Annotated 1953
             430          48-3a-1003, Utah Code Annotated 1953
             431          48-3a-1004, Utah Code Annotated 1953
             432          48-3a-1005, Utah Code Annotated 1953
             433          48-3a-1006, Utah Code Annotated 1953
             434          48-3a-1007, Utah Code Annotated 1953
             435          48-3a-1008, Utah Code Annotated 1953
             436          48-3a-1021, Utah Code Annotated 1953
             437          48-3a-1022, Utah Code Annotated 1953
             438          48-3a-1023, Utah Code Annotated 1953
             439          48-3a-1024, Utah Code Annotated 1953
             440          48-3a-1025, Utah Code Annotated 1953
             441          48-3a-1026, Utah Code Annotated 1953
             442          48-3a-1031, Utah Code Annotated 1953
             443          48-3a-1032, Utah Code Annotated 1953
             444          48-3a-1033, Utah Code Annotated 1953
             445          48-3a-1034, Utah Code Annotated 1953
             446          48-3a-1035, Utah Code Annotated 1953
             447          48-3a-1036, Utah Code Annotated 1953
             448          48-3a-1041, Utah Code Annotated 1953
             449          48-3a-1042, Utah Code Annotated 1953


             450          48-3a-1043, Utah Code Annotated 1953
             451          48-3a-1044, Utah Code Annotated 1953
             452          48-3a-1045, Utah Code Annotated 1953
             453          48-3a-1046, Utah Code Annotated 1953
             454          48-3a-1051, Utah Code Annotated 1953
             455          48-3a-1052, Utah Code Annotated 1953
             456          48-3a-1053, Utah Code Annotated 1953
             457          48-3a-1054, Utah Code Annotated 1953
             458          48-3a-1055, Utah Code Annotated 1953
             459          48-3a-1056, Utah Code Annotated 1953
             460          48-3a-1101, Utah Code Annotated 1953
             461          48-3a-1102, Utah Code Annotated 1953
             462          48-3a-1103, Utah Code Annotated 1953
             463          48-3a-1104, Utah Code Annotated 1953
             464          48-3a-1105, Utah Code Annotated 1953
             465          48-3a-1106, Utah Code Annotated 1953
             466          48-3a-1107, Utah Code Annotated 1953
             467          48-3a-1108, Utah Code Annotated 1953
             468          48-3a-1109, Utah Code Annotated 1953
             469          48-3a-1110, Utah Code Annotated 1953
             470          48-3a-1111, Utah Code Annotated 1953
             471          48-3a-1112, Utah Code Annotated 1953
             472          48-3a-1201, Utah Code Annotated 1953
             473          48-3a-1202, Utah Code Annotated 1953
             474          48-3a-1203, Utah Code Annotated 1953
             475          48-3a-1204, Utah Code Annotated 1953
             476          48-3a-1205, Utah Code Annotated 1953
             477          48-3a-1206, Utah Code Annotated 1953


             478          48-3a-1207, Utah Code Annotated 1953
             479          48-3a-1208, Utah Code Annotated 1953
             480          48-3a-1209, Utah Code Annotated 1953
             481          48-3a-1301, Utah Code Annotated 1953
             482          48-3a-1302, Utah Code Annotated 1953
             483          48-3a-1303, Utah Code Annotated 1953
             484          48-3a-1304, Utah Code Annotated 1953
             485          48-3a-1401, Utah Code Annotated 1953
             486          48-3a-1402, Utah Code Annotated 1953
             487          48-3a-1403, Utah Code Annotated 1953
             488          48-3a-1404, Utah Code Annotated 1953
             489          48-3a-1405, Utah Code Annotated 1953
             490          63I-2-248, Utah Code Annotated 1953
             491      REPEALS:
             492          48-1a-101 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             493          48-1a-102 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             494          48-1b-101 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             495          48-1b-102 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             496          48-1b-103 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             497          48-1b-104 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             498          48-1b-105 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             499          48-1b-106 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             500          48-1b-107 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             501          48-1b-201 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             502          48-1b-202 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             503          48-1b-203 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             504          48-1b-204 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             505          48-1b-301 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353


             506          48-1b-302 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             507          48-1b-303 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             508          48-1b-304 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             509          48-1b-305 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             510          48-1b-306 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             511          48-1b-307 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             512          48-1b-308 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             513          48-1b-401 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             514          48-1b-402 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             515          48-1b-403 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             516          48-1b-404 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             517          48-1b-405 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             518          48-1b-406 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             519          48-1b-501 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             520          48-1b-502 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             521          48-1b-503 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             522          48-1b-504 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             523          48-1b-601 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             524          48-1b-602 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             525          48-1b-603 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             526          48-1b-701 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             527          48-1b-702 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             528          48-1b-703 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             529          48-1b-704 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             530          48-1b-705 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             531          48-1b-801 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             532          48-1b-802 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             533          48-1b-803 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353


             534          48-1b-804 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             535          48-1b-805 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             536          48-1b-806 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             537          48-1b-807 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             538          48-1b-901 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             539          48-1b-902 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             540          48-1b-903 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             541          48-1b-904 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             542          48-1b-905 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             543          48-1b-906 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             544          48-1b-907 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             545          48-1b-908 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             546          48-1b-909 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             547          48-1b-910 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             548          48-1b-911 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             549          48-1b-912 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             550          48-1b-913 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             551          48-1b-914 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             552          48-1b-915 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             553          48-1b-1001 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             554          48-1b-1002 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             555          48-1b-1003 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             556          48-1b-1004 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             557          48-1b-1101 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             558          48-1b-1102 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             559          48-1b-1102.1 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             560          48-1b-1103 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             561          48-1b-1104 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353


             562          48-1b-1105 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             563          48-1b-1201 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             564          48-1b-1202 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             565          48-1b-1203 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             566          48-1b-1204 (Effective 07/01/13), as last amended by Laws of Utah 2012, Chapter 244
             567          48-1b-1205 (Effective 07/01/13), as last amended by Laws of Utah 2012, Chapter 244
             568          48-2d-101 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             569          48-2d-102 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             570          48-2d-103 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             571          48-2d-104 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             572          48-2d-105 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             573          48-2d-106 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             574          48-2d-107 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             575          48-2d-108 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             576          48-2d-109 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             577          48-2d-110 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             578          48-2d-111 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             579          48-2d-112 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             580          48-2d-113 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             581          48-2d-114 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             582          48-2d-201 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             583          48-2d-202 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             584          48-2d-203 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             585          48-2d-204 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             586          48-2d-205 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             587          48-2d-206 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             588          48-2d-207 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             589          48-2d-208 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353


             590          48-2d-209 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             591          48-2d-210 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             592          48-2d-301 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             593          48-2d-302 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             594          48-2d-303 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             595          48-2d-304 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             596          48-2d-305 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             597          48-2d-306 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             598          48-2d-401 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             599          48-2d-402 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             600          48-2d-403 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             601          48-2d-404 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             602          48-2d-405 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             603          48-2d-406 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             604          48-2d-407 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             605          48-2d-408 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             606          48-2d-501 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             607          48-2d-502 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             608          48-2d-503 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             609          48-2d-504 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             610          48-2d-505 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             611          48-2d-506 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             612          48-2d-507 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             613          48-2d-508 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             614          48-2d-509 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             615          48-2d-601 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             616          48-2d-602 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             617          48-2d-603 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353


             618          48-2d-604 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             619          48-2d-605 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             620          48-2d-606 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             621          48-2d-607 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             622          48-2d-701 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             623          48-2d-702 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             624          48-2d-703 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             625          48-2d-704 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             626          48-2d-801 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             627          48-2d-802 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             628          48-2d-803 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             629          48-2d-804 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             630          48-2d-805 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             631          48-2d-806 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             632          48-2d-807 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             633          48-2d-808 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             634          48-2d-809 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             635          48-2d-810 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             636          48-2d-811 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             637          48-2d-812 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             638          48-2d-901 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             639          48-2d-902 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             640          48-2d-903 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             641          48-2d-904 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             642          48-2d-905 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             643          48-2d-906 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             644          48-2d-907 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             645          48-2d-908 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353


             646          48-2d-1001 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             647          48-2d-1002 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             648          48-2d-1003 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             649          48-2d-1004 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             650          48-2d-1005 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             651          48-2d-1101 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             652          48-2d-1102 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             653          48-2d-1103 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             654          48-2d-1104 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             655          48-2d-1105 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             656          48-2d-1106 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             657          48-2d-1107 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             658          48-2d-1108 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             659          48-2d-1109 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             660          48-2d-1110 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             661          48-2d-1111 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             662          48-2d-1112 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             663          48-2d-1113 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             664          48-2d-1114 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             665          48-2d-1115 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             666          48-2d-1116 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             667          48-2d-1117 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             668          48-2d-1201 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             669          48-2d-1202 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             670          48-2d-1203 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             671          48-2d-1204 (Effective 07/01/13), as last amended by Laws of Utah 2012, Chapter 244
             672          48-2d-1205 (Effective 07/01/13), as last amended by Laws of Utah 2012, Chapter 244
             673          48-3-101 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353


             674          48-3-102 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             675          48-3-103 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             676          48-3-104 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             677          48-3-105 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             678          48-3-106 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             679          48-3-107 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             680          48-3-108 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             681          48-3-109 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             682          48-3-110 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             683          48-3-111 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             684          48-3-112 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             685          48-3-201 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             686          48-3-202 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             687          48-3-203 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             688          48-3-204 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             689          48-3-205 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             690          48-3-206 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             691          48-3-207 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             692          48-3-208 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             693          48-3-209 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             694          48-3-301 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             695          48-3-302 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             696          48-3-303 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             697          48-3-304 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             698          48-3-401 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             699          48-3-402 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             700          48-3-403 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             701          48-3-404 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353


             702          48-3-405 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             703          48-3-406 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             704          48-3-407 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             705          48-3-408 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             706          48-3-409 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             707          48-3-410 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             708          48-3-501 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             709          48-3-502 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             710          48-3-503 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             711          48-3-504 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             712          48-3-601 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             713          48-3-602 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             714          48-3-603 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             715          48-3-701 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             716          48-3-702 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             717          48-3-703 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             718          48-3-704 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             719          48-3-705 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             720          48-3-706 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             721          48-3-707 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             722          48-3-708 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             723          48-3-709 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             724          48-3-801 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             725          48-3-802 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             726          48-3-803 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             727          48-3-804 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             728          48-3-805 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             729          48-3-806 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353


             730          48-3-807 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             731          48-3-808 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             732          48-3-809 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             733          48-3-901 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             734          48-3-902 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             735          48-3-903 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             736          48-3-904 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             737          48-3-905 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             738          48-3-906 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             739          48-3-1001 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             740          48-3-1002 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             741          48-3-1003 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             742          48-3-1004 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             743          48-3-1005 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             744          48-3-1006 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             745          48-3-1007 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             746          48-3-1008 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             747          48-3-1009 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             748          48-3-1010 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             749          48-3-1011 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             750          48-3-1012 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             751          48-3-1013 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             752          48-3-1014 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             753          48-3-1015 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             754          48-3-1101 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             755          48-3-1102 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             756          48-3-1103 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             757          48-3-1104 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353


             758          48-3-1105 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             759          48-3-1106 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             760          48-3-1107 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             761          48-3-1108 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             762          48-3-1109 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             763          48-3-1110 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             764          48-3-1111 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             765          48-3-1112 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             766          48-3-1201 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             767          48-3-1202 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             768          48-3-1203 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             769          48-3-1204 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             770          48-3-1205 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             771          48-3-1206 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             772          48-3-1207 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             773          48-3-1208 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             774          48-3-1209 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             775          48-3-1210 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             776          48-3-1301 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             777          48-3-1302 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             778          48-3-1303 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             779          48-3-1304 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             780          48-3-1401 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             781          48-3-1402 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             782          48-3-1403 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             783          48-3-1404 (Effective 07/01/13), as enacted by Laws of Utah 2011, Chapter 353
             784          48-3-1405 (Effective 07/01/13), as last amended by Laws of Utah 2012, Chapter 244
             785      Uncodified Material Affected:


             786      REPEALS UNCODIFIED MATERIAL:
             787           Uncodified Laws of Utah 2011, Chapter 353, Section 310
             788          This uncodified section affects Title 48 in effect June 30, 2013.
             789     
             790      Be it enacted by the Legislature of the state of Utah:
             791          Section 1. Section 7-1-810 (Effective 07/01/13) is amended to read:
             792           7-1-810 (Effective 07/01/13). Limited liability companies.
             793          (1) Notwithstanding any other provision of this title and subject to Subsection (8), if
             794      the conditions of this section are met, the following may be organized as or convert to a limited
             795      liability company under Title 48, Chapter [3] 2c, Utah Revised [Uniform] Limited Liability
             796      Company Act, or Title 48, Chapter 3a, Utah Revised Uniform Limited Liability Act, as
             797      appropriate pursuant to Section 48-3a-1405 :
             798          (a) an industrial bank chartered under Chapter 8, Industrial Banks;
             799          (b) an industrial loan company as defined in Section 7-8-21 ; or
             800          (c) any of the following if the institution is an S Corporation, as defined in Section
             801      1361, Internal Revenue Code, immediately before becoming a limited liability company:
             802          (i) a bank chartered under Chapter 3, Banks;
             803          (ii) a savings and loan association chartered under Chapter 7, Savings and Loan
             804      Associations Act; or
             805          (iii) a depository institution holding company.
             806          (2) (a) Before an institution described in Subsection (1) may organize as or convert to a
             807      limited liability company, the institution shall obtain approval of the commissioner.
             808          (b) (i) To obtain the approval under this section from the commissioner, the institution
             809      shall file a request for approval with the commissioner at least 30 days before the day on which
             810      the institution becomes a limited liability company.
             811          (ii) If the commissioner does not disapprove the request for approval within 30 days
             812      from the day on which the commissioner receives the request, the request is considered
             813      approved.


             814          (iii) When taking action on a request for approval filed under this section, the
             815      commissioner may:
             816          (A) approve the request;
             817          (B) approve the request subject to terms and conditions the commissioner considers
             818      necessary; or
             819          (C) disapprove the request.
             820          (3) To approve a request for approval, the commissioner shall find:
             821          (a) for an institution described in Subsection (1) that is required to be insured by a
             822      federal deposit insurance agency, that the institution:
             823          (i) will operate in a safe and sound manner;
             824          (ii) has the following characteristics:
             825          (A) the institution is not subject to automatic termination, dissolution, or suspension
             826      upon the happening of some event other than the passage of time;
             827          (B) the exclusive authority to manage the institution is vested in a board of managers
             828      or directors that:
             829          (I) is elected or appointed by the owners;
             830          (II) is not required to have owners of the institution included on the board;
             831          (III) possesses adequate independence and authority to supervise the operation of the
             832      institution; and
             833          (IV) operates with substantially the same rights, powers, privileges, duties, and
             834      responsibilities as the board of directors of a corporation;
             835          (C) neither state law, nor the institution's operating agreement, bylaws, or other
             836      organizational documents provide that an owner of the institution is liable for the debts,
             837      liabilities, and obligations of the institution in excess of the amount of the owner's investment;
             838      and
             839          (D) (I) neither state law, nor the institution's operating agreement, bylaws, or other
             840      organizational documents require the consent of any other owner of the institution in order for
             841      any owner to transfer an ownership interest in the institution, including voting rights; and


             842          (II) the institution is able to obtain new investment funding if needed to maintain
             843      adequate capital; and
             844          (iii) is able to comply with all legal and regulatory requirements for an insured
             845      depository institution under applicable federal and state law; and
             846          (b) for an institution described in Subsection (1) that is not required to be insured by a
             847      federal deposit insurance agency, that the institution will operate in a safe and sound manner.
             848          (4) An institution described in Subsection (3)(a) that is organized as a limited liability
             849      company shall maintain the characteristics listed in Subsection (3)(a)(ii) during such time as it
             850      is authorized to conduct business under this title as a limited liability company.
             851          (5) (a) All rights, privileges, powers, duties, and obligations of an institution described
             852      in Subsection (1) that is organized as a limited liability company and its members and
             853      managers shall be governed by Title 48, Chapter [3] 2c, Utah Revised [Uniform] Limited
             854      Liability Company Act, or Title 48, Chapter 3a, Utah Revised Uniform Limited Liability
             855      Company Act, as appropriate pursuant to Section 48-3a-1405 except:
             856          (i) the following do not apply to an institution that is described in Subsection (3)(a):
             857          [(A) Section 48-3-110 ;]
             858          [(B) Section 48-3-112 ;]
             859          [(C) Section 48-3-201 ;]
             860          [(D) Section 48-3-401 ;]
             861          [(E) Subsections 48-3-407 (1) and (3)(d);]
             862          [(F) Section 48-3-410 ;]
             863          [(G) Subsection 48-3-502 (1)(c);]
             864          [(H) Title 48, Chapter 3, Part 6, Member's Dissociation;]
             865          [(I) Section 48-3-701 ; and]
             866          [(J) Title 48, Chapter 3, Part 8, Foreign Limited Liability Companies; and]
             867          (A) Subsection 48-2c-402 (2)(a)(ii);
             868          (B) Section 48-2c-604 ;
             869          (C) Section 48-2c-703 ;


             870          (D) Section 48-2c-708 ;
             871          (E) Subsection 48-2c-801 (2);
             872          (F) Section 48-2c-1102 ;
             873          (G) Section 48-2c-1104 ; and
             874          (H) Subsections 48-2c-1201 (2) through (5);
             875          (ii) the following do not apply to an institution that is described in Subsection (3)(a):
             876          (A) Section 48-3a-111 ;
             877          (B) Section 48-3a-113 ;
             878          (C) Section 48-3a-201 ;
             879          (D) Section 48-3a-401 ;
             880          (E) Subsections 48-3a-407 (1) and (3)(c);
             881          (F) Section 48-3a-410 ;
             882          (G) Subsection 48-3a-502 (1)(c);
             883          (H) Title 48, Chapter 3a, Part 6, Dissociation;
             884          (I) Section 48-3a-701 ; and
             885          (J) Title 48, Chapter 3a, Part 9, Foreign Limited Liability Companies; and
             886          [(ii)] (iii) as otherwise provided in this title.
             887          (b) Notwithstanding Subsection (5)(a), for an institution that is described in Subsection
             888      (3)(a):
             889          (i) for purposes of transferring a member's interests in the institution, a member's
             890      interest in the institution shall be treated like a share of stock in a corporation; and
             891          (ii) if a member's interest in the institution is transferred voluntarily or involuntarily to
             892      another person, the person who receives the member's interest shall obtain the member's entire
             893      rights associated with the member's interest in the institution including:
             894          (A) all economic rights; and
             895          (B) all voting rights.
             896          (c) An institution described in Subsection (3)(a) may not by agreement or otherwise
             897      change the application of Subsection (5)(a) to the institution.


             898          (6) Unless the context requires otherwise, for the purpose of applying this title to an
             899      institution described in Subsection (1) that is organized as a limited liability company:
             900          (a) a citation to Title 16, Chapter 10a, Utah Revised Business Corporation Act,
             901      includes the equivalent citation to Title 48, Chapter [3] 2c, Utah Revised [Uniform] Limited
             902      Liability Company Act, or Title 48, Chapter 3a, Utah Revised Uniform Limited Liability
             903      Company Act, as appropriate pursuant to Section 48-3a-1405 ;
             904          (b) "articles of incorporation" includes a limited liability company's certificate of
             905      organization as that term is used in Section [ 48-3-201 ] 48-2c-403 or Section 48-3a-201 , as
             906      appropriate pursuant to Section 48-3a-1405 ;
             907          (c) "board of directors" includes one or more persons who have, with respect to an
             908      institution described in Subsection (1), authority substantially similar to that of a board of
             909      directors of a corporation;
             910          (d) "bylaws" includes a limited liability company's operating agreement as that term is
             911      defined in Section [ 48-3-102 ] 48-2c-102 or Section 48-3a-201 , as appropriate pursuant to
             912      Section 48-3a-1405 ;
             913          (e) "corporation" includes a limited liability company organized under Title 48,
             914      Chapter [3] 2c, Utah Revised [Uniform] Limited Liability Company Act, or Title 48, Chapter
             915      3a, Utah Revised Uniform Limited Liability Act, as appropriate pursuant to Section
             916      48-3a-1405 ;
             917          (f) "director" includes any of the following of a limited liability company:
             918          (i) a manager;
             919          (ii) a director; or
             920          (iii) other person who has with respect to the institution described in Subsection (1),
             921      authority substantially similar to that of a director of a corporation;
             922          (g) "dividend" includes distributions made by a limited liability company under Title
             923      48, Chapter 2c, Part 10, Distributions, or Title 48, Chapter [3] 3a, Part 4, Relations of Members
             924      to Each Other and to Limited Liability Company, as appropriate pursuant to Section
             925      48-3a-1405 ;


             926          (h) "incorporator" includes an organizer of a limited liability company as provided in
             927      Title 48, Chapter 2c, Part 4, Formation, or Title 48, Chapter [3] 3a, Part 2, Formation --
             928      Certificate of Organization and Other Filings, as appropriate pursuant to Section 48-3a-1405 ;
             929          (i) "officer" includes any of the following of an institution described in Subsection (1):
             930          (i) an officer; or
             931          (ii) other person who has with respect to the institution described in Subsection (1)
             932      authority substantially similar to that of an officer of a corporation;
             933          (j) "security," "shares," or "stock" of a corporation includes:
             934          (i) a membership interest in a limited liability company as provided in Title 48,
             935      Chapter 2c, Part 7, Members, or Title 48, Chapter [3] 3a, Part 4, Relations of Members to Each
             936      Other and to Limited Liability Company, as appropriate pursuant to Section 48-3a-1405 ; and
             937          (ii) a certificate or other evidence of an ownership interest in a limited liability
             938      company; and
             939          (k) "stockholder" or "shareholder" includes an owner of an interest in an institution
             940      described in Subsection (1) including a member as provided in Title 48, Chapter 2c, Part 7,
             941      Members, or Title 48, Chapter [3] 3a, Part 4, Relations of Members to Each Other and to
             942      Limited Liability Company, as appropriate pursuant to Section 48-3a-1405 .
             943          (7) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the
             944      commissioner shall make rules governing the form of a request for approval filed under this
             945      section.
             946          (8) A depository institution organized under the laws of this state may not be organized
             947      as or converted to a series of transferable interests in a limited liability company as provided in
             948      Section 48-2c-606, or Title 48, Chapter [3] 3a, Part 12, Series Limited Liability Companies, as
             949      appropriate pursuant to Section 48-3a-1405 .
             950          Section 2. Section 7-3-10 (Effective 07/01/13) is amended to read:
             951           7-3-10 (Effective 07/01/13). Organization -- Powers, rights, and privileges of
             952      banking corporation -- Other business activities.
             953          (1) A bank chartered under this chapter shall be:


             954          (a) a domestic corporation under Title 16, Chapter 10a, Utah Revised Business
             955      Corporation Act; or
             956          (b) subject to Section 7-1-810 , including the requirement that the bank be an S
             957      Corporation immediately before becoming a limited liability company, a limited liability
             958      company created under Title 48, Chapter 2c, Utah Revised Limited Liability Company Act, or
             959      Title 48, Chapter [3] 3a, Utah Revised Uniform Limited Liability Company Act, as appropriate
             960      pursuant to Section 48-3a-1405 .
             961          (2) A bank has all the rights, privileges, and powers necessary or incidental to carrying
             962      on the business of banking in addition to the powers granted:
             963          (a) if the bank is a corporation, under Title 16, Chapter 10a, Utah Revised Business
             964      Corporation Act; or
             965          (b) subject to Section 7-1-810 , if the bank is a limited liability company, under Title
             966      48, Chapter 2c, Utah Revised Limited Liability Company Act, or Title 48, Chapter [3] 3a, Utah
             967      Revised Uniform Limited Liability Company Act, as appropriate pursuant to Section
             968      48-3a-1405 .
             969          (3) The commissioner may, by rule or order, determine that necessary or incidental
             970      rights, privileges, and powers include:
             971          (a) the rights, privileges, and powers held by national banks; or
             972          (b) other business activities so long as the commissioner's determination is not
             973      inconsistent with the rules, regulations, or other actions of the board of governors of the
             974      Federal Reserve System under Section 4(c)(8) of the Bank Holding Company Act of 1956, 12
             975      U.S.C. Sec. 1843(c)(8).
             976          (4) The commissioner shall implement this section in a manner consistent with the
             977      purposes set forth in Section 7-1-102 .
             978          Section 3. Section 7-8-3 (Effective 07/01/13) is amended to read:
             979           7-8-3 (Effective 07/01/13). Organization -- Authorization to conduct business --
             980      Deposit insurance.
             981          (1) Subject to Subsection (4), the commissioner may authorize a person described in


             982      Subsection (2) to conduct business as an industrial bank.
             983          (2) (a) Each person organized to conduct the business of an industrial bank in this state
             984      shall be organized under:
             985          (i) Title 16, Chapter 10a, Utah Revised Business Corporation Act; or
             986          (ii) in accordance with Section 7-1-810 , Title 48, Chapter 2c, Utah Revised Limited
             987      Liability Company Act, or Title 48, Chapter [3] 3a, Utah Revised Uniform Limited Liability
             988      Company Act, as appropriate pursuant to Section 48-3a-1405 .
             989          (b) A person may not conduct business as an industrial bank authorized under this
             990      chapter to conduct business as an industrial bank in any form of entity other than those
             991      provided in Subsection (2)(a).
             992          (3) (a) All rights, privileges, powers, duties, and obligations of a corporation
             993      authorized to conduct business as an industrial bank and its officers, directors, and stockholders
             994      shall be governed by Title 16, Chapter 10a, Utah Revised Business Corporation Act, except as
             995      otherwise provided in this title.
             996          (b) All rights, privileges, powers, duties, and obligations of a limited liability company
             997      authorized to conduct business as an industrial bank and its members and managers shall be
             998      governed by Title 48, Chapter 2c, Utah Revised Limited Liability Company Act, or Title 48,
             999      Chapter [3] 3a, Utah Revised Uniform Limited Liability Company Act, as appropriate pursuant
             1000      to Section 48-3a-1405 , except as otherwise provided in this title.
             1001          (4) (a) An industrial bank is authorized to receive and hold deposits.
             1002          (b) An industrial bank may not conduct business under this chapter as an industrial
             1003      bank unless the industrial bank obtains insurance from the Federal Deposit Insurance
             1004      Corporation or a successor federal deposit insurance entity for any deposits received or held by
             1005      the industrial bank.
             1006          Section 4. Section 13-34-114 (Effective 07/01/13) is amended to read:
             1007           13-34-114 (Effective 07/01/13). Consent to use of educational terms in business
             1008      names.
             1009          (1) For purposes of this section:


             1010          (a) "Business name" means a name filed with the Division of Corporations and
             1011      Commercial Code under:
             1012          (i) Section 16-6a-401 ;
             1013          (ii) Section 16-10a-401 ;
             1014          (iii) Section 16-11-16 ;
             1015          (iv) Section 42-2-6.6 ;
             1016          (v) Section [ 48-2d-108 ] 48-2a-102 or 48-2e-108 , as appropriate pursuant to Section
             1017      48-3a-1405 ; or
             1018          (vi) Section [ 48-3-108 ] 48-2c-106 or 48-3a-108 , as appropriate pursuant to Section
             1019      48-3a-1405 .
             1020          (b) "Educational term" means the term:
             1021          (i) "university";
             1022          (ii) "college"; or
             1023          (iii) "institute" or "institution."
             1024          (2) If a statute listed in Subsection (1)(a) requires the written consent of the division to
             1025      file a business name with the Division of Corporations and Commercial Code that includes an
             1026      educational term, the division may consent to the use of an educational term in accordance with
             1027      this statute.
             1028          (3) The division shall consent to the use of an educational term in a business name if
             1029      the person seeking to file the name:
             1030          (a) is registered under this chapter;
             1031          (b) is exempt from the chapter under Section 13-34-105 ; or
             1032          (c) (i) is not engaged in educational activities; and
             1033          (ii) does not represent that it is engaged in educational activities.
             1034          (4) The division may withhold consent to use of an educational term in a business
             1035      name if the person seeking to file the name:
             1036          (a) offers, sells, or awards a degree or any other type of educational credential; and
             1037          (b) fails to provide bona fide instruction through student-faculty interaction according


             1038      to the standards and criteria established by the division under Subsection 13-34-104 (5).
             1039          Section 5. Section 16-6a-1008.7 (Effective 07/01/13) is amended to read:
             1040           16-6a-1008.7 (Effective 07/01/13). Conversion to or from a domestic limited
             1041      liability company.
             1042          (1) (a) A domestic nonprofit corporation may convert to a domestic limited liability
             1043      company subject to Title 48, Chapter 2c, Utah Revised Limited Liability Company Act, or Title
             1044      48, Chapter [3] 3a, Utah Revised Uniform Limited Liability Company Act, as appropriate
             1045      pursuant to Section 48-3a-1405 , by complying with:
             1046          (i) this Subsection (1); and
             1047          (ii) Section [ 48-3-1006 ] 48-2c-1401 or 48-3a-1041 .
             1048          (b) If a domestic nonprofit corporation converts to a domestic limited liability company
             1049      in accordance with this Subsection (1), the articles of conversion or statement of conversion, as
             1050      applicable, shall:
             1051          (i) comply with Section [ 48-3-1008 ] 48-2c-1402 or Sections 48-3a-1042 and
             1052      48-3a-1045 ; and
             1053          (ii) if the corporation has any members, provide for:
             1054          (A) the cancellation of any membership; or
             1055          (B) the conversion of any membership in the domestic nonprofit corporation to a
             1056      membership interest in the domestic limited liability company.
             1057          (c) Before articles of conversion or statement of conversion may be filed with the
             1058      division, the conversion shall be approved:
             1059          (i) in the manner provided for the articles of incorporation or bylaws of the domestic
             1060      nonprofit corporation; or
             1061          (ii) if the articles of incorporation or bylaws of the domestic nonprofit corporation do
             1062      not provide the method for approval:
             1063          (A) if the domestic nonprofit corporation has voting members, by all of the members of
             1064      the domestic nonprofit corporation regardless of limitations or restrictions on the voting rights
             1065      of the members; or


             1066          (B) if the nonprofit domestic corporation does not have voting members, by a majority
             1067      of:
             1068          (I) the directors in office at the time the conversion is approved by the board of
             1069      directors; or
             1070          (II) if directors have not been appointed or elected, the incorporators.
             1071          (2) A domestic limited liability company may convert to a domestic nonprofit
             1072      corporation subject to this chapter by:
             1073          (a) filing articles of incorporation in accordance with this chapter; and
             1074          (b) complying with Section [ 48-3-1006 ] 48-2c-1406 or 48-3a-1041 , as appropriate
             1075      pursuant to Section 48-3a-1405 .
             1076          (3) Any conversion under this section may not result in a violation, directly or
             1077      indirectly, of:
             1078          (a) Section 16-6a-1301 ; or
             1079          (b) any other provision of this chapter.
             1080          Section 6. Section 16-10a-1008.7 (Effective 07/01/13) is amended to read:
             1081           16-10a-1008.7 (Effective 07/01/13). Conversion to or from a domestic limited
             1082      liability company.
             1083          (1) (a) A corporation may convert to a domestic limited liability company subject to
             1084      Title 48, Chapter 2c, Utah Revised Limited Liability Company Act, or Title 48, Chapter [3] 3a,
             1085      Utah Revised Uniform Limited Liability Company Act, as appropriate pursuant to Section
             1086      48-3a-1405 by complying with:
             1087          (i) this Subsection (1); and
             1088          (ii) Section [ 48-3-1006 ] 48-2c-1401 or 48-3a-1041 .
             1089          (b) If a corporation converts to a domestic limited liability company in accordance with
             1090      this Subsection (1), the articles of conversion shall:
             1091          (i) comply with Section [ 48-3-1008 ] 48-2c-1402 or Sections 48-3a-1045 and
             1092      48-3a-1046 ; and
             1093          (ii) if the corporation has issued shares, provide for:


             1094          (A) the cancellation of any issued share; or
             1095          (B) the conversion of any issued share to a membership interest in the domestic limited
             1096      liability company.
             1097          (c) Before articles of conversion [may be filed with the division], in accordance with
             1098      Section 48-2c-1404 , or a statement of conversion, in accordance with Section 48-3a-1045 , may
             1099      be filed with the division, the conversion shall be approved:
             1100          (i) in the manner provided for the articles of incorporation or bylaws of the
             1101      corporation; or
             1102          (ii) if the articles of incorporation or bylaws of the corporation do not provide the
             1103      method for approval:
             1104          (A) if the corporation has issued shares, by all of the outstanding shares of all classes
             1105      of shares of the corporation regardless of limitations or restrictions on the voting rights of the
             1106      shares; or
             1107          (B) if the corporation has not issued shares, by a majority of:
             1108          (I) the directors in office at the time that the conversion is approved by the board of
             1109      directors; or
             1110          (II) if directors have not been appointed or elected, the incorporators.
             1111          (2) A domestic limited liability company may convert to a corporation subject to this
             1112      chapter by:
             1113          (a) filing articles of incorporation in accordance with this chapter; and
             1114          (b) complying with Section [ 48-3-1006 ] 48-2c-1401 or 48-3a-1041 , as appropriate
             1115      pursuant to Section 48-3a-1405 .
             1116          Section 7. Section 16-16-111 (Effective 07/01/13) is amended to read:
             1117           16-16-111 (Effective 07/01/13). Name.
             1118          (1) Use of the term "cooperative" or its abbreviation under this chapter is not a
             1119      violation of the provisions restricting the use of the term under any other law of this state.
             1120          (2) (a) Notwithstanding Section [ 48-2d-108 ] 48-2a-102 or 48-2e-108 , as appropriate
             1121      pursuant to Section 48-2e-1205 , the name of a limited cooperative association shall contain:


             1122          (i) the words "limited cooperative association" or "limited cooperative"; or
             1123          (ii) the abbreviation "L.C.A." or "LCA".
             1124          (b) "Cooperative" may be abbreviated as "Co-op" or "Coop".
             1125          (c) "Association" may be abbreviated as "Assoc." or "Assn."[.]
             1126          (d) "Limited" may be abbreviated as "Ltd."
             1127          [(d)] (e) (i) Use of the term "cooperative" or its abbreviation as permitted by this
             1128      chapter is not a violation of the provisions restricting the use of the term under any other law of
             1129      this state.
             1130          (ii) A limited cooperative association or a member may enforce the restrictions on the
             1131      use of the term "cooperative" under this chapter and any other law of this state.
             1132          (iii) A limited cooperative association or a member may enforce the restrictions on the
             1133      use of the term "cooperative" under any other law of this state.
             1134          (3) Except as otherwise provided in Subsection (4), a limited cooperative association
             1135      may use only a name that is available. A name is available if it is distinguishable in the records
             1136      of the division from:
             1137          (a) the name of any entity organized or authorized to transact business in this state;
             1138          (b) a name reserved under Section 16-16-112 ; and
             1139          (c) an alternative name approved for a foreign cooperative authorized to transact
             1140      business in this state.
             1141          (4) A limited cooperative association may apply to the division for authorization to use
             1142      a name that is not available. The division shall authorize use of the name if:
             1143          (a) the person with ownership rights to use the name consents in a record to the use and
             1144      applies in a form satisfactory to the division to change the name used or reserved to a name that
             1145      is distinguishable upon the records of the division from the name applied for; or
             1146          (b) the applicant delivers to the division a certified copy of the final judgment of a
             1147      court establishing the applicant's right to use the name in this state.
             1148          Section 8. Section 16-17-102 (Effective 07/01/13) is amended to read:
             1149           16-17-102 (Effective 07/01/13). Definitions.


             1150          In this chapter:
             1151          (1) "Appointment of agent" means a statement appointing an agent for service of
             1152      process filed by:
             1153          (a) a domestic or foreign unincorporated nonprofit association under Section
             1154      16-17-204 ; or
             1155          (b) a domestic entity that is not a filing entity or a nonqualified foreign entity under
             1156      Section 16-17-210 .
             1157          (2) "Commercial registered agent" means an individual or a domestic or foreign entity
             1158      listed under Section 16-17-204 .
             1159          (3) "Division" means the Division of Corporations and Commercial Code.
             1160          (4) "Domestic entity" means an entity whose internal affairs are governed by the law of
             1161      this state.
             1162          (5) "Entity" means a person that has a separate legal existence or has the power to
             1163      acquire an interest in real property in its own name other than:
             1164          (a) an individual;
             1165          (b) a testamentary, inter vivos, or charitable trust, with the exception of a business
             1166      trust, statutory trust, or similar trust;
             1167          (c) an association or relationship that is not a partnership by reason of Section 202(c)
             1168      of the Uniform Partnership Act (1997), or Subsection [ 48-1a-303 (3)] 48-1d-202 (3), as
             1169      appropriate pursuant to Section 48-1d-1405 , or a similar provision of the law of any other
             1170      jurisdiction;
             1171          (d) a decedent's estate; or
             1172          (e) a public corporation, government or governmental subdivision, agency, or
             1173      instrumentality, or quasi-governmental instrumentality.
             1174          (6) "Filing entity" means an entity that is created by the filing of a public organic
             1175      document.
             1176          (7) "Foreign entity" means an entity other than a domestic entity.
             1177          (8) "Foreign qualification document" means an application for a certificate of authority


             1178      or other foreign qualification filing with the division by a foreign entity.
             1179          (9) "Governance interest" means the right under the organic law or organic rules of an
             1180      entity, other than as a governor, agent, assignee, or proxy, to:
             1181          (a) receive or demand access to information concerning, or the books and records of,
             1182      the entity;
             1183          (b) vote for the election of the governors of the entity; or
             1184          (c) receive notice of or vote on any or all issues involving the internal affairs of the
             1185      entity.
             1186          (10) "Governor" means a person by or under whose authority the powers of an entity
             1187      are exercised and under whose direction the business and affairs of the entity are managed
             1188      pursuant to the organic law and organic rules of the entity.
             1189          (11) "Interest" means:
             1190          (a) a governance interest in an unincorporated entity;
             1191          (b) a transferable interest in an unincorporated entity; or
             1192          (c) a share or membership in a corporation.
             1193          (12) "Interest holder" means a direct holder of an interest.
             1194          (13) "Jurisdiction of organization," with respect to an entity, means the jurisdiction
             1195      whose law includes the organic law of the entity.
             1196          (14) "Noncommercial registered agent" means a person that is not listed as a
             1197      commercial registered agent under Section 16-17-204 and that is:
             1198          (a) an individual or a domestic or foreign entity that serves in this state as the agent for
             1199      service of process of an entity; or
             1200          (b) the individual who holds the office or other position in an entity that is designated
             1201      as the agent for service of process pursuant to Subsection 16-17-203 (1)(b)(ii).
             1202          (15) "Nonqualified foreign entity" means a foreign entity that is not authorized to
             1203      transact business in this state pursuant to a filing with the division.
             1204          (16) "Nonresident LLP statement" means:
             1205          (a) a statement of qualification of a domestic limited liability partnership that does not


             1206      have an office in this state; or
             1207          (b) a statement of foreign qualification of a foreign limited liability partnership that
             1208      does not have an office in this state.
             1209          (17) "Organic law" means the statutes, if any, other than this chapter, governing the
             1210      internal affairs of an entity.
             1211          (18) "Organic rules" means the public organic document and private organic rules of an
             1212      entity.
             1213          (19) "Person" means an individual, corporation, estate, trust, partnership, limited
             1214      liability company, business or similar trust, association, joint venture, public corporation,
             1215      government or governmental subdivision, agency, or instrumentality, or any other legal or
             1216      commercial entity.
             1217          (20) "Private organic rules" mean the rules, whether or not in a record, that govern the
             1218      internal affairs of an entity, are binding on all of its interest holders, and are not part of its
             1219      public organic document, if any.
             1220          (21) "Public organic document" means the public record the filing of which creates an
             1221      entity, and any amendment to or restatement of that record.
             1222          (22) "Qualified foreign entity" means a foreign entity that is authorized to transact
             1223      business in this state pursuant to a filing with the division.
             1224          (23) "Record" means information that is inscribed on a tangible medium or that is
             1225      stored in an electronic or other medium and is retrievable in perceivable form.
             1226          (24) "Registered agent" means a commercial registered agent or a noncommercial
             1227      registered agent.
             1228          (25) "Registered agent filing" means:
             1229          (a) the public organic document of a domestic filing entity;
             1230          (b) a nonresident LLP statement;
             1231          (c) a foreign qualification document; or
             1232          (d) an appointment of agent.
             1233          (26) "Represented entity" means:


             1234          (a) a domestic filing entity;
             1235          (b) a domestic or qualified foreign limited liability partnership that does not have an
             1236      office in this state;
             1237          (c) a qualified foreign entity;
             1238          (d) a domestic or foreign unincorporated nonprofit association for which an
             1239      appointment of agent has been filed;
             1240          (e) a domestic entity that is not a filing entity for which an appointment of agent has
             1241      been filed; or
             1242          (f) a nonqualified foreign entity for which an appointment of agent has been filed.
             1243          (27) "Sign" means, with present intent to authenticate or adopt a record:
             1244          (a) to execute or adopt a tangible symbol; or
             1245          (b) to attach to or logically associate with the record an electronic sound, symbol, or
             1246      process.
             1247          (28) "Transferable interest" means the right under an entity's organic law to receive
             1248      distributions from the entity.
             1249          (29) "Type," with respect to an entity, means a generic form of entity:
             1250          (a) recognized at common law; or
             1251          (b) organized under an organic law, whether or not some entities organized under that
             1252      organic law are subject to provisions of that law that create different categories of the form of
             1253      entity.
             1254          Section 9. Section 31A-37a-102 (Effective 07/01/13) is amended to read:
             1255           31A-37a-102 (Effective 07/01/13). Definitions.
             1256          (1) For purposes of this chapter:
             1257          (a) "Ceding insurer" means an insurer that:
             1258          (i) is approved by the commissioner;
             1259          (ii) is licensed or otherwise authorized to transact the business of insurance or
             1260      reinsurance in the insurer's state or country of domicile; and
             1261          (iii) cedes risk to a special purpose financial captive insurance company pursuant to a


             1262      reinsurance contract.
             1263          (b) Notwithstanding Section 31A-27a-102 , "insolvency" or "insolvent" for purposes of
             1264      applying Chapter 27a, Insurer Receivership Act, to a special purpose financial captive
             1265      insurance company, means that a special purpose financial captive insurance company:
             1266          (i) is unable to pay an obligation when the obligation is due, unless the obligation is the
             1267      subject of a bona fide dispute; or
             1268          (ii) fails to meet the criteria and conditions for solvency of the special purpose financial
             1269      captive insurance company established by the commissioner by rule or order.
             1270          (c) (i) "Insurance securitization" means a transaction or a group of related transactions:
             1271          (A) that may include a capital market offering;
             1272          (B) that is effected through one or more related risk transfer instruments and
             1273      facilitating administrative agreements;
             1274          (C) where all or part of the result of the transaction or group of related transactions is
             1275      used to fund the special purpose financial captive insurance company's obligations under a
             1276      reinsurance contract with a ceding insurer;
             1277          (D) by which:
             1278          (I) proceeds are obtained by a special purpose financial captive insurance company,
             1279      directly or indirectly, through the issuance of one or more securities by the special purpose
             1280      financial captive insurance company or another person; or
             1281          (II) a person provides one or more letters of credit or other assets for the benefit of the
             1282      special purpose financial captive insurance company if the commissioner authorizes the special
             1283      purpose financial captive insurance company to treat the letter of credit or asset as an admitted
             1284      asset for purposes of the special purpose financial captive insurance company's annual report;
             1285      and
             1286          (E) if all or a part of the proceeds, a letter of credit, or asset described in this
             1287      Subsection (1)(c) is used to fund the special purpose financial captive insurance company's
             1288      obligations under a reinsurance contract with a ceding insurer.
             1289          (ii) "Insurance securitization" does not include the issuance of a letter of credit for the


             1290      benefit of the commissioner to satisfy all or part of the special purpose financial captive
             1291      insurance company's capital and surplus requirements under Section 31A-37a-302 .
             1292          (d) "Management" means:
             1293          (i) a board of directors of a special purpose financial captive insurance company;
             1294          (ii) a managing board of a special purpose financial captive insurance company; or
             1295          (iii) one or more individuals with the overall responsibility for the management of the
             1296      affairs of the special purpose financial captive insurance company, including:
             1297          (A) an officer elected or appointed to act on behalf of the special purpose financial
             1298      captive insurance company; or
             1299          (B) an agent elected or appointed to act on behalf of the special purpose financial
             1300      captive insurance company.
             1301          (e) "Organizational document" means:
             1302          (i) in the case of a special purpose financial captive insurance company formed as a
             1303      stock corporation, the special purpose financial captive insurance company's:
             1304          (A) articles of incorporation; and
             1305          (B) bylaws; and
             1306          (ii) in the case of a special purpose financial captive insurance company formed as a
             1307      limited liability company, the special purpose financial captive insurance company's:
             1308          (A) articles of organization or certificate of organization; and
             1309          (B) operating agreement.
             1310          (f) "Reinsurance contract" means a contract between a special purpose financial captive
             1311      insurance company and a ceding insurer pursuant to which the special purpose financial captive
             1312      insurance company agrees to provide reinsurance to the ceding insurer for risks associated with
             1313      the ceding insurer's insurance or reinsurance business.
             1314          (g) "Security" means:
             1315          (i) a security as defined in Section 31A-1-301 ; or
             1316          (ii) one or more of the following that the commissioner designates, by rule or order, as
             1317      a "security" for purposes of this chapter:


             1318          (A) a debt obligation;
             1319          (B) equity;
             1320          (C) a surplus certificate;
             1321          (D) a surplus note;
             1322          (E) a funding agreement;
             1323          (F) a derivative; or
             1324          (G) another financial instrument.
             1325          (h) "Special purpose financial captive insurance company" means a captive insurance
             1326      company has a certificate of authority under this chapter from the commissioner to operate as a
             1327      special purpose financial captive insurance company pursuant to this chapter.
             1328          (i) "Special purpose financial captive insurance company security" means:
             1329          (i) a security issued by a special purpose financial captive insurance company; or
             1330          (ii) a security issued by a third party, the proceeds of which are obtained directly or
             1331      indirectly by a special purpose financial captive insurance company.
             1332          (j) "Surplus note" means an unsecured subordinated debt obligation that has one or
             1333      more characteristics that are consistent with paragraph 3 of the National Association of
             1334      Insurance Commissioners Statement of Statutory Accounting Principals No. 41, as amended
             1335      from time to time and as modified or supplemented by rule or order of the commissioner.
             1336          (2) The terms defined in Section 31A-37-102 shall have the same meaning for
             1337      purposes of this chapter.
             1338          Section 10. Section 46-4-503 (Effective 07/01/13) is amended to read:
             1339           46-4-503 (Effective 07/01/13). Government products and services provided
             1340      electronically.
             1341          (1) Notwithstanding Section 46-4-501 , a state governmental agency that administers
             1342      one or more of the following transactions shall allow those transactions to be conducted
             1343      electronically:
             1344          (a) an application for or renewal of a professional or occupational license issued under
             1345      Title 58, Occupations and Professions;


             1346          (b) the renewal of a drivers license;
             1347          (c) an application for a hunting or fishing license;
             1348          (d) the filing of:
             1349          (i) a return under Title 59, Chapter 10, Individual Income Tax Act or 12, Sales and Use
             1350      Tax Act;
             1351          (ii) a court document, as defined by the Judicial Council; or
             1352          (iii) a document under Title 70A, Uniform Commercial Code;
             1353          (e) a registration for:
             1354          (i) a product; or
             1355          (ii) a brand;
             1356          (f) a renewal of a registration of a motor vehicle;
             1357          (g) a registration under:
             1358          (i) Title 16, Corporations;
             1359          (ii) Title 42, Names; or
             1360          (iii) on or before December 31, 2013, Title 48, Partnership, and on and after January 1,
             1361      2014, Title 48, Unincorporated Business [Entities] Entity Act; or
             1362          (h) submission of an application for benefits:
             1363          (i) under Title 35A, Chapter 3, Employment Support Act;
             1364          (ii) under Title 35A, Chapter 4, Employment Security Act; or
             1365          (iii) related to accident and health insurance.
             1366          (2) The state system of public education, in coordination with the Utah Education
             1367      Network, shall make reasonable progress toward making the following services available
             1368      electronically:
             1369          (a) secure access by parents and students to student grades and progress reports;
             1370          (b) email communications with:
             1371          (i) teachers;
             1372          (ii) parent-teacher associations; and
             1373          (iii) school administrators;


             1374          (c) access to school calendars and schedules; and
             1375          (d) teaching resources that may include:
             1376          (i) teaching plans;
             1377          (ii) curriculum guides; and
             1378          (iii) media resources.
             1379          (3) A state governmental agency shall:
             1380          (a) in carrying out the requirements of this section, take reasonable steps to ensure the
             1381      security and privacy of records that are private or controlled as defined by Title 63G, Chapter 2,
             1382      Government Records Access and Management Act;
             1383          (b) in addition to those transactions listed in Subsections (1) and (2), determine any
             1384      additional services that may be made available to the public through electronic means; and
             1385          (c) as part of the agency's information technology plan required by Section 63F-1-204 ,
             1386      report on the progress of compliance with Subsections (1) through (3).
             1387          (4) Notwithstanding the other provisions of this part, a state governmental agency is
             1388      not required by this part to conduct a transaction electronically if:
             1389          (a) conducting the transaction electronically is not required by federal law; and
             1390          (b) conducting the transaction electronically is:
             1391          (i) impractical;
             1392          (ii) unreasonable; or
             1393          (iii) not permitted by laws pertaining to privacy or security.
             1394          (5) (a) For purposes of this Subsection (5), "one-stop shop" means the consolidation of
             1395      access to diverse services and agencies at one location including virtual colocation.
             1396          (b) State agencies that provide services or offer direct assistance to the business
             1397      community shall participate in the establishment, maintenance, and enhancement of an
             1398      integrated Utah business web portal known as Business.utah.gov. The purpose of the business
             1399      web portal is to provide "one-stop shop" assistance to businesses.
             1400          (c) State agencies shall partner with other governmental and nonprofit agencies whose
             1401      primary mission is to provide services or offer direct assistance to the business community in


             1402      Utah in fulfilling the requirements of this section.
             1403          (d) The following state entities shall comply with the provisions of this Subsection (5):
             1404          (i) Governor's Office of Economic Development, which shall serve as the managing
             1405      partner for the website;
             1406          (ii) Department of Workforce Services;
             1407          (iii) Department of Commerce;
             1408          (iv) Tax Commission;
             1409          (v) Department of Administrative Services - Division of Purchasing and General
             1410      Services, including other state agencies operating under a grant of authority from the division
             1411      to procure goods and services in excess of $5,000;
             1412          (vi) Department of Agriculture;
             1413          (vii) Department of Natural Resources; and
             1414          (viii) other state agencies that provide services or offer direct assistance to the business
             1415      sector.
             1416          (e) The business services available on the business web portal may include:
             1417          (i) business life cycle information;
             1418          (ii) business searches;
             1419          (iii) employment needs and opportunities;
             1420          (iv) motor vehicle registration;
             1421          (v) permit applications and renewal;
             1422          (vi) tax information;
             1423          (vii) government procurement bid notifications;
             1424          (viii) general business information;
             1425          (ix) business directories; and
             1426          (x) business news.
             1427          Section 11. Section 48-1-.5 is enacted to read:
             1428          48-1-.5. Scope of chapter.
             1429          Until this chapter is repealed January 1, 2016, this chapter applies only to a partnership


             1430      formed on or before December 31, 2013, that has not elected to be governed by Chapter 1d,
             1431      Utah Uniform Partnership Act, as provided in Section 48-1d-1405 .
             1432          Section 12. Section 48-1c-101 is enacted to read:
             1433     
CHAPTER 1c. GENERAL PROVISIONS

             1434          48-1c-101. Title.
             1435          (1) This title is known as the "Unincorporated Business Entity Act."
             1436          (2) This chapter is known as "General Provisions."
             1437          Section 13. Section 48-1d-101 is enacted to read:
             1438     
CHAPTER 1d. UTAH UNIFORM PARTNERSHIP ACT

             1439     
Part 1. General Provisions

             1440          48-1d-101. Title.
             1441          This chapter may be cited as the "Utah Uniform Partnership Act."
             1442          Section 14. Section 48-1d-102 is enacted to read:
             1443          48-1d-102. Definitions.
             1444          As used in this chapter:
             1445          (1) "Business" includes every trade, occupation, and profession.
             1446          (2) "Contribution," except in the phrase "right of contribution," means property or a
             1447      benefit described in Section 48-1d-501 which is provided by a person to a partnership to
             1448      become a partner or in the person's capacity as a partner.
             1449          (3) "Debtor in bankruptcy" means a person that is the subject of:
             1450          (a) an order for relief under Title 11 of the United States Code or a comparable order
             1451      under a successor statute of general application; or
             1452          (b) a comparable order under federal, state, or foreign law governing insolvency.
             1453          (4) "Distribution" means a transfer of money or other property from a partnership to a
             1454      person on account of a transferable interest or in a person's capacity as a partner. The term:
             1455          (a) includes:
             1456          (i) a redemption or other purchase by a partnership of a transferable interest; and
             1457          (ii) a transfer to a partner in return for the partner's relinquishment of any right to


             1458      participate as a partner in the management or conduct of the partnership's activities and affairs
             1459      or have access to records or other information concerning the partnership's activities and
             1460      affairs; and
             1461          (b) does not include amounts constituting reasonable compensation for present or past
             1462      service or payments made in the ordinary course of business under a bona fide retirement plan
             1463      or other bona fide benefits program.
             1464          (5) "Division" means the Division of Corporations and Commercial Code.
             1465          (6) "Foreign limited liability partnership" means a foreign partnership whose partners
             1466      have limited liability for the debts, obligations, or other liabilities of the foreign partnership
             1467      under a provision similar to Subsection 48-1d-306 (3).
             1468          (7) "Foreign partnership" means an unincorporated entity formed under the law of a
             1469      jurisdiction other than this state which would be a partnership if formed under the law of this
             1470      state. The term includes a foreign limited liability partnership.
             1471          (8) "Jurisdiction," used to refer to a political entity, means the United States, a state, a
             1472      foreign country, or a political subdivision of a foreign country.
             1473          (9) "Jurisdiction of formation" means, with respect to an entity, the jurisdiction:
             1474          (a) under whose law the entity is formed; or
             1475          (b) in the case of a limited liability partnership or foreign limited liability partnership,
             1476      in which the partnership's statement of qualification is filed.
             1477          (10) "Limited liability partnership," except in the phrase "foreign limited liability
             1478      partnership," means a partnership that has filed a statement of qualification under Section
             1479      48-1d-1101 and does not have a similar statement in effect in any other jurisdiction.
             1480          (11) "Partner" means a person that:
             1481          (a) has become a partner in a partnership under Section 48-1d-401 or was a partner in a
             1482      partnership when the partnership became subject to this chapter under Section 48-1d-1405 ; and
             1483          (b) has not dissociated as a partner under Section 48-1d-701 .
             1484          (12) "Partnership" means an association of two or more persons to carry on as
             1485      co-owners a business for profit formed under this chapter or that becomes subject to this


             1486      chapter under Part 10, Merger, Interest Exchange, Conversion, and Domestication, or Section
             1487      48-1d-1405 . The term includes a limited liability partnership.
             1488          (13) "Partnership agreement" means the agreement, whether or not referred to as a
             1489      partnership agreement, and whether oral, implied, in a record, or in any combination thereof, of
             1490      all the partners of a partnership concerning the matters described in Subsection 48-1d-106 (1).
             1491      The term includes the agreement as amended or restated.
             1492          (14) "Partnership at will" means a partnership in which the partners have not agreed to
             1493      remain partners until the expiration of a definite term or the completion of a particular
             1494      undertaking.
             1495          (15) "Person" means an individual, business corporation, nonprofit corporation,
             1496      partnership, limited partnership, limited liability company, limited cooperative association,
             1497      unincorporated nonprofit association, statutory trust, business trust, common-law business
             1498      trust, estate, trust, association, joint venture, public corporation, government or governmental
             1499      subdivision, agency, or instrumentality, or any other legal or commercial entity.
             1500          (16) "Principal office" means the principal executive office of a partnership or a
             1501      foreign limited liability partnership, whether or not the office is located in this state.
             1502          (17) "Professional services" means a personal service provided by:
             1503          (a) a public accountant holding a license under Title 58, Chapter 26a, Certified Public
             1504      Accountant Licensing Act, or a subsequent law regulating the practice of public accounting;
             1505          (b) an architect holding a license under Title 58, Chapter 3a, Architects Licensing Act,
             1506      or a subsequent law regulating the practice of architecture;
             1507          (c) an attorney granted the authority to practice law by the:
             1508          (i) Utah Supreme Court; or
             1509          (ii) one or more of the following that licenses or regulates the authority to practice law
             1510      in a state or territory of the United States other than Utah:
             1511          (A) a supreme court;
             1512          (B) a court other than a supreme court;
             1513          (C) an agency;


             1514          (D) an instrumentality; or
             1515          (E) a regulating board;
             1516          (d) a chiropractor holding a license under Title 58, Chapter 73, Chiropractic Physician
             1517      Practice Act, or a subsequent law regulating the practice of chiropractics;
             1518          (e) a doctor of dentistry holding a license under Title 58, Chapter 69, Dentist and
             1519      Dental Hygienist Practice Act, or a subsequent law regulating the practice of dentistry;
             1520          (f) a professional engineer registered under Title 58, Chapter 22, Professional
             1521      Engineers and Professional Land Surveyors Licensing Act, or a subsequent law regulating the
             1522      practice of engineers or land surveyors;
             1523          (g) a naturopath holding a license under Title 58, Chapter 71, Naturopathic Physician
             1524      Practice Act, or a subsequent law regulating the practice of naturopathy;
             1525          (h) a nurse licensed under Title 58, Chapter 31b, Nurse Practice Act, or Chapter 44a,
             1526      Nurse Midwife Practice Act, or a subsequent law regulating the practice of nursing;
             1527          (i) an optometrist holding a license under Title 58, Chapter 16a, Utah Optometry
             1528      Practice Act, or a subsequent law regulating the practice of optometry;
             1529          (j) an osteopathic physician or surgeon holding a license under Title 58, Chapter 68,
             1530      Utah Osteopathic Medical Practice Act, or a subsequent law regulating the practice of
             1531      osteopathy;
             1532          (k) a pharmacist holding a license under Title 58, Chapter 17b, Pharmacy Practice Act,
             1533      or a subsequent law regulating the practice of pharmacy;
             1534          (l) a physician, surgeon, or doctor of medicine holding a license under Title 58,
             1535      Chapter 67, Utah Medical Practice Act, or a subsequent law regulating the practice of
             1536      medicine;
             1537          (m) a physical therapist holding a license under Title 58, Chapter 24b, Physical
             1538      Therapy Practice Act, or a subsequent law regulating the practice of physical therapy;
             1539          (n) a podiatric physician holding a license under Title 58, Chapter 5a, Podiatric
             1540      Physician Licensing Act, or a subsequent law regulating the practice of podiatry;
             1541          (o) a psychologist holding a license under Title 58, Chapter 61, Psychologist Licensing


             1542      Act, or a subsequent law regulating the practice of psychology;
             1543          (p) a principal broker, associate broker, or sales agent holding a license under Title 61,
             1544      Chapter 2f, Real Estate Licensing and Practices Act, or a subsequent law regulating the sale,
             1545      exchange, purchase, rental, or leasing of real estate;
             1546          (q) a clinical or certified social worker holding a license under Title 58, Chapter 60,
             1547      Part 2, Social Worker Licensing Act, or a subsequent law regulating the practice of social
             1548      work;
             1549          (r) a mental health therapist holding a license under Title 58, Chapter 60, Mental
             1550      Health Professional Practice Act, or a subsequent law regulating the practice of mental health
             1551      therapy;
             1552          (s) a veterinarian holding a license under Title 58, Chapter 28, Veterinary Practice Act,
             1553      or a subsequent law regulating the practice of veterinary medicine; or
             1554          (t) an individual licensed, certified, or registered under Title 61, Chapter 2g, Real
             1555      Estate Appraiser Licensing and Certification Act, or a subsequent law regulating the practice of
             1556      appraising real estate.
             1557          (18) "Property" means all property, whether real, personal, or mixed, or tangible or
             1558      intangible, or any right or interest therein.
             1559          (19) "Record," used as a noun, means information that is inscribed on a tangible
             1560      medium or that is stored in an electronic or other medium and is retrievable in perceivable
             1561      form.
             1562          (20) "Registered agent" means an agent of a limited liability partnership or foreign
             1563      limited liability partnership which is authorized to receive service of any process, notice, or
             1564      demand required or permitted by law to be served on the partnership.
             1565          (21) "Registered foreign limited liability partnership" means a foreign limited liability
             1566      partnership that is registered to do business in this state pursuant to a statement of registration
             1567      filed by the division.
             1568          (22) "Sign" means, with present intent to authenticate or adopt a record:
             1569          (a) to execute or adopt a tangible symbol; or


             1570          (b) to attach to or logically associate with the record an electronic symbol, sound, or
             1571      process.
             1572          (23) "State" means a state of the United States, the District of Columbia, Puerto Rico,
             1573      the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction
             1574      of the United States.
             1575          (24) "Transfer" includes:
             1576          (a) an assignment;
             1577          (b) a conveyance;
             1578          (c) a sale;
             1579          (d) a lease;
             1580          (e) an encumbrance, including a mortgage or security interest;
             1581          (f) a gift; and
             1582          (g) a transfer by operation of law.
             1583          (25) "Transferable interest" means the right, as initially owned by a person in the
             1584      person's capacity as a partner, to receive distributions from a partnership in accordance with the
             1585      partnership agreement, whether or not the person remains a partner or continues to own any
             1586      part of the right. The term applies to any fraction of the interest, by whomever owned.
             1587          (26) "Transferee" means a person to which all or part of a transferable interest has been
             1588      transferred, whether or not the transferor is a partner.
             1589          (27) "Tribal partnership" means a partnership:
             1590          (a) formed under the law of a tribe; and
             1591          (b) that is at least 51% owned or controlled by the tribe under whose law the
             1592      partnership is formed.
             1593          (28) "Tribe" means a tribe, band, nation, pueblo, or other organized group or
             1594      community of Indians, including an Alaska Native village, that is legally recognized as eligible
             1595      for and is consistent with a special program, service, or entitlement provided by the United
             1596      States to Indians because of their status as Indians.
             1597          Section 15. Section 48-1d-103 is enacted to read:


             1598          48-1d-103. Knowledge -- Notice.
             1599          (1) A person knows a fact if the person:
             1600          (a) has actual knowledge of it; or
             1601          (b) is deemed to know it under Subsection (4)(a) or law other than this chapter.
             1602          (2) A person has notice of a fact if the person:
             1603          (a) has reason to know the fact from all the facts known to the person at the time in
             1604      question; or
             1605          (b) is deemed to have notice of the fact under Subsection (4)(b).
             1606          (3) Subject to Subsection 48-1d-116 (6), a person notifies another person of a fact by
             1607      taking steps reasonably required to inform the other person in ordinary course, whether or not
             1608      those steps cause the other person to know the fact.
             1609          (4) A person not a partner is deemed:
             1610          (a) to know of a limitation on authority to transfer real property as provided in
             1611      Subsection 48-1d-303 (7); and
             1612          (b) to have notice of:
             1613          (i) a partner's dissociation 90 days after a statement of dissociation under Section
             1614      48-1d-804 becomes effective; and
             1615          (ii) a partnership's:
             1616          (A) dissolution 90 days after a statement of dissolution under Subsection
             1617      48-1d-902 (2)(b)(i) becomes effective;
             1618          (B) termination 90 days after a statement of termination under Subsection
             1619      48-1d-902 (2)(b)(vi) becomes effective;
             1620          (C) participation in a merger, interest exchange, conversion, or domestication 90 days
             1621      after a statement of merger, interest exchange, conversion, or domestication under Part 10,
             1622      Merger, Interest Exchange, Conversion, and Domestication, becomes effective; and
             1623          (D) abandonment of a merger, interest exchange, conversion, or domestication 90 days
             1624      after a statement of abandonment of merger, interest exchange, conversion, or domestication
             1625      under Part 10, Merger, Interest Exchange, Conversion, and Domestication, becomes effective.


             1626          (5) A partner's knowledge or notice of a fact relating to the partnership is effective
             1627      immediately as knowledge of or notice to the partnership, except in the case of a fraud on the
             1628      partnership committed by or with the consent of that partner.
             1629          Section 16. Section 48-1d-104 is enacted to read:
             1630          48-1d-104. Governing law.
             1631          The internal affairs of a partnership and the liability of a partner as a partner for the
             1632      debts, obligations, or other liabilities of the partnership are governed by:
             1633          (1) in the case of a limited liability partnership, the law of this state; and
             1634          (2) in the case of a partnership that is not a limited liability partnership, the law of the
             1635      state of the jurisdiction in which the partnership has its principal office.
             1636          Section 17. Section 48-1d-105 is enacted to read:
             1637          48-1d-105. Supplemental principles of law.
             1638          Unless displaced by particular provisions of this chapter, the principles of law and
             1639      equity supplement this chapter.
             1640          Section 18. Section 48-1d-106 is enacted to read:
             1641          48-1d-106. Partnership agreement -- Scope, function, and limitations.
             1642          (1) Except as otherwise provided in Subsections (3) and (4), the partnership agreement
             1643      governs:
             1644          (a) relations among the partners as partners and between the partners and the
             1645      partnership;
             1646          (b) the activities and affairs of the partnership and the conduct of those activities and
             1647      affairs; and
             1648          (c) the means and conditions for amending the partnership agreement.
             1649          (2) To the extent the partnership agreement does not provide for a matter described in
             1650      Subsection (1), this chapter governs the matter.
             1651          (3) A partnership agreement may not:
             1652          (a) vary the law applicable under Section 48-1d-104 ;
             1653          (b) vary the provisions of Section 48-1d-111 ;


             1654          (c) vary the provisions of Section 48-1d-307 ;
             1655          (d) unreasonably restrict the duties and rights under Section 48-1d-403 , but the
             1656      partnership agreement may impose reasonable restrictions on the availability and use of
             1657      information obtained under that section and may define appropriate remedies, including
             1658      liquidated damages, for a breach of any reasonable restriction on use;
             1659          (e) eliminate the duty of loyalty or the duty of care, except as otherwise provided in
             1660      Subsection (4);
             1661          (f) eliminate the contractual obligation of good faith and fair dealing under Subsection
             1662      48-1d-405 (4), but the partnership agreement may prescribe the standards, if not unconscionable
             1663      or against public policy, by which the performance of the obligation is to be measured;
             1664          (g) relieve or exonerate a person from liability for conduct involving bad faith, willful
             1665      misconduct, or recklessness;
             1666          (h) vary the power to dissociate as a partner under Subsection 48-1d-702 (1), except to
             1667      require the notice under Subsection 48-1d-701 (1) to be in a record;
             1668          (i) vary the right of a court to expel a partner in the events specified in Subsection
             1669      48-1d-701 (5);
             1670          (j) vary the causes of dissolution specified in Subsection 48-1d-901 (4), (5), or (6);
             1671          (k) vary the requirement to wind up the partnership's activities and affairs as specified
             1672      in Subsections 48-1d-902 (1), (2)(a), and (4);
             1673          (l) vary the right of a partner to approve a merger, interest exchange, conversion, or
             1674      domestication under Subsection 48-1d-1023 (1)(b), 48-1d-1033 (1)(b), 48-1d-1043 (1)(b), or
             1675      48-1d-1053 (1)(b);
             1676          (m) vary any requirement, procedure, or other provision of this chapter pertaining to:
             1677          (i) registered agents; or
             1678          (ii) the division, including provisions pertaining to records authorized or required to be
             1679      delivered to the division for filing under this chapter; or
             1680          (n) except as otherwise provided in Section 48-1d-107 and Subsection 48-1d-108 (2),
             1681      restrict the rights under this chapter of a person other than a partner.


             1682          (4) Subject to Subsection (3)(e), without limiting other terms that may be included in a
             1683      partnership agreement, the following rules apply:
             1684          (a) The partnership agreement may specify the method by which a specific act or
             1685      transaction that would otherwise violate the duty of loyalty may be authorized or ratified by one
             1686      or more disinterested and independent persons after full disclosure of all material facts.
             1687          (b) If not unconscionable or against public policy, the partnership agreement may:
             1688          (i) alter or eliminate the aspects of the duty of loyalty stated in Subsection
             1689      48-1d-405 (2);
             1690          (ii) identify specific types or categories of activities that do not violate the duty of
             1691      loyalty;
             1692          (iii) alter the duty of care, except to authorize intentional misconduct or knowing
             1693      violation of law; and
             1694          (iv) alter or eliminate any other fiduciary duty.
             1695          (5) The court shall decide as a matter of law whether a term of a partnership agreement
             1696      is unconscionable or against public policy under Subsection (3)(f) or (4)(b). The court:
             1697          (a) shall make its determination as of the time the challenged term became part of the
             1698      partnership agreement and by considering only circumstances existing at that time; and
             1699          (b) may invalidate the term only if, in light of the purposes and business of the
             1700      partnership, it is readily apparent that:
             1701          (i) the objective of the term is unconscionable or against public policy; or
             1702          (ii) the means to achieve the term's objective is unconscionable or against public
             1703      policy.
             1704          Section 19. Section 48-1d-107 is enacted to read:
             1705          48-1d-107. Partnership agreement -- Effect on partnership and person becoming
             1706      partner -- Preformation agreement.
             1707          (1) A partnership is bound by and may enforce the partnership agreement, whether or
             1708      not the partnership has itself manifested assent to the partnership agreement.
             1709          (2) A person that becomes a partner of a partnership is deemed to assent to the


             1710      partnership agreement.
             1711          (3) Two or more persons intending to become the initial partners of a partnership may
             1712      make an agreement providing that upon the formation of the partnership the agreement will
             1713      become the partnership agreement.
             1714          Section 20. Section 48-1d-108 is enacted to read:
             1715          48-1d-108. Partnership agreement -- Effect on third parties and relationship to
             1716      records effective on behalf of partnership.
             1717          (1) A partnership agreement may specify that its amendment requires the approval of a
             1718      person that is not a party to the partnership agreement or the satisfaction of a condition. An
             1719      amendment is ineffective if its adoption does not include the required approval or satisfy the
             1720      specified condition.
             1721          (2) The obligations of a partnership and its partners to a person in the person's capacity
             1722      as a transferee or person dissociated as a partner are governed by the partnership agreement.
             1723      Subject only to a court order issued under Subsection 48-1d-604 (2)(b) to effectuate a charging
             1724      order, an amendment to the partnership agreement made after a person becomes a transferee or
             1725      is dissociated as a partner:
             1726          (a) is effective with regard to any debt, obligation, or other liability of the partnership
             1727      or its partners to the person in the person's capacity as a transferee or person dissociated as a
             1728      partner; and
             1729          (b) is not effective to the extent the amendment:
             1730          (i) imposes a new debt, obligation, or other liability on the transferee or person
             1731      dissociated as a partner; or
             1732          (ii) prejudices the rights under Section 48-1d-801 of a person that dissociated as a
             1733      partner before the amendment was made.
             1734          (3) If a record delivered by a partnership to the division for filing becomes effective
             1735      under this chapter and contains a provision that would be ineffective under Subsection
             1736      48-1d-106 (3) or (4)(b) if contained in the partnership agreement, the provision is ineffective in
             1737      the record.


             1738          (4) Subject to Subsection (3), if a record delivered by a partnership to the division for
             1739      filing becomes effective under this chapter and conflicts with a provision of the partnership
             1740      agreement:
             1741          (a) the partnership agreement prevails as to partners, persons dissociated as partners,
             1742      and transferees; and
             1743          (b) the record prevails as to other persons to the extent they reasonably rely on the
             1744      record.
             1745          Section 21. Section 48-1d-109 is enacted to read:
             1746          48-1d-109. Delivery of record.
             1747          (1) Except as otherwise provided in this chapter, permissible means of delivery of a
             1748      record include delivery by hand, the United States Postal Service, commercial delivery service,
             1749      and electronic transmission.
             1750          (2) Delivery to the division is effective only when a record is received by the division.
             1751          Section 22. Section 48-1d-110 is enacted to read:
             1752          48-1d-110. Signing of records to be delivered for filing to division.
             1753          (1) A record delivered to the division for filing pursuant to this chapter must be signed
             1754      as follows:
             1755          (a) Except as otherwise provided in Subsections (1)(b) and (c), a record signed by a
             1756      partnership must be signed by a person authorized by the partnership.
             1757          (b) A record filed on behalf of a dissolved partnership that has no partner must be
             1758      signed by the person winding up the partnership's activities and affairs under Subsection
             1759      48-1d-902 (3) or a person appointed under Subsection 48-1d-902 (4) to wind up the business.
             1760          (c) A statement of denial by a person under Section 48-1d-304 must be signed by that
             1761      person.
             1762          (d) Any other record delivered on behalf of a person to the division for filing must be
             1763      signed by that person.
             1764          (2) Any record filed under this chapter may be signed by an agent. Whenever this
             1765      chapter requires a particular individual to sign a record and the individual is deceased or


             1766      incompetent, the record may be signed by a legal representative of the individual.
             1767          (3) A person that signs a record as an agent or legal representative thereby affirms as a
             1768      fact that the person is authorized to sign the record.
             1769          Section 23. Section 48-1d-111 is enacted to read:
             1770          48-1d-111. Signing and filing pursuant to judicial order.
             1771          (1) If a person required by this chapter to sign a record or deliver a record to the
             1772      division for filing under this chapter does not do so, any other person that is aggrieved may
             1773      petition the district court to order:
             1774          (a) the person to sign the record;
             1775          (b) the person to deliver the record to the division for filing; or
             1776          (c) the division to file the record unsigned.
             1777          (2) If a petitioner under Subsection (1) is not the partnership or foreign limited liability
             1778      partnership to which the record pertains, the petitioner shall make the partnership or foreign
             1779      limited liability partnership a party to the action.
             1780          (3) A record filed under Subsection (1)(c) is effective without being signed.
             1781          Section 24. Section 48-1d-112 is enacted to read:
             1782          48-1d-112. Filing requirements.
             1783          (1) To be filed by the division pursuant to this chapter, a record must be received by
             1784      the division, comply with this chapter, and satisfy the following:
             1785          (a) The filing of the record must be required or permitted by this chapter.
             1786          (b) The record must be physically delivered in written form unless and to the extent the
             1787      division permits electronic delivery of records.
             1788          (c) The words in the record must be in English, and numbers must be in Arabic or
             1789      Roman numerals, but the name of an entity need not be in English if written in English letters
             1790      or Arabic or Roman numerals.
             1791          (d) The record must be signed by a person authorized or required under this chapter to
             1792      sign the record.
             1793          (e) The record must state the name and capacity, if any, of each individual who signed


             1794      it, either on behalf of the individual or the person authorized or required to sign the record, but
             1795      need not contain a seal, attestation, acknowledgment, or verification.
             1796          (2) If law other than this chapter prohibits the disclosure by the division of information
             1797      contained in a record delivered to the division for filing, the division shall accept the record if
             1798      the record otherwise complies with this chapter but the division may redact the information.
             1799          (3) When a record is delivered to the division for filing, any fee required under this
             1800      chapter and any fee, tax, interest, or penalty required to be paid under this chapter or law other
             1801      than this chapter must be paid in a manner permitted by the division or by that law.
             1802          (4) The division may require that a record delivered in written form be accompanied by
             1803      an identical or conformed copy.
             1804          Section 25. Section 48-1d-113 is enacted to read:
             1805          48-1d-113. Effective time and date.
             1806          Except as otherwise provided in Section 48-1d-114 and subject to Subsection
             1807      48-1d-115 (3), a record filed under this chapter is effective:
             1808          (1) on the date and at the time of its filing by the division, as provided in Section
             1809      48-1d-116 ;
             1810          (2) on the date of filing and at the time specified in the record as its effective time, if
             1811      later than the time under Subsection (1);
             1812          (3) at a specified delayed effective time and date, which may not be more than 90 days
             1813      after the date of filing; or
             1814          (4) if a delayed effective date is specified, but no time is specified, at 12:01 a.m. on the
             1815      date specified, which may not be more than 90 days after the date of filing.
             1816          Section 26. Section 48-1d-114 is enacted to read:
             1817          48-1d-114. Withdrawal of filed record before effectiveness.
             1818          (1) Except as otherwise provided in Sections 48-1d-1024 , 48-1d-1034 , 48-1d-1044 ,
             1819      and 48-1d-1054 , a record delivered to the division for filing may be withdrawn before it takes
             1820      effect by delivering to the division for filing a statement of withdrawal.
             1821          (2) A statement of withdrawal must:


             1822          (a) be signed by each person that signed the record being withdrawn, except as
             1823      otherwise agreed by those persons;
             1824          (b) identify the record to be withdrawn; and
             1825          (c) if signed by fewer than all the persons that signed the record being withdrawn, state
             1826      that the record is withdrawn in accordance with the agreement of all the persons that signed the
             1827      record.
             1828          (3) On filing by the division of a statement of withdrawal, the action or transaction
             1829      evidenced by the original record does not take effect.
             1830          Section 27. Section 48-1d-115 is enacted to read:
             1831          48-1d-115. Correcting filed record.
             1832          (1) A person on whose behalf a filed record was delivered to the division for filing may
             1833      correct the record if:
             1834          (a) the record at the time of filing was inaccurate;
             1835          (b) the record was defectively signed; or
             1836          (c) the electronic transmission of the record to the division was defective.
             1837          (2) To correct a filed record, a person on whose behalf the record was delivered to the
             1838      division must deliver to the division for filing a statement of correction.
             1839          (3) A statement of correction:
             1840          (a) may not state a delayed effective date;
             1841          (b) must be signed by the person correcting the filed record;
             1842          (c) must identify the filed record to be corrected;
             1843          (d) must specify the inaccuracy or defect to be corrected; and
             1844          (e) must correct the inaccuracy or defect.
             1845          (4) A statement of correction is effective as of the effective date of the filed record that
             1846      it corrects except for purposes of Subsection 48-1d-103 (4) and as to persons relying on the
             1847      uncorrected filed record and adversely affected by the correction. For those purposes and as to
             1848      those persons, the statement of correction is effective when filed.
             1849          Section 28. Section 48-1d-116 is enacted to read:


             1850          48-1d-116. Duty of division to file -- Review of refusal to file -- Transmission of
             1851      information by division.
             1852          (1) The division shall file a record delivered to the division for filing which satisfies
             1853      this chapter. The duty of the division under this section is ministerial.
             1854          (2) When the division files a record, the division shall record it as filed on the date and
             1855      at the time of its delivery. After filing a record, the division shall deliver to the person that
             1856      submitted the record a copy of the record with an acknowledgment of the date and time of
             1857      filing and, in the case of a statement of denial, also to the partnership to which the statement
             1858      pertains.
             1859          (3) If the division refuses to file a record, the division, not later than 15 business days
             1860      after the record is delivered, shall:
             1861          (a) return the record or notify the person that submitted the record of the refusal; and
             1862          (b) provide a brief explanation in a record of the reason for the refusal.
             1863          (4) If the division refuses to file a record, the person that submitted the record may
             1864      petition the district court to compel filing of the record. The record and the explanation of the
             1865      division of the refusal to file must be attached to the petition. The court may decide the matter
             1866      in a summary proceeding.
             1867          (5) The filing of or refusal to file a record does not create a presumption that the
             1868      information contained in the record is correct or incorrect.
             1869          (6) Except as otherwise provided by Section 16-17-301 or by law other than this
             1870      chapter, the division may deliver any record to a person by delivering it:
             1871          (a) in person to the person that submitted it;
             1872          (b) to the address of the person's registered agent;
             1873          (c) to the principal office of the person; or
             1874          (d) to another address the person provides to the division for delivery.
             1875          Section 29. Section 48-1d-117 is enacted to read:
             1876          48-1d-117. Liability for inaccurate information in filed record.
             1877          (1) If a record delivered to the division for filing under this chapter and filed by the


             1878      division contains inaccurate information, a person that suffers loss by reliance on the
             1879      information may recover damages for the loss from:
             1880          (a) a person that signed the record, or caused another to sign it on the person's behalf,
             1881      and knew the information to be inaccurate at the time the record was signed; and
             1882          (b) a partner, if:
             1883          (i) the record was delivered for filing on behalf of the partnership; and
             1884          (ii) the partner had notice of the inaccuracy for a reasonably sufficient time before the
             1885      information was relied upon so that, before the reliance, the partner reasonably could have:
             1886          (A) effected an amendment under Subsection 48-1d-1101 (6);
             1887          (B) filed a petition under Section 48-1d-111 ; or
             1888          (C) delivered to the division for filing a statement of change under Section 16-17-206
             1889      or a statement of correction under Section 48-1d-115 .
             1890          (2) An individual who signs a record authorized or required to be filed under this
             1891      chapter affirms under penalty of perjury that the information stated in the record is accurate.
             1892          Section 30. Section 48-1d-118 is enacted to read:
             1893          48-1d-118. Reservation of power to amend or repeal.
             1894          The Legislature of this state has power to amend or repeal all or part of this chapter at
             1895      any time, and all domestic and foreign limited liability partnerships subject to this chapter are
             1896      governed by the amendment or repeal.
             1897          Section 31. Section 48-1d-201 is enacted to read:
             1898     
Part 2. Nature of Partnership

             1899          48-1d-201. Partnership as entity.
             1900          (1) A partnership is an entity distinct from its partners.
             1901          (2) A partnership is the same entity regardless of whether the partnership has a
             1902      statement of qualification in effect under Section 48-1d-1101 .
             1903          Section 32. Section 48-1d-202 is enacted to read:
             1904          48-1d-202. Formation of partnership.
             1905          (1) Except as otherwise provided in Subsection (2), the association of two or more


             1906      persons to carry on as co-owners a business for profit forms a partnership, whether or not the
             1907      persons intend to form a partnership.
             1908          (2) An association formed under a statute other than this chapter, a predecessor statute,
             1909      or a comparable statute of another jurisdiction is not a partnership under this chapter.
             1910          (3) In determining whether a partnership is formed, the following rules apply:
             1911          (a) Joint tenancy, tenancy in common, tenancy by the entireties, joint property,
             1912      common property, or part ownership does not by itself establish a partnership, even if the
             1913      co-owners share profits made by the use of the property.
             1914          (b) The sharing of gross returns does not by itself establish a partnership, even if the
             1915      persons sharing them have a joint or common right or interest in property from which the
             1916      returns are derived.
             1917          (c) A person who receives a share of the profits of a business is presumed to be a
             1918      partner in the business, unless the profits were received in payment:
             1919          (i) of a debt by installments or otherwise;
             1920          (ii) for services as an independent contractor or of wages or other compensation to an
             1921      employee;
             1922          (iii) of rent;
             1923          (iv) of an annuity or other retirement or health benefit to a deceased or retired partner
             1924      or a beneficiary, representative, or designee of a deceased or retired partner;
             1925          (v) of interest or other charge on a loan, even if the amount of payment varies with the
             1926      profits of the business, including a direct or indirect present or future ownership of the
             1927      collateral, or rights to income, proceeds, or increase in value derived from the collateral; or
             1928          (vi) for the sale of the goodwill of a business or other property by installments or
             1929      otherwise.
             1930          Section 33. Section 48-1d-203 is enacted to read:
             1931          48-1d-203. Partnership property.
             1932          Property acquired by a partnership is property of the partnership and not of the partners
             1933      individually.


             1934          Section 34. Section 48-1d-204 is enacted to read:
             1935          48-1d-204. When property is partnership property.
             1936          (1) Property is partnership property if acquired in the name of:
             1937          (a) the partnership; or
             1938          (b) one or more partners with an indication in the instrument transferring title to the
             1939      property of the person's capacity as a partner or of the existence of a partnership but without an
             1940      indication of the name of the partnership.
             1941          (2) Property is acquired in the name of the partnership by a transfer to:
             1942          (a) the partnership in its name; or
             1943          (b) one or more partners in their capacity as partners in the partnership, if the name of
             1944      the partnership is indicated in the instrument transferring title to the property.
             1945          (3) Property is presumed to be partnership property if purchased with partnership
             1946      assets, even if not acquired in the name of the partnership or of one or more partners with an
             1947      indication in the instrument transferring title to the property of the person's capacity as a
             1948      partner or of the existence of a partnership.
             1949          (4) Property acquired in the name of one or more of the partners, without an indication
             1950      in the instrument transferring title to the property of the person's capacity as a partner or of the
             1951      existence of a partnership and without use of partnership assets, is presumed to be separate
             1952      property, even if used for partnership purposes.
             1953          Section 35. Section 48-1d-301 is enacted to read:
             1954     
Part 3. Relations of Partners to Persons Dealing with Partnership

             1955          48-1d-301. Partner agent of partnership.
             1956          Subject to the effect of a statement of partnership authority under Section 48-1d-303 ,
             1957      the following rules apply:
             1958          (1) Each partner is an agent of the partnership for the purpose of its activities and
             1959      affairs. An act of a partner, including the signing of an instrument in the partnership name, for
             1960      apparently carrying on in the ordinary course the partnership's activities and affairs or activities
             1961      and affairs of the kind carried on by the partnership binds the partnership, unless the partner did


             1962      not have authority to act for the partnership in the particular matter and the person with which
             1963      the partner was dealing knew, or had notice, that the partner lacked authority.
             1964          (2) An act of a partner, which is not apparently for carrying on in the ordinary course
             1965      the partnership's activities and affairs or activities and affairs of the kind carried on by the
             1966      partnership, binds the partnership only if the act was actually authorized by all the other
             1967      partners.
             1968          Section 36. Section 48-1d-302 is enacted to read:
             1969          48-1d-302. Transfer of partnership property.
             1970          (1) Partnership property may be transferred as follows:
             1971          (a) Subject to the effect of a statement of partnership authority under Section
             1972      48-1d-303 , partnership property held in the name of the partnership may be transferred by an
             1973      instrument of transfer executed by a partner in the partnership name.
             1974          (b) Partnership property held in the name of one or more partners with an indication in
             1975      the instrument transferring the property to them of their capacity as partners or of the existence
             1976      of a partnership, but without an indication of the name of the partnership, may be transferred by
             1977      an instrument of transfer executed by the persons in whose name the property is held.
             1978          (c) Partnership property held in the name of one or more persons other than the
             1979      partnership, without an indication in the instrument transferring the property to them of their
             1980      capacity as partners or of the existence of a partnership, may be transferred by an instrument of
             1981      transfer executed by the persons in whose name the property is held.
             1982          (2) A partnership may recover partnership property from a transferee only if it proves
             1983      that execution of the instrument of initial transfer did not bind the partnership under Section
             1984      48-1d-301 and:
             1985          (a) as to a subsequent transferee who gave value for property transferred under
             1986      Subsection (1)(a) or (1)(b), proves that the subsequent transferee knew or had received a
             1987      notification that the person who executed the instrument of initial transfer lacked authority to
             1988      bind the partnership; or
             1989          (b) as to a transferee who gave value for property transferred under Subsection (1)(c),


             1990      proves that the transferee knew or had received a notification that the property was partnership
             1991      property and that the person who executed the instrument of initial transfer lacked authority to
             1992      bind the partnership.
             1993          (3) A partnership may not recover partnership property from a subsequent transferee if
             1994      the partnership would not have been entitled to recover the property, under Subsection (2),
             1995      from any earlier transferee of the property.
             1996          (4) If a person holds all the partners' interests in the partnership, all the partnership
             1997      property vests in that person. The person may execute a document in the name of the
             1998      partnership to evidence vesting of the property in that person and may file or record the
             1999      document.
             2000          Section 37. Section 48-1d-303 is enacted to read:
             2001          48-1d-303. Statement of partnership authority.
             2002          (1) A partnership may deliver to the division for filing a statement of partnership
             2003      authority. The statement:
             2004          (a) must include:
             2005          (i) the name of the partnership; and
             2006          (ii) if the partnership is not a limited liability partnership, the street and mailing
             2007      addresses of its principal office;
             2008          (b) with respect to any position that exists in or with respect to the partnership, may
             2009      state the authority, or limitations on the authority, of all persons holding the position to:
             2010          (i) execute an instrument transferring real property held in the name of the partnership;
             2011      or
             2012          (ii) enter into other transactions on behalf of, or otherwise act for or bind, the
             2013      partnership; and
             2014          (c) may state the authority, or limitations on the authority, of a specific person to:
             2015          (i) execute an instrument transferring real property held in the name of the partnership;
             2016      or
             2017          (ii) enter into other transactions on behalf of, or otherwise act for or bind, the


             2018      partnership.
             2019          (2) To amend or cancel a statement of authority filed by the division, a partnership
             2020      must deliver to the division for filing an amendment or cancellation stating:
             2021          (a) the name of the partnership;
             2022          (b) the street and mailing addresses of the partnership's principal office;
             2023          (c) the date the statement of authority being affected became effective; and
             2024          (d) the contents of the amendment or a declaration that the statement of authority is
             2025      canceled.
             2026          (3) A statement of authority affects only the power of a person to bind a partnership to
             2027      persons that are not partners.
             2028          (4) Subject to Subsection (3) and Subsection 48-1d-103 (4)(a), and except as otherwise
             2029      provided in Subsections (6), (7), and (8), a limitation on the authority of a person or a position
             2030      contained in an effective statement of authority is not by itself evidence of any person's
             2031      knowledge or notice of the limitation.
             2032          (5) Subject to Subsection (3), a grant of authority not pertaining to transfers of real
             2033      property and contained in an effective statement of authority is conclusive in favor of a person
             2034      that gives value in reliance on the grant, except to the extent that if the person gives value:
             2035          (a) the person has knowledge to the contrary;
             2036          (b) the statement of authority has been canceled or restrictively amended under
             2037      Subsection (2); or
             2038          (c) a limitation on the grant is contained in another statement of authority that became
             2039      effective after the statement of authority containing the grant became effective.
             2040          (6) Subject to Subsection (3), an effective statement of authority that grants authority to
             2041      transfer real property held in the name of the partnership and a certified copy of which is
             2042      recorded in the office for recording transfers of the real property is conclusive in favor of a
             2043      person that gives value in reliance on the grant without knowledge to the contrary, except to the
             2044      extent that when the person gives value:
             2045          (a) the statement of authority has been canceled or restrictively amended under


             2046      Subsection (2), and a certified copy of the cancellation or restrictive amendment has been
             2047      recorded in the office for recording transfers of the real property; or
             2048          (b) a limitation on the grant is contained in another statement of authority that became
             2049      effective after the statement of authority containing the grant became effective, and a certified
             2050      copy of the later-effective statement of authority is recorded in the office for recording transfers
             2051      of the real property.
             2052          (7) Subject to Subsection (3), if a certified copy of an effective statement of authority
             2053      containing a limitation on the authority to transfer real property held in the name of a
             2054      partnership is recorded in the office for recording transfers of that real property, all persons are
             2055      deemed to know of the limitation.
             2056          (8) Subject to Subsection (9), an effective statement of dissolution is a cancellation of
             2057      any filed statement of authority for the purposes of Subsection (6) and is a limitation on
             2058      authority for purposes of Subsection (7).
             2059          (9) After a statement of dissolution becomes effective, a partnership may deliver to the
             2060      division for filing and, if appropriate, may record a statement of authority that is designated as
             2061      a postdissolution statement of authority. The postdissolution statement of authority operates as
             2062      provided in Subsections (6) and (7).
             2063          (10) Unless canceled earlier, an effective statement of authority is canceled by
             2064      operation of law five years after the date on which the statement of authority, or its most recent
             2065      amendment, becomes effective. Cancellation is effective without recording under Subsection
             2066      (6) or (7).
             2067          (11) An effective statement of denial operates as a restrictive amendment under this
             2068      section and may be recorded by certified copy for purposes of Subsection (6)(a).
             2069          Section 38. Section 48-1d-304 is enacted to read:
             2070          48-1d-304. Statement of denial.
             2071          A person named in a filed statement of authority granting that person authority may
             2072      deliver to the division for filing a statement of denial that:
             2073          (1) provides the name of the partnership and the caption of the statement of authority to


             2074      which the statement of denial pertains; and
             2075          (2) denies the grant of authority.
             2076          Section 39. Section 48-1d-305 is enacted to read:
             2077          48-1d-305. Partnership liable for partner's actionable conduct.
             2078          (1) A partnership is liable for loss or injury caused to a person, or for a penalty
             2079      incurred, as a result of a wrongful act or omission, or other actionable conduct, of a partner
             2080      acting in the ordinary course of activities and affairs of the partnership or with the actual or
             2081      apparent authority of the partnership.
             2082          (2) If, in the course of the partnership's activities and affairs or while acting with actual
             2083      or apparent authority of the partnership, a partner receives or causes the partnership to receive
             2084      money or property of a person not a partner, and the money or property is misapplied by a
             2085      partner, the partnership is liable for the loss.
             2086          Section 40. Section 48-1d-306 is enacted to read:
             2087          48-1d-306. Partner's liability.
             2088          (1) Except as otherwise provided in Subsections (2) and (3), all partners are liable
             2089      jointly and severally for all debts, obligations, and other liabilities of the partnership unless
             2090      otherwise agreed to by the claimant or provided by law.
             2091          (2) A person that becomes a partner is not personally liable for a debt, obligation, or
             2092      other liability of the partnership incurred before the person became a partner.
             2093          (3) A debt, obligation, or other liability of a partnership incurred while the partnership
             2094      is a limited liability partnership is solely the debt, obligation, or other liability of the limited
             2095      liability partnership. A partner is not personally liable, directly or indirectly, by way of
             2096      contribution or otherwise, for a debt, obligation, or other liability of the limited liability
             2097      partnership solely by reason of being or acting as a partner. This Subsection (3) applies:
             2098          (a) despite anything inconsistent in the partnership agreement that existed immediately
             2099      before the vote or consent required to become a limited liability partnership under Subsection
             2100      48-1d-1101 (2); and
             2101          (b) regardless of the dissolution of the limited liability partnership.


             2102          (4) The failure of a limited liability partnership to observe any formalities relating to
             2103      the exercise of its powers or management of its activities and affairs is not a ground for
             2104      imposing liability on any partner of the limited liability partnership for a debt, obligation, or
             2105      other liability of the limited liability partnership.
             2106          (5) The cancellation or administrative revocation of a limited liability partnership's
             2107      statement of qualification does not affect the limitation under this section on the liability of a
             2108      partner for a debt, obligation, or other liability of the partnership incurred while the statement
             2109      was in effect.
             2110          (6) Subsection (3) and Part 11, Limited Liability Partnerships, do not alter any law
             2111      applicable to the relationship between a person providing a professional service and a person
             2112      receiving the professional service, including liability arising out of those professional services.
             2113      A person providing a professional service remains personally liable for a result of that person's
             2114      act or omission.
             2115          Section 41. Section 48-1d-307 is enacted to read:
             2116          48-1d-307. Actions by and against partnership and partners.
             2117          (1) A partnership may sue and be sued in the name of the partnership.
             2118          (2) To the extent not inconsistent with Section 48-1d-306 , a partner may be joined in
             2119      an action against the partnership or named in a separate action.
             2120          (3) A judgment against a partnership is not by itself a judgment against a partner. A
             2121      judgment against a partnership may not be satisfied from a partner's assets unless there is also a
             2122      judgment against the partner.
             2123          (4) A judgment creditor of a partner may not levy execution against the assets of the
             2124      partner to satisfy a judgment based on a claim against the partnership unless the partner is
             2125      personally liable for the claim under Section 48-1d-306 , and:
             2126          (a) a judgment based on the same claim has been obtained against the partnership and a
             2127      writ of execution on the judgment has been returned unsatisfied in whole or in part;
             2128          (b) the partnership is a debtor in bankruptcy;
             2129          (c) the partner has agreed that the creditor need not exhaust partnership assets;


             2130          (d) a court grants permission to the judgment creditor to levy execution against the
             2131      assets of a partner based on a finding that partnership assets subject to execution are clearly
             2132      insufficient to satisfy the judgment, that exhaustion of partnership assets is excessively
             2133      burdensome, or that the grant of permission is an appropriate exercise of the court's equitable
             2134      powers; or
             2135          (e) liability is imposed on the partner by law or contract independent of the existence of
             2136      the partnership.
             2137          (5) This section applies to any partnership liability or obligation resulting from a
             2138      representation by a partner or purported partner under Section 48-1d-308 .
             2139          Section 42. Section 48-1d-308 is enacted to read:
             2140          48-1d-308. Liability of purported partner.
             2141          (1) If a person, by words or conduct, purports to be a partner, or consents to being
             2142      represented by another as a partner, in a partnership or with one or more persons not partners,
             2143      the purported partner is liable to a person to whom the representation is made, if that person,
             2144      relying on the representation, enters into a transaction with the actual or purported partnership.
             2145      If the representation, either by the purported partner or by a person with the purported partner's
             2146      consent, is made in a public manner, the purported partner is liable to a person who relies upon
             2147      the purported partnership even if the purported partner is not aware of being held out as a
             2148      partner to the claimant. If partnership liability results, the purported partner is liable with
             2149      respect to that liability as if the purported partner were a partner. If no partnership liability
             2150      results, the purported partner is liable with respect to that liability jointly and severally with any
             2151      other person consenting to the representation.
             2152          (2) If a person is thus represented to be a partner in an existing partnership, or with one
             2153      or more persons not partners, the purported partner is an agent of persons consenting to the
             2154      representation to bind them to the same extent and in the same manner as if the purported
             2155      partner were a partner, with respect to persons who enter into transactions in reliance upon the
             2156      representation. If all the partners of the existing partnership consent to the representation, a
             2157      partnership act or obligation results. If fewer than all the partners of the existing partnership


             2158      consent to the representation, the person acting and the partners consenting to the
             2159      representation are jointly and severally liable.
             2160          (3) A person is not liable as a partner merely because the person is named by another in
             2161      a statement of partnership authority.
             2162          (4) A person does not continue to be liable as a partner merely because of a failure to
             2163      file a statement of dissociation or to amend a statement of partnership authority to indicate the
             2164      partner's dissociation from the partnership.
             2165          (5) Except as otherwise provided in Subsections (1) and (2), persons who are not
             2166      partners as to each other are not liable as partners to other persons.
             2167          Section 43. Section 48-1d-401 is enacted to read:
             2168     
Part 4. Relations of Partners to Each Other and to Partnership

             2169          48-1d-401. Becoming partner.
             2170          (1) Upon formation of a partnership, a person becomes a partner under Subsection
             2171      48-1d-202 (1).
             2172          (2) After formation of a partnership, a person becomes a partner:
             2173          (a) as provided in the partnership agreement;
             2174          (b) as a result of a transaction effective under Part 10, Merger, Interest Exchange,
             2175      Conversion, and Domestication; or
             2176          (c) with the consent of all the partners.
             2177          (3) A person may become a partner without either:
             2178          (a) acquiring a transferable interest; or
             2179          (b) making or being obligated to make a contribution to the partnership.
             2180          Section 44. Section 48-1d-402 is enacted to read:
             2181          48-1d-402. Management rights of partners.
             2182          (1) Each partner has equal rights in the management and conduct of the partnership's
             2183      activities and affairs.
             2184          (2) A partner may use or possess partnership property only on behalf of the partnership.
             2185          (3) A partner is not entitled to remuneration for services performed for the partnership,


             2186      except for reasonable compensation for services rendered in winding up the activities and
             2187      affairs of the partnership.
             2188          (4) A difference arising among partners as to a matter in the ordinary course of the
             2189      activities of the partnership shall be decided by a majority of the partners.
             2190          (5) An act outside the ordinary course of the activities and affairs of the partnership
             2191      may be undertaken only with the consent of all partners. An act outside the ordinary course of
             2192      business of a partnership, an amendment to the partnership agreement, and the approval of a
             2193      transaction under Part 10, Merger, Interest Exchange, Conversion, and Domestication, may be
             2194      undertaken only with the affirmative vote or consent of all of the partners.
             2195          Section 45. Section 48-1d-403 is enacted to read:
             2196          48-1d-403. Rights of partners and person dissociated as partner to information.
             2197          (1) A partnership shall keep its books and records, if any, at its principal office.
             2198          (2) On reasonable notice, a partner may inspect and copy during regular business
             2199      hours, at a reasonable location specified by the partnership, any record maintained by the
             2200      partnership regarding the partnership's activities, affairs, financial condition, and other
             2201      circumstances, to the extent the information is material to the partner's rights and duties under
             2202      the partnership agreement or this chapter.
             2203          (3) The partnership shall furnish to each partner:
             2204          (a) without demand, any information concerning the partnership's activities, affairs,
             2205      financial condition, and other circumstances which the partnership knows and is material to the
             2206      proper exercise of the partner's rights and duties under the partnership agreement or this
             2207      chapter, except to the extent the partnership can establish that it reasonably believes the partner
             2208      already knows the information; and
             2209          (b) on demand, any other information concerning the partnership's activities, affairs,
             2210      financial condition, and other circumstances, except to the extent the demand or information
             2211      demanded is unreasonable or otherwise improper under the circumstances.
             2212          (4) The duty to furnish information under Subsection (3) also applies to each partner to
             2213      the extent the partner knows any of the information described in Subsection (3).


             2214          (5) Subject to Subsection (8), on 10 days' demand made in a record received by a
             2215      partnership, a person dissociated as a partner may have access to information to which the
             2216      person was entitled while a partner if:
             2217          (a) the information pertains to the period during which the person was a partner;
             2218          (b) the person seeks the information in good faith; and
             2219          (c) the person satisfies the requirements imposed on a partner by Subsection (2).
             2220          (6) Not later than 10 days after receiving a demand under Subsection (5), the
             2221      partnership in a record shall inform the person that made the demand of:
             2222          (a) the information that the partnership will provide in response to the demand and
             2223      when and where the partnership will provide the information; and
             2224          (b) the partnership's reasons for declining, if the partnership declines to provide any
             2225      demanded information.
             2226          (7) A partnership may charge a person that makes a demand under this section the
             2227      reasonable costs of copying, limited to the costs of labor and material.
             2228          (8) A partner or person dissociated as a partner may exercise rights under this section
             2229      through an agent or, in the case of an individual under legal disability, a legal representative.
             2230      Any restriction or condition imposed by the partnership agreement or under Subsection (11)
             2231      applies both to the agent or legal representative and the partner or person dissociated as a
             2232      partner.
             2233          (9) The rights under this section do not extend to a person as transferee.
             2234          (10) If a partner dies, Section 48-1d-605 applies.
             2235          (11) In addition to any restriction or condition stated in the partnership agreement, a
             2236      partnership, as a matter within the ordinary course of its business, may impose reasonable
             2237      restrictions and conditions on access to and use of information to be furnished under this
             2238      section, including designating information confidential and imposing nondisclosure and
             2239      safeguarding obligations on the recipient. In a dispute concerning the reasonableness of a
             2240      restriction under this subsection, the partnership has the burden of proving reasonableness.
             2241          Section 46. Section 48-1d-404 is enacted to read:


             2242          48-1d-404. Reimbursement, indemnification, advancement, and insurance.
             2243          (1) A partnership shall reimburse a partner for any payment made by the partner in the
             2244      course of the partner's activities on behalf of the partnership, if the partner complied with
             2245      Sections 48-1d-402 and 48-1d-405 in making the payment.
             2246          (2) A partnership shall indemnify and hold harmless a person with respect to any claim
             2247      or demand against the person and any debt, obligation, or other liability incurred by the person
             2248      by reason of the person's former or present capacity as a partner, if the claim, demand, debt,
             2249      obligation, or other liability does not arise from the person's breach of Section 48-1d-402 ,
             2250      48-1d-405 , or 48-1d-504 .
             2251          (3) In the ordinary course of its activities and affairs, a partnership may advance
             2252      reasonable expenses, including attorney's fees and costs, incurred by a person in connection
             2253      with a claim or demand against the person by reason of the person's former or present capacity
             2254      as a partner, if the person promises to repay the partnership if the person ultimately is
             2255      determined not to be entitled to be indemnified under Subsection (2).
             2256          (4) A partnership may purchase and maintain insurance on behalf of a partner against
             2257      liability asserted against or incurred by the partner in that capacity or arising from that status
             2258      even if, under Subsection 48-1d-106 (3)(g), the partnership agreement could not eliminate or
             2259      limit the person's liability to the partnership for the conduct giving rise to the liability.
             2260          (5) A partnership shall reimburse a partner for an advance to the partnership beyond
             2261      the amount of capital the partner agreed to contribute.
             2262          (6) A payment or advance made by a partner which gives rise to a partnership
             2263      obligation under Subsection (1) or (5) constitutes a loan to the partnership which accrues
             2264      interest from the date of the payment or advance.
             2265          Section 47. Section 48-1d-405 is enacted to read:
             2266          48-1d-405. Standards of conduct for partners.
             2267          (1) A partner owes to the partnership and the other partners the duties of loyalty and
             2268      care stated in Subsections (2) and (3).
             2269          (2) The duty of loyalty of a partner includes the duties:


             2270          (a) to account to the partnership and hold as trustee for it any property, profit, or
             2271      benefit derived by the partner:
             2272          (i) in the conduct or winding up of the partnership's activities and affairs;
             2273          (ii) from a use by the partner of the partnership's property; or
             2274          (iii) from the appropriation of a partnership opportunity;
             2275          (b) to refrain from dealing with the partnership in the conduct or winding up of the
             2276      partnership's activities and affairs as or on behalf of a person having an interest adverse to the
             2277      partnership; and
             2278          (c) to refrain from competing with the partnership in the conduct of the partnership's
             2279      activities and affairs before the dissolution of the partnership.
             2280          (3) The duty of care of a partner in the conduct or winding up of the partnership's
             2281      activities and affairs is to refrain from engaging in grossly negligent or reckless conduct,
             2282      intentional misconduct, or a knowing violation of law.
             2283          (4) A partner shall discharge the duties and obligations under this chapter or under the
             2284      partnership agreement and exercise any rights consistently with the contractual obligation of
             2285      good faith and fair dealing.
             2286          (5) A partner does not violate a duty or obligation under this chapter or under the
             2287      partnership agreement solely because the partner's conduct furthers the partner's own interest.
             2288          (6) All the partners may authorize or ratify, after full disclosure of all material facts, a
             2289      specific act or transaction that otherwise would violate the duty of loyalty.
             2290          (7) It is a defense to a claim under Subsection (2)(b) and any comparable claim in
             2291      equity or at common law that the transaction was fair to the partnership.
             2292          (8) If, as permitted by Subsection (6) or the partnership agreement, a partner enters into
             2293      a transaction with the partnership which otherwise would be prohibited by Subsection (2)(b),
             2294      the partner's rights and obligations arising from the transaction are the same as those of a
             2295      person that is not a partner.
             2296          Section 48. Section 48-1d-406 is enacted to read:
             2297          48-1d-406. Actions by partnership and partners.


             2298          (1) A partnership may maintain an action against a partner for a breach of the
             2299      partnership agreement, or for the violation of a duty to the partnership, causing harm to the
             2300      partnership.
             2301          (2) A partner may maintain an action against the partnership or another partner for
             2302      legal or equitable relief, with or without an accounting as to the partnership's activities and
             2303      affairs, to:
             2304          (a) enforce the partner's rights under the partnership agreement;
             2305          (b) enforce the partner's rights under this chapter; or
             2306          (c) enforce the rights and otherwise protect the interests of the partner, including rights
             2307      and interests arising independently of the partnership relationship.
             2308          (3) The accrual of, and any time limitation on, a right of action for a remedy under this
             2309      section is governed by other law. A right to an accounting upon a dissolution and winding up
             2310      does not revive a claim barred by law.
             2311          Section 49. Section 48-1d-407 is enacted to read:
             2312          48-1d-407. Continuation of partnership beyond definite term or particular
             2313      undertaking.
             2314          (1) If a partnership for a definite term or particular undertaking is continued, without
             2315      an express agreement, after the expiration of the term or completion of the undertaking, the
             2316      rights and duties of the partners remain the same as they were at the expiration or completion,
             2317      so far as is consistent with a partnership at will.
             2318          (2) If the partners, or those of them who habitually acted in the business during the
             2319      term or undertaking, continue the business without any settlement or liquidation of the
             2320      partnership, they are presumed to have agreed that the partnership will continue.
             2321          Section 50. Section 48-1d-501 is enacted to read:
             2322     
Part 5. Contributions and Distributions

             2323          48-1d-501. Form of contribution.
             2324          A contribution may consist of property transferred to, services performed for, or other
             2325      benefit provided to the partnership or an agreement to transfer property to, perform services


             2326      for, or provide another benefit to the partnership.
             2327          Section 51. Section 48-1d-502 is enacted to read:
             2328          48-1d-502. Liability for contribution.
             2329          (1) A person's obligation to make a contribution to a partnership is not excused by the
             2330      person's death, disability, dissolution, or other inability to perform personally.
             2331          (2) If a person does not fulfill an obligation to make a contribution other than money,
             2332      the person is obligated at the option of the partnership to contribute money equal to the value of
             2333      the part of the contribution which has not been made.
             2334          (3) The obligation of a person to make a contribution may be compromised only by
             2335      consent of all partners. If a creditor of a limited liability partnership extends credit or
             2336      otherwise acts in reliance on an obligation described in Subsection (1), without notice of a
             2337      compromise under this Subsection (3), the creditor may enforce the obligation.
             2338          Section 52. Section 48-1d-503 is enacted to read:
             2339          48-1d-503. Sharing of and right to distributions before dissolution.
             2340          (1) Any distributions made by a partnership before its dissolution and winding up must
             2341      be in equal shares among partners, except to the extent necessary to comply with a transfer
             2342      effective under Section 48-1d-603 or charging order in effect under Section 48-1d-604 .
             2343          (2) A person has a right to a distribution before the dissolution and winding up of a
             2344      partnership only if the partnership decides to make an interim distribution.
             2345          (3) A person does not have a right to demand or receive a distribution from a
             2346      partnership in any form other than money. Except as otherwise provided in Section 48-1d-906 ,
             2347      a partnership may distribute an asset in kind only if each part of the asset is fungible with each
             2348      other part and each person receives a percentage of the asset equal in value to the person's share
             2349      of distributions.
             2350          (4) If a partner or transferee becomes entitled to receive a distribution, the partner or
             2351      transferee has the status of, and is entitled to all remedies available to, a creditor of the
             2352      partnership with respect to the distribution. However, the partnership's obligation to make a
             2353      distribution is subject to offset for any amount owed to the partnership by the partner or a


             2354      person dissociated as partner on whose account the distribution is made.
             2355          Section 53. Section 48-1d-504 is enacted to read:
             2356          48-1d-504. Limitation on distributions by limited liability partnership.
             2357          (1) A limited liability partnership may not make a distribution, including a distribution
             2358      under Section 48-1d-906 , if after the distribution:
             2359          (a) the limited liability partnership would not be able to pay its debts as they become
             2360      due in the ordinary course of the partnership's activities and affairs; or
             2361          (b) the limited liability partnership's total assets would be less than the sum of its total
             2362      liabilities plus, unless the partnership agreement permits otherwise, the amount that would be
             2363      needed, if the partnership were to be dissolved and wound up at the time of the distribution, to
             2364      satisfy the preferential rights upon dissolution and winding up of partners and transferees
             2365      whose preferential rights are superior to the right to receive distributions of the persons
             2366      receiving the distribution.
             2367          (2) A limited liability partnership may base a determination that a distribution is not
             2368      prohibited under Subsection (1) on:
             2369          (a) financial statements prepared on the basis of accounting practices and principles
             2370      that are reasonable in the circumstances; or
             2371          (b) a fair valuation or other method that is reasonable under the circumstances.
             2372          (3) Except as otherwise provided in Subsection (5), the effect of a distribution under
             2373      Subsection (1) is measured:
             2374          (a) in the case of a distribution as defined in Subsection 48-1d-102 (4)(a), as of the
             2375      earlier of the date:
             2376          (i) money or other property is transferred or debt is incurred by the limited liability
             2377      partnership; or
             2378          (ii) the person entitled to the distribution ceases to own the interest or rights being
             2379      acquired by the limited liability partnership in return for the distribution;
             2380          (b) in the case of any other distribution of indebtedness, as of the date the indebtedness
             2381      is distributed; and


             2382          (c) in all other cases, as of the date:
             2383          (i) the distribution is authorized, if the payment occurs not later than 120 days after that
             2384      date; or
             2385          (ii) the payment is made, if the payment occurs more than 120 days after the
             2386      distribution is authorized.
             2387          (4) A limited liability partnership's indebtedness to a partner or transferee incurred by
             2388      reason of a distribution made in accordance with this section is at parity with the limited
             2389      liability partnership's indebtedness to its general, unsecured creditors, except to the extent
             2390      subordinated by agreement.
             2391          (5) A limited liability partnership's indebtedness, including indebtedness issued as a
             2392      distribution, is not a liability for purposes of Subsection (1) if the terms of the indebtedness
             2393      provide that payment of principal and interest is made only if and to the extent that a payment
             2394      of a distribution could then be made under this section. If the indebtedness is issued as a
             2395      distribution, each payment of principal or interest is treated as a distribution, the effect of
             2396      which is measured on the date the payment is made.
             2397          (6) In measuring the effect of a distribution under Section 48-1d-906 , the liabilities of a
             2398      dissolved limited liability partnership do not include any claim that has been disposed of under
             2399      Sections 48-1d-907 , 48-1d-908 , and 48-1d-909 .
             2400          Section 54. Section 48-1d-505 is enacted to read:
             2401          48-1d-505. Liability for improper distributions by a limited liability partnership.
             2402          (1) If a partner of a limited liability partnership consents to a distribution made in
             2403      violation of Section 48-1d-504 and in consenting to the distribution fails to comply with
             2404      Section 48-1d-405 , the partner is personally liable to the limited liability partnership for the
             2405      amount of the distribution which exceeds the amount that could have been distributed without
             2406      the violation of Section 48-1d-504 .
             2407          (2) A person that receives a distribution knowing that the distribution violated Section
             2408      48-1d-504 is personally liable to the limited liability partnership but only to the extent that the
             2409      distribution received by the person exceeded the amount that could have been properly paid


             2410      under Section 48-1d-504 .
             2411          (3) A person against which an action is commenced because the person is liable under
             2412      Subsection (1) may:
             2413          (a) implead any other person that is liable under Subsection (1) and seek to enforce a
             2414      right of contribution from the person; and
             2415          (b) implead any person that received a distribution in violation of Subsection (2) and
             2416      seek to enforce a right of contribution from the person in the amount the person received in
             2417      violation of Subsection (2).
             2418          (4) An action under this section is barred unless commenced not later than two years
             2419      after the distribution.
             2420          Section 55. Section 48-1d-601 is enacted to read:
             2421     
Part 6. Transferable Interests and Rights of Transferees and Creditors

             2422          48-1d-601. Partner not co-owner of partnership property.
             2423          A partner is not a co-owner of partnership property and has no interest in partnership
             2424      property which can be transferred, either voluntarily or involuntarily.
             2425          Section 56. Section 48-1d-602 is enacted to read:
             2426          48-1d-602. Nature of transferable interest.
             2427          A transferable interest is personal property.
             2428          Section 57. Section 48-1d-603 is enacted to read:
             2429          48-1d-603. Transfer of transferable interest.
             2430          (1) A transfer, in whole or in part, of a transferable interest:
             2431          (a) is permissible;
             2432          (b) does not by itself cause a person's dissociation or a dissolution and winding up of
             2433      the partnership's activities and affairs; and
             2434          (c) subject to Section 48-1d-605 , does not entitle the transferee to:
             2435          (i) participate in the management or conduct of the partnership's activities and affairs;
             2436      or
             2437          (ii) except as otherwise provided in Subsection (3), have access to records or other


             2438      information concerning the partnership's activities and affairs.
             2439          (2) A transferee has the right to:
             2440          (a) receive, in accordance with the transfer, distributions to which the transferor would
             2441      otherwise be entitled; and
             2442          (b) seek under Subsection 48-1d-901 (5) a judicial determination that it is equitable to
             2443      wind up the partnership's activities and affairs.
             2444          (3) In a dissolution and winding up of a partnership, a transferee is entitled to an
             2445      account of the partnership's transactions only from the date of the last account agreed to by the
             2446      partners.
             2447          (4) A partnership need not give effect to a transferee's rights under this section until the
             2448      partnership knows or has notice of the transfer.
             2449          (5) A transfer of a transferable interest in violation of a restriction on transfer contained
             2450      in the partnership agreement is ineffective as to a person having knowledge or notice of the
             2451      restriction at the time of transfer.
             2452          (6) Except as otherwise provided in Subsection 48-1d-701 (4)(b), if a partner transfers a
             2453      transferable interest, the transferor retains the rights of a partner other than the transferable
             2454      interest transferred and retains all duties and obligations of a partner.
             2455          (7) If a partner transfers a transferable interest to a person that becomes a partner with
             2456      respect to the transferred interest, the transferee is liable for the transferor's obligations under
             2457      Sections 48-1d-502 and 48-1d-505 known to the transferee when the transferee becomes a
             2458      partner.
             2459          Section 58. Section 48-1d-604 is enacted to read:
             2460          48-1d-604. Charging order.
             2461          (1) On application by a judgment creditor of a partner or transferee, a court may enter a
             2462      charging order against the transferable interest of the judgment debtor for the unsatisfied
             2463      amount of the judgment. A charging order constitutes a lien on a judgment debtor's
             2464      transferable interest and, after the partnership has been served with the charging order, requires
             2465      the partnership to pay over to the person to which the charging order was issued any


             2466      distribution that otherwise would be paid to the judgment debtor.
             2467          (2) To the extent necessary to effectuate the collection of distributions pursuant to a
             2468      charging order in effect under Subsection (1), the court may:
             2469          (a) appoint a receiver of the distributions subject to the charging order, with the power
             2470      to make all inquiries the judgment debtor might have made; and
             2471          (b) make all other orders necessary to give effect to the charging order.
             2472          (3) Upon a showing that distributions under a charging order will not pay the judgment
             2473      debt within a reasonable time, the court may foreclose the lien and order the sale of the
             2474      transferable interest. The purchaser at the foreclosure sale obtains only the transferable
             2475      interest, does not thereby become a partner, and is subject to Section 48-1d-603 .
             2476          (4) At any time before foreclosure under Subsection (3), the partner or transferee
             2477      whose transferable interest is subject to a charging order under Subsection (1) may extinguish
             2478      the charging order by satisfying the judgment and filing a certified copy of the satisfaction with
             2479      the court that issued the charging order.
             2480          (5) At any time before foreclosure under Subsection (3), a partnership or one or more
             2481      partners whose transferable interests are not subject to the charging order may pay to the
             2482      judgment creditor the full amount due under the judgment and thereby succeed to the rights of
             2483      the judgment creditor, including the charging order.
             2484          (6) This chapter does not deprive any partner or transferee of the benefit of any
             2485      exemption law applicable to the transferable interest of the partner or transferee.
             2486          (7) This section provides the exclusive remedy by which a person seeking to enforce a
             2487      judgment against a partner or transferee, in the capacity of judgment creditor, may satisfy the
             2488      judgment from the judgment debtor's transferable interest.
             2489          Section 59. Section 48-1d-605 is enacted to read:
             2490          48-1d-605. Power of legal representative of deceased partner.
             2491          If a partner dies, the deceased partner's legal representative may exercise:
             2492          (1) the rights of a transferee provided in Subsection 48-1d-603 (3); and
             2493          (2) for purposes of settling the estate, the rights the deceased partner had under Section


             2494      48-1d-403 .
             2495          Section 60. Section 48-1d-701 is enacted to read:
             2496     
Part 7. Dissociation

             2497          48-1d-701. Events causing dissociation.
             2498          A person is dissociated as a partner when:
             2499          (1) the partnership has notice of the person's express will to withdraw as a partner, but,
             2500      if the person specified a withdrawal date later than the date the partnership had notice, on that
             2501      later date;
             2502          (2) an event stated in the partnership agreement as causing the person's dissociation
             2503      occurs;
             2504          (3) the person is expelled as a partner pursuant to the partnership agreement;
             2505          (4) the person is expelled as a partner by the unanimous vote or consent of the other
             2506      partners if:
             2507          (a) it is unlawful to carry on the partnership's activities and affairs with the person as a
             2508      partner;
             2509          (b) there has been a transfer of all of the person's transferable interest in the
             2510      partnership, other than:
             2511          (i) a transfer for security purposes; or
             2512          (ii) a charging order in effect under Section 48-1d-604 , which has not been foreclosed;
             2513          (c) the person is a corporation and:
             2514          (i) the partnership notifies the person that it will be expelled as a partner because the
             2515      person has filed a statement of dissolution or the equivalent, its charter has been revoked, or its
             2516      right to conduct business has been suspended by the jurisdiction of its incorporation; and
             2517          (ii) not later than 90 days after the notification, the statement of dissolution or the
             2518      equivalent has not been revoked or the charter or right to conduct business has not been
             2519      reinstated; or
             2520          (d) the person is an unincorporated entity that has been dissolved and whose business
             2521      is being wound up;


             2522          (5) on application by the partnership or another partner, the person is expelled as a
             2523      partner by judicial order because the person:
             2524          (a) has engaged or is engaging in wrongful conduct that has affected adversely and
             2525      materially, or will affect adversely and materially, the partnership's activities and affairs;
             2526          (b) has committed willfully or persistently, or is committing willfully or persistently, a
             2527      material breach of the partnership agreement or a duty or obligation under Section 48-1d-405 ;
             2528      or
             2529          (c) engaged or is engaging in conduct relating to the partnership's activities and affairs
             2530      which makes it not reasonably practicable to carry on the partnership's activities and affairs
             2531      with the person as a partner;
             2532          (6) in the case of an individual:
             2533          (a) the individual dies;
             2534          (b) a guardian or general conservator for the individual is appointed; or
             2535          (c) a court orders that the individual has otherwise become incapable of performing the
             2536      individual's duties as a partner under this chapter or the partnership agreement;
             2537          (7) the person:
             2538          (a) becomes a debtor in bankruptcy;
             2539          (b) executes an assignment for the benefit of creditors; or
             2540          (c) seeks, consents to, or acquiesces in the appointment of a trustee, receiver, or
             2541      liquidator of the person or of all, or substantially all, of the person's property;
             2542          (8) in the case of a person that is a testamentary or inter vivos trust or is acting as a
             2543      partner by virtue of being a trustee of such a trust, the trust's entire transferable interest in the
             2544      partnership is distributed;
             2545          (9) in the case of a person that is an estate or is acting as a partner by virtue of being a
             2546      personal representative of an estate, the estate's entire transferable interest in the partnership is
             2547      distributed, but not merely by reason of the substitution of a successor personal representative;
             2548          (10) in the case of a person that is not an individual, corporation, unincorporated entity,
             2549      trust, or estate, the existence of the person terminates;


             2550          (11) the partnership participates in a merger under Part 10, Merger, Interest Exchange,
             2551      Conversion, and Domestication, and:
             2552          (a) the partnership is not the surviving entity; or
             2553          (b) otherwise as a result of the merger, the person ceases to be a partner;
             2554          (12) the partnership participates in an interest exchange under Part 10, Merger, Interest
             2555      Exchange, Conversion, and Domestication, and, as a result of the interest exchange, the person
             2556      ceases to be a partner;
             2557          (13) the partnership participates in a conversion under Part 10, Merger, Interest
             2558      Exchange, Conversion, and Domestication;
             2559          (14) the partnership participates in a domestication under Part 10, Merger, Interest
             2560      Exchange, Conversion, and Domestication, and, as a result of the domestication, the person
             2561      ceases to be a partner; or
             2562          (15) the partnership dissolves and completes winding up.
             2563          Section 61. Section 48-1d-702 is enacted to read:
             2564          48-1d-702. Power to dissociate as partner -- Wrongful dissociation.
             2565          (1) A person has the power to dissociate as a partner at any time, rightfully or
             2566      wrongfully, by withdrawing as a partner by express will under Subsection 48-1d-701 (1).
             2567          (2) A person's dissociation as a partner is wrongful only if the dissociation:
             2568          (a) is in breach of an express provision of the partnership agreement; or
             2569          (b) in the case of a partnership for a definite term or particular undertaking, occurs
             2570      before the expiration of the term or the completion of the undertaking and:
             2571          (i) the person withdraws by express will, unless the withdrawal follows not later than
             2572      90 days after another person's dissociation by death or otherwise under Subsections
             2573      48-1d-701 (6) through (10) or wrongful dissociation under this subsection;
             2574          (ii) the person is expelled by judicial order under Subsection 48-1d-701 (5);
             2575          (iii) the person is dissociated under Subsection 48-1d-701 (7); or
             2576          (iv) in the case of a person that is not a trust other than a business trust, an estate, an
             2577      individual, or a trust other than a business trust, the person is expelled or otherwise dissociated


             2578      because it willfully dissolved or terminated.
             2579          (3) A person that wrongfully dissociates is liable to the partnership and to the other
             2580      partners for damages caused by the dissociation. The liability is in addition to any debt,
             2581      obligation, or other liability of the partner to the partnership or the other partners.
             2582          Section 62. Section 48-1d-703 is enacted to read:
             2583          48-1d-703. Effect of dissociation.
             2584          (1) If a person's dissociation results in a dissolution and winding up of the partnership's
             2585      activities and affairs, Part 9, Dissolution and Winding Up, applies, otherwise, Part 8, Partner's
             2586      Dissociation When Business Not Wound Up, applies.
             2587          (2) If a person is dissociated as a partner:
             2588          (a) the person's right to participate in the management and conduct of the partnership's
             2589      activities and affairs terminates, except as otherwise provided in Subsection 48-1d-902 (3); and
             2590          (b) the person's duties and obligations under Section 48-1d-405 :
             2591          (i) end with regard to matters arising and events occurring after the person's
             2592      dissociation; and
             2593          (ii) continue only with regard to matters arising and events occurring before the
             2594      person's dissociation, unless the partner participates in winding up the partnership's activities
             2595      and affairs pursuant to Section 48-1d-902 .
             2596          (3) A person's dissociation does not of itself discharge the person from a debt,
             2597      obligation, or other liability to the partnership or the other partners which the person incurred
             2598      while a partner.
             2599          Section 63. Section 48-1d-801 is enacted to read:
             2600     
Part 8. Partner's Dissociation When Business Not Wound Up

             2601          48-1d-801. Purchase of interest of person dissociated as partner.
             2602          (1) If a person is dissociated as a partner without the dissociation resulting in a
             2603      dissolution and winding up of the partnership's activities and affairs under Section 48-1d-901 ,
             2604      the partnership shall cause the person's interest in the partnership to be purchased for a buyout
             2605      price determined pursuant to Subsection (2).


             2606          (2) The buyout price of the interest of a person dissociated as a partner is the amount
             2607      that would have been distributable to the person under Subsection 48-1d-906 (2) if, on the date
             2608      of dissociation, the assets of the partnership were sold and the partnership were wound up, with
             2609      the sale price equal to the greater of:
             2610          (a) the liquidation value; or
             2611          (b) the value based on a sale of the entire business as a going concern without the
             2612      person.
             2613          (3) Interest accrues on the buyout price from the date of dissociation to the date of
             2614      payment, but damages for wrongful dissociation under Subsection 48-1d-702 (2), and all other
             2615      amounts owing, whether or not presently due, from the person dissociated as a partner to the
             2616      partnership, must be offset against the buyout price.
             2617          (4) A partnership shall defend, indemnify, and hold harmless a person dissociated as a
             2618      partner whose interest is being purchased against all partnership liabilities, whether incurred
             2619      before or after the dissociation, except liabilities incurred by an act of the person dissociated as
             2620      a partner under Section 48-1d-802 .
             2621          (5) If no agreement for the purchase of the interest of a person dissociated as a partner
             2622      is reached not later than 120 days after a written demand for payment, the partnership shall pay,
             2623      or cause to be paid, in money to the person the amount the partnership estimates to be the
             2624      buyout price and accrued interest, reduced by any offsets and accrued interest under Subsection
             2625      (3).
             2626          (6) If a deferred payment is authorized under Subsection (8), the partnership may
             2627      tender a written offer to pay the amount it estimates to be the buyout price and accrued interest,
             2628      reduced by any offsets under Subsection (3), stating the time of payment, the amount and type
             2629      of security for payment, and the other terms and conditions of the obligation.
             2630          (7) The payment or tender required by Subsection (5) or (6) must be accompanied by
             2631      the following:
             2632          (a) a statement of partnership assets and liabilities as of the date of dissociation;
             2633          (b) the latest available partnership balance sheet and income statement, if any;


             2634          (c) an explanation of how the estimated amount of the payment was calculated; and
             2635          (d) written notice that the payment is in full satisfaction of the obligation to purchase
             2636      unless, not later than 120 days after the written notice, the person dissociated as a partner
             2637      commences an action to determine the buyout price, any offsets under Subsection (3), or other
             2638      terms of the obligation to purchase.
             2639          (8) A person that wrongfully dissociates as a partner before the expiration of a definite
             2640      term or the completion of a particular undertaking is not entitled to payment of any part of the
             2641      buyout price until the expiration of the term or completion of the undertaking, unless the
             2642      person establishes to the satisfaction of the court that earlier payment will not cause undue
             2643      hardship to the business of the partnership. A deferred payment must be adequately secured
             2644      and bear interest.
             2645          (9) A person dissociated as a partner may maintain an action against the partnership,
             2646      pursuant to Subsection 48-1d-406 (2), to determine the buyout price of that person's interest,
             2647      any offsets under Subsection (3), or other terms of the obligation to purchase. The action must
             2648      be commenced not later than 120 days after the partnership has tendered payment or an offer to
             2649      pay or within one year after written demand for payment if no payment or offer to pay is
             2650      tendered. The court shall determine the buyout price of the person's interest, any offset due
             2651      under Subsection (3), and accrued interest, and enter judgment for any additional payment or
             2652      refund. If deferred payment is authorized under Subsection (8), the court shall also determine
             2653      the security for payment and other terms of the obligation to purchase. The court may assess
             2654      reasonable attorney's fees and the fees and expenses of appraisers or other experts for a party to
             2655      the action, in amounts the court finds equitable, against a party that the court finds acted
             2656      arbitrarily, vexatiously, or not in good faith. The finding may be based on the partnership's
             2657      failure to tender payment or an offer to pay or to comply with Subsection (7).
             2658          Section 64. Section 48-1d-802 is enacted to read:
             2659          48-1d-802. Power to bind and liability of person dissociated as partner.
             2660          (1) After a person is dissociated as a partner without the dissociation resulting in a
             2661      dissolution and winding up of the partnership's activities and affairs and before the partnership


             2662      is merged out of existence, converted, or domesticated under Part 10, Merger, Interest
             2663      Exchange, Conversion, and Domestication, or dissolved, the partnership is bound by an act of
             2664      the person only if:
             2665          (a) the act would have bound the partnership under Section 48-1d-301 before
             2666      dissociation; and
             2667          (b) at the time the other party enters into the transaction:
             2668          (i) less than two years has passed since the dissociation; and
             2669          (ii) the other party does not know or have notice of the dissociation and reasonably
             2670      believes that the person is a partner.
             2671          (2) If a partnership is bound under Subsection (1), the person dissociated as a partner
             2672      which caused the partnership to be bound is liable:
             2673          (a) to the partnership for any damage caused to the partnership arising from the
             2674      obligation incurred under Subsection (1); and
             2675          (b) if a partner or another person dissociated as a partner is liable for the obligation, to
             2676      the partner or other person for any damage caused to the partner or other person arising from
             2677      the liability.
             2678          Section 65. Section 48-1d-803 is enacted to read:
             2679          48-1d-803. Liability of person dissociated as partner to other persons.
             2680          (1) A person's dissociation as a partner does not of itself discharge the person's liability
             2681      as a partner for a debt, obligation, or other liability of the partnership incurred before
             2682      dissociation. Except as otherwise provided in Subsection (2), the person is not liable for a
             2683      partnership obligation incurred after dissociation.
             2684          (2) A person that has dissociated as a partner without the dissociation resulting in a
             2685      dissolution and winding up of the partnership's activities and affairs is liable on a transaction
             2686      entered into by the partnership after the dissociation only if:
             2687          (a) a partner would be liable on the transaction; and
             2688          (b) at the time the other party enters into the transaction:
             2689          (i) less than two years has passed since the dissociation; and


             2690          (ii) the other party does not have knowledge or notice of the dissociation and
             2691      reasonably believes that the person is a partner.
             2692          (3) By agreement with a creditor of a partnership and the partnership, a person
             2693      dissociated as a partner may be released from liability for an obligation of the partnership.
             2694          (4) A person dissociated as a partner is released from liability for an obligation of the
             2695      partnership if the partnership's creditor, with knowledge or notice of the person's dissociation
             2696      but without the person's consent, agrees to a material alteration in the nature or time of payment
             2697      of the obligation.
             2698          Section 66. Section 48-1d-804 is enacted to read:
             2699          48-1d-804. Statement of dissociation.
             2700          (1) A person dissociated as a partner or the partnership may file a statement of
             2701      dissociation stating the name of the partnership and that the partner is dissociated from the
             2702      partnership.
             2703          (2) A statement of dissociation is a limitation on the authority of a person dissociated
             2704      as a partner for the purposes of Subsections 48-1d-303 (4) and (5).
             2705          Section 67. Section 48-1d-805 is enacted to read:
             2706          48-1d-805. Continued use of partnership name.
             2707          Continued use of a partnership name, or name of a person dissociated as a partner as
             2708      part of the partnership name, by partners continuing the business does not of itself make the
             2709      person dissociated as a partner liable for an obligation of the partners or the partnership
             2710      continuing the business.
             2711          Section 68. Section 48-1d-901 is enacted to read:
             2712     
Part 9. Dissolution and Winding Up

             2713          48-1d-901. Events causing dissolution.
             2714          A partnership is dissolved, and its activities and affairs must be wound up, upon the
             2715      occurrence of any of the following:
             2716          (1) in a partnership at will, the partnership has notice of a person's express will to
             2717      withdraw as a partner, other than a partner that has dissociated under Subsections 48-1d-701 (2)


             2718      through (10), but, if the person specifies a withdrawal date later than the date the partnership
             2719      had notice, on the later date;
             2720          (2) in a partnership for a definite term or particular undertaking:
             2721          (a) within 90 days after a person's dissociation by death or otherwise under Subsections
             2722      48-1d-701 (6) through (10) or wrongful dissociation under Subsection 48-1d-702 (2), the
             2723      affirmative vote or consent of at least half of the remaining partners to wind up the
             2724      partnership's activities and affairs, for which purpose a person's rightful dissociation pursuant
             2725      to Subsection 48-1d-702 (2)(b)(i) constitutes the expression of that partner's consent to wind up
             2726      the partnership's activities and affairs;
             2727          (b) the express consent of all the partners to wind up the partnership's activities and
             2728      affairs; or
             2729          (c) the expiration of the term or the completion of the undertaking;
             2730          (3) an event or circumstance that the partnership agreement states causes dissolution;
             2731          (4) on application by a partner, the entry by the district court of an order dissolving the
             2732      partnership on the ground that:
             2733          (a) the conduct of all or substantially all the partnership's activities and affairs is
             2734      unlawful;
             2735          (b) the economic purpose of the partnership is likely to be unreasonably frustrated;
             2736          (c) another partner has engaged in conduct relating to the partnership's activities and
             2737      affairs which makes it not reasonably practicable to carry on the business in partnership with
             2738      that partner; or
             2739          (d) it is not otherwise reasonably practicable to carry on the partnership's activities and
             2740      affairs in conformity with the partnership agreement;
             2741          (5) on application by a transferee, the entry by the district court of an order dissolving
             2742      the partnership on the ground that it is equitable to wind up the partnership's activities and
             2743      affairs:
             2744          (a) after the expiration of the term or completion of the undertaking, if the partnership
             2745      was for a definite term or particular undertaking at the time of the transfer or entry of the


             2746      charging order that gave rise to the transfer; or
             2747          (b) at any time, if the partnership was a partnership at will at the time of the transfer or
             2748      entry of the charging order that gave rise to the transfer; or
             2749          (6) the passage of 90 consecutive days during which the partnership does not have at
             2750      least two partners.
             2751          Section 69. Section 48-1d-902 is enacted to read:
             2752          48-1d-902. Winding up.
             2753          (1) A dissolved partnership shall wind up its activities and affairs and, except as
             2754      otherwise provided in Section 48-1d-903 , the partnership continues after dissolution only for
             2755      the purpose of winding up.
             2756          (2) In winding up its activities and affairs, the partnership:
             2757          (a) shall discharge the partnership's debts, obligations, and other liabilities, settle and
             2758      close the partnership's activities and affairs, and marshal and distribute the assets of the
             2759      partnership; and
             2760          (b) may:
             2761          (i) deliver to the division for filing a statement of dissolution stating the name of the
             2762      partnership and that the partnership is dissolved;
             2763          (ii) preserve the partnership's activities and affairs and property as a going concern for
             2764      a reasonable time;
             2765          (iii) prosecute and defend actions and proceedings, whether civil, criminal, or
             2766      administrative;
             2767          (iv) transfer the partnership's property;
             2768          (v) settle disputes by mediation or arbitration;
             2769          (vi) deliver to the division for filing a statement of termination stating the name of the
             2770      partnership and that the partnership is terminated; and
             2771          (vii) perform other acts necessary or appropriate to the winding up.
             2772          (3) A person whose dissociation as a partner resulted in dissolution may participate in
             2773      winding up as if still a partner, unless the dissociation was wrongful.


             2774          (4) If a dissolved partnership does not have a partner and no person has the right to
             2775      participate in winding up under Subsection (3), the personal or legal representative of the last
             2776      person to have been a partner may wind up the partnership's activities and affairs. If the
             2777      representative does not exercise that right, a person to wind up the partnership's activities and
             2778      affairs may be appointed by the consent of transferees owning a majority of the rights to
             2779      receive distributions at the time the consent is to be effective. A person appointed under this
             2780      Subsection (4) has the powers of a partner under Section 48-1d-904 but is not liable for the
             2781      debts, obligations, and other liabilities of the partnership solely by reason of having or
             2782      exercising those powers or otherwise acting to wind up the partnership's activities and affairs.
             2783          (5) On the application of any partner or person entitled under Subsection (3) to
             2784      participate in winding up, the district court may order judicial supervision of the winding up of
             2785      a dissolved partnership, including the appointment of a person to wind up the partnership's
             2786      activities and affairs, if:
             2787          (a) the partnership does not have a partner, and within a reasonable time following the
             2788      dissolution no person has been appointed under Subsection (4); or
             2789          (b) the applicant establishes other good cause.
             2790          Section 70. Section 48-1d-903 is enacted to read:
             2791          48-1d-903. Rescinding dissolution.
             2792          (1) A partnership may rescind its dissolution, unless a statement of termination
             2793      applicable to the partnership is effective or the district court has entered an order under
             2794      Subsection 48-1d-901 (4) or (5) dissolving the partnership.
             2795          (2) Rescinding dissolution under this section requires:
             2796          (a) the affirmative vote or consent of each partner;
             2797          (b) if a statement of dissolution applicable to the partnership has been filed by the
             2798      division but has not become effective, delivery to the division for filing of a statement of
             2799      withdrawal under Section 48-1d-114 applicable to the statement of dissolution; and
             2800          (c) if a statement of dissolution applicable to the partnership is effective, the delivery to
             2801      the division for filing of a statement of correction under Section 48-1d-115 stating that


             2802      dissolution has been rescinded under this section.
             2803          (3) If a partnership rescinds its dissolution:
             2804          (a) the partnership resumes carrying on its activities and affairs as if dissolution had
             2805      never occurred;
             2806          (b) subject to Subsection (3)(c), any liability incurred by the partnership after the
             2807      dissolution and before the rescission is effective is determined as if dissolution had never
             2808      occurred; and
             2809          (c) the rights of a third party arising out of conduct in reliance on the dissolution before
             2810      the third party knew or had notice of the rescission may not be adversely affected.
             2811          Section 71. Section 48-1d-904 is enacted to read:
             2812          48-1d-904. Power to bind partnership after dissolution.
             2813          (1) A partnership is bound by a partner's act after dissolution which:
             2814          (a) is appropriate for winding up the partnership's activities and affairs; or
             2815          (b) would have bound the partnership under Section 48-1d-301 before dissolution, if, at
             2816      the time the other party enters into the transaction, the other party does not know or have notice
             2817      of the dissolution.
             2818          (2) A person dissociated as a partner binds a partnership through an act occurring after
             2819      dissolution if at the time the other party enters into the transaction:
             2820          (a) less than two years has passed since the dissociation;
             2821          (b) the other party does not have notice of the dissociation and reasonably believes that
             2822      the person is a partner; and
             2823          (c) the act:
             2824          (i) is appropriate for winding up the partnership's activities and affairs; or
             2825          (ii) would have bound the partnership under Section 48-1d-301 before dissolution, and
             2826      at the time the other party enters into the transaction the other party does not know or have
             2827      notice of the dissolution.
             2828          Section 72. Section 48-1d-905 is enacted to read:
             2829          48-1d-905. Liability after dissolution.


             2830          (1) If a partner having knowledge of the dissolution causes a partnership to incur an
             2831      obligation under Subsection 48-1d-904 (1) by an act that is not appropriate for winding up the
             2832      partnership's activities and affairs, the partner is liable:
             2833          (a) to the partnership for any damage caused to the partnership arising from the
             2834      obligation; and
             2835          (b) if another partner or person dissociated as a partner is liable for the obligation, to
             2836      that other partner or person for any damage caused to that other partner or person arising from
             2837      the liability.
             2838          (2) If a person dissociated as a partner causes a partnership to incur an obligation under
             2839      Subsection 48-1d-904 (2), the person is liable:
             2840          (a) to the partnership for any damage caused to the partnership arising from the
             2841      obligation; and
             2842          (b) if a partner or another person dissociated as a partner is liable for the obligation, to
             2843      the partner or other person for any damage caused to the partner or other person arising from
             2844      the obligation.
             2845          Section 73. Section 48-1d-906 is enacted to read:
             2846          48-1d-906. Disposition of assets in winding up -- When contributions required.
             2847          (1) In winding up its activities and affairs, a partnership shall apply its assets, including
             2848      the contributions required by this section, to discharge the partnership's obligations to creditors,
             2849      including partners that are creditors.
             2850          (2) After a partnership complies with Subsection (1), any surplus must be distributed in
             2851      the following order, subject to any charging order in effect under Section 48-1d-604 :
             2852          (a) to each person owning a transferable interest that reflects contributions made and
             2853      not previously returned, an amount equal to the value of the unreturned contributions; and
             2854          (b) among partners in proportion to their respective rights to share in distributions
             2855      immediately before the dissolution of the partnership, except to the extent necessary to comply
             2856      with any transfer effective under Section 48-1d-603 .
             2857          (3) If a partnership's assets are insufficient to satisfy all its obligations under


             2858      Subsection (1), with respect to each unsatisfied obligation incurred when the partnership was
             2859      not a limited liability partnership, the following rules apply:
             2860          (a) Each person that was a partner when the obligation was incurred and that has not
             2861      been released from the obligation under Subsections 48-1d-803 (3) and (4) shall contribute to
             2862      the partnership to enable the partnership to satisfy the obligation. The contribution due from
             2863      each of those persons is in proportion to the right to receive distributions in the capacity of
             2864      partner in effect for each of those persons when the obligation was incurred.
             2865          (b) If a person does not contribute the full amount required under Subsection (3)(a)
             2866      with respect to an unsatisfied obligation of the partnership, the other persons required to
             2867      contribute by Subsection (3)(a) on account of the obligation shall contribute the additional
             2868      amount necessary to discharge the obligation. The additional contribution due from each of
             2869      those other persons is in proportion to the right to receive distributions in the capacity of
             2870      partner in effect for each of those other persons when the obligation was incurred.
             2871          (c) If a person does not make the additional contribution required by Subsection (3)(b),
             2872      further additional contributions are determined and due in the same manner as provided in that
             2873      subsection.
             2874          (d) A person that makes an additional contribution under Subsection (3)(b) or (3)(c)
             2875      may recover from any person whose failure to contribute under Subsection (3)(a) or (3)(b)
             2876      necessitated the additional contribution. A person may not recover under this Subsection (3)
             2877      more than the amount additionally contributed. A person's liability under this Subsection (3)
             2878      may not exceed the amount the person failed to contribute.
             2879          (4) If a partnership does not have sufficient surplus to comply with Subsection (2)(a),
             2880      any surplus must be distributed among the owners of transferable interests in proportion to the
             2881      value of the respective unreturned contributions.
             2882          (5) All distributions made under Subsections (2) and (4) must be paid in money.
             2883          Section 74. Section 48-1d-907 is enacted to read:
             2884          48-1d-907. Known claims against dissolved limited liability partnership.
             2885          (1) Except as otherwise provided in Subsection (4), a dissolved limited liability


             2886      partnership may give notice of a known claim under Subsection (2), which has the effect
             2887      provided in Subsection (3).
             2888          (2) A dissolved limited liability partnership may in a record notify its known claimants
             2889      of the dissolution. The notice must:
             2890          (a) specify the information required to be included in a claim;
             2891          (b) state that the claim must be in writing and provide a mailing address to which the
             2892      claim is to be sent;
             2893          (c) state the deadline for receipt of a claim, which may not be less than 120 days after
             2894      the date of the notice is received by the claimant;
             2895          (d) state that the claim will be barred if not received by the deadline; and
             2896          (e) unless the partnership has been throughout its existence a limited liability
             2897      partnership, state that the barring of a claim against the partnership will also bar any
             2898      corresponding claim against any partner or person dissociated as a partner which is based on
             2899      Section 48-1d-305 .
             2900          (3) A claim against a dissolved limited liability partnership is barred if the
             2901      requirements of Subsection (2) are met and:
             2902          (a) the claim is not received by the specified deadline; or
             2903          (b) if the claim is timely received but rejected by the limited liability partnership:
             2904          (i) the partnership causes the claimant to receive a notice in a record stating that the
             2905      claim is rejected and will be barred unless the claimant commences an action against the
             2906      partnership to enforce the claim not later than 90 days after the claimant receives the notice;
             2907      and
             2908          (ii) the claimant does not commence the required action not later than 90 days after the
             2909      claimant receives the notice.
             2910          (4) This section does not apply to a claim based on an event occurring after the
             2911      effective date of dissolution or a liability that on that date is contingent.
             2912          Section 75. Section 48-1d-908 is enacted to read:
             2913          48-1d-908. Other claims against dissolved limited liability partnership.


             2914          (1) A dissolved limited liability partnership may publish notice of its dissolution and
             2915      request persons having claims against the dissolved limited liability partnership to present them
             2916      in accordance with the notice.
             2917          (2) A notice under Subsection (1) must:
             2918          (a) be published at least once in a newspaper of general circulation in the county in this
             2919      state in which the dissolved limited liability partnership's principal office is located or, if the
             2920      principal office is not located in this state, in the county in which the office of the dissolved
             2921      limited liability partnership's registered agent is or was last located and in accordance with
             2922      Section 45-1-101 ;
             2923          (b) describe the information required to be contained in a claim, state that the claim
             2924      must be in writing, and provide a mailing address to which the claim is to be sent;
             2925          (c) state that a claim against the dissolved limited liability partnership is barred unless
             2926      an action to enforce the claim is commenced not later than three years after publication of the
             2927      notice; and
             2928          (d) unless the dissolved limited liability partnership has been throughout its existence a
             2929      limited liability partnership, state that the barring of a claim against the dissolved limited
             2930      liability partnership will also bar any corresponding claim against any partner or person
             2931      dissociated as a partner which is based on Section 48-1d-306 .
             2932          (3) If a dissolved limited liability partnership publishes a notice in accordance with
             2933      Subsection (2), the claim of each of the following claimants is barred unless the claimant