7 LONG TITLE
8 General Description:
9 This bill modifies the definition of a protected purchaser.
10 Highlighted Provisions:
11 This bill:
12 ▸ modifies the definition of a protected purchaser; and
13 ▸ makes technical changes.
14 Money Appropriated in this Bill:
16 Other Special Clauses:
18 Utah Code Sections Affected:
20 70A-8-303, as last amended by Laws of Utah 2012, Chapter 386
22 Be it enacted by the Legislature of the state of Utah:
23 Section 1. Section 70A-8-303 is amended to read:
24 70A-8-303. Protected purchaser.
25 (1) "Protected purchaser" means a purchaser of a certificated or uncertificated security,
26 or of an interest in the security, who:
27 (a) [
32 (i) pays, or whose predecessors in interest paid, an assessment levied against the share
33 of stock for at least four of the immediate past seven years by the land company or the water
34 company [
37 (ii) has used, or whose predecessors in interest have used, either directly or indirectly,
38 the water available under the share of stock issued by a water company for at least four of the
39 immediate past seven years.
40 (2) In addition to acquiring the rights of a purchaser, a protected purchaser acquires the
41 purchaser's interest in the certificated or uncertificated security, share of stock in a land
42 company, or share of stock in a water company free of any adverse claim.