Utah § 16-4-307 - Purchase by corporation, officer, or director -- Redemption.

Full text of Utah Utah Code § 16-4-307 — Purchase by corporation, officer, or director -- Redemption., with citation guidance and answers to common questions.

§ 16-4-307. Purchase by corporation, officer, or director -- Redemption.

16-4-307.  Purchase by corporation, officer, or director -- Redemption.
(1)
(a) If at the sale of shares, no bidder offers the amount of the delinquent assessment and all other amounts payable, the shares may be bid on and purchased by the corporation through the secretary, president, or any director for the amount of the delinquent assessment and all other amounts payable.
(b) If a corporation purchases shares under Subsection (1), the delinquent assessment and all other amounts payable shall be credited as paid in full on the books of the corporation.
(2) If purchased under Subsection (1), entry of the transfer of the shares to the corporation shall be made on the corporation's books.
(3) Any shares acquired by a corporation under this section, or purchased by an officer or director for the officer's or director's own benefit, are subject to redemption by the shareholder for a period of 30 days following the day on which the shares are sold at auction.
(4)
(a) Shares subject to redemption under Subsection (3) may be redeemed at a price equal to the amount of the delinquent assessment and all other amounts payable on the day of the sale, plus interest through the day on which the shares are redeemed.
(b) The amount of interest under Subsection (4)(a) is the amount determined under Section 15-1-4.


Enacted by Chapter 367, 2007 General Session

Source: official Utah text · Last verified 2026-08-27

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Frequently Asked Questions About Utah § 16-4-307

What does Utah Code § 16-4-307 cover?

Section 16-4-307 ("Purchase by corporation, officer, or director -- Redemption.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Utah § 16-4-307?

A common citation format is "Utah Code § 16-4-307" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Utah law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.

How does Utah § 16-4-307 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Utah.