Utah § 16-16-1207 - Distribution of assets in winding up limited cooperative association.
Full text of Utah Utah Code § 16-16-1207 — Distribution of assets in winding up limited cooperative association., with citation guidance and answers to common questions.
§ 16-16-1207. Distribution of assets in winding up limited cooperative association.
| (1) | In winding up a limited cooperative association's business, the association shall apply its assets to discharge its obligations to creditors, including members that are creditors. The association shall apply any remaining assets to pay in money the net amount distributable to members in accordance with their right to distributions under Subsection (2). |
| (2) | Unless the organic rules otherwise provide, in this Subsection (2) "financial interests" means the amounts recorded in the names of members in the records of a limited cooperative association at the time a distribution is made, including amounts paid to become a member, amounts allocated but not distributed to members, and amounts of distributions authorized but not yet paid to members. Unless the organic rules otherwise provide, each member is entitled to a distribution from the association of any remaining assets in the proportion of the member's financial interests to the total financial interests of the members after all other obligations are satisfied. |
Enacted by Chapter 363, 2008 General Session
Source: official Utah text · Last verified 2026-08-27
Frequently Asked Questions About Utah § 16-16-1207
What does Utah Code § 16-16-1207 cover?
Section 16-16-1207 ("Distribution of assets in winding up limited cooperative association.") 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 § 16-16-1207?
A common citation format is "Utah Code § 16-16-1207" (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 § 16-16-1207 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.