Rep. Norm Thurston — Voting Record

Bill

Number

S.B. 23 Second Substitute (2016GS)

Sponsor

Sen. Dayton, M.

Final action

Governor Signed 3/17/2016

Outcome

Became law — signed by Gov. Gary R. Herbert

Summary

What it does

• This bill:
• modifies the definition of a protected purchaser; and
• makes technical changes.

Every vote on this bill

Bill text

WATER LAW - PROTECTED PURCHASER AMENDMENTS
GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Margaret Dayton
House Sponsor: 
Keith Grover
LONG TITLE
General Description:
This bill modifies the definition of a protected purchaser.
Highlighted Provisions:
This bill:
▸ modifies the definition of a protected purchaser; and
▸ makes technical changes.
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Utah Code Sections Affected:
AMENDS:
70A-8-303
, as last amended by Laws of Utah 2012, Chapter 386
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 
70A-8-303
 is amended to read:
70A-8-303.
Protected purchaser.
(1) "Protected purchaser" means a purchaser of a certificated or uncertificated security,
or of an interest in the security, who:
(a) [
(i)
] gives value;
[
(ii)
] 
(b)
 does not have notice of an adverse claim to the security; [
and
]
[
(iii)
] 
(c)
 obtains control of the security; [
or
] 
and
[
(b)
] 
(d)
 for a [
security
] 
share of stock
 issued by a land company or a water
company[
,
]
:
(i)
 pays, or whose predecessors in interest paid, an assessment levied 
against the share
of stock for at least four of the immediate past seven years
 by the land company or the water
company [
in accordance with Title 16, Chapter 4, Share Assessment Act, against the security at
least once within the five-year period immediately preceding the date it is determined whether
the purchaser is a protected purchaser.
]
; or
(ii) has used, or whose predecessors in interest have used, either directly or indirectly,
the water available under the share of stock issued by a water company for at least four of the
immediate past seven years.
(2) In addition to acquiring the rights of a purchaser, a protected purchaser acquires the
purchaser's interest in the certificated or uncertificated security
, share of stock in a land
company, or share of stock in a water company
 free of any adverse claim.