25-6-7 - Transfer -- When made. - Utah Statutes

25-6-7. Transfer -- When made.
In this chapter:
(1) A transfer is made:
(a) with respect to an asset that is real property other than a fixture, but including theinterest of a seller or purchaser under a contract for the sale of the asset, when the transfer is sofar perfected that a good-faith purchaser of the asset from the debtor against whom applicable lawpermits the transfer to be perfected cannot acquire an interest in the asset that is superior to theinterest of the transferee; and
(b) with respect to an asset that is not real property or that is a fixture, when the transfer isso far perfected that a creditor on a simple contract cannot acquire a judicial lien other than underthis chapter that is superior to the interest of the transferee.
(2) If applicable law permits the transfer to be perfected as provided in Subsection (1)and the transfer is not so perfected before the commencement of an action for relief under thischapter, the transfer is deemed made immediately before the commencement of the action.
(3) If applicable law does not permit the transfer to be perfected as provided inSubsection (1), the transfer is made when it becomes effective between the debtor and thetransferee.
(4) A transfer is not made until the debtor has acquired rights in the asset transferred.
(5) An obligation is incurred:
(a) if oral, when it becomes effective between the parties; or
(b) if evidenced by a writing, when the writing executed by the obligor is delivered to orfor the benefit of the obligee.

Enacted by Chapter 59, 1988 General Session