48-2c-1304 - Payment of claims and obligations. - Utah Statutes

48-2c-1304. Payment of claims and obligations.
(1) A dissolved company in winding up shall pay or make reasonable provision to pay allclaims and obligations, including all contingent, conditional, or unmatured claims and obligations,known to the company and all claims and obligations which are known to the company but forwhich the identity of the claimant is unknown. If there are sufficient assets, the claims andobligations shall be paid in full and any such provision for payment shall be made in full. If thereare insufficient assets, the claims and obligations shall be paid or provided for according to theirpriority under law and, among claims and obligations of equal priority, ratably to the extent ofassets available therefor.
(2) Unless otherwise provided in the articles of organization or operating agreement ofthe dissolved company, any remaining assets shall be distributed as provided in Section48-2c-1308.

Enacted by Chapter 260, 2001 General Session