53A-2-404 - Resale of surplus property. - Utah Statutes

53A-2-404. Resale of surplus property.
(1) If an eligible entity that has acquired surplus property under Section 53A-2-403afterwards declares that property to be surplus, the school district from which the eligible entityacquired the property may purchase, and the eligible entity shall sell, the property as provided inSection 53A-2-403, except that the price at which the school district shall be entitled to reacquirethe property shall be the price that the eligible entity paid for the property, plus the cost of anyexisting improvements that the eligible entity made to the property after it purchased theproperty.
(2) If the school district does not reacquire the surplus property under Subsection (1) andthe eligible entity sells the surplus property to another buyer, the eligible entity and the schooldistrict shall equally share any proceeds of that sale that exceed the amount the eligible entitypaid for the property plus the cost of any existing improvements the eligible entity made to theproperty after it purchased the property.

Enacted by Chapter 339, 2006 General Session