53B-14-108 - Complaint filed -- Bond furnished by borrower -- Terms of bond. - Utah Statutes

53B-14-108. Complaint filed -- Bond furnished by borrower -- Terms of bond.
(1) If a complaint is filed under Section 53B-14-107, the borrower may furnish to the taxcommission a bond, with good and sufficient sureties, in the amount of the balance of the loan orthe amount of any overpayment or refund due, whichever is less.
(2) The lien created under Section 53B-14-106 is then dissolved as to that overpaymentor refund and the overpayment or refund released to the borrower.
(3) The bond shall provide that the surety will pay, upon a final determination adverse tothe borrower, the amount of the bond, or a lesser amount as the court may determine, to the taxcommission for the use and benefit of the college, university, or board obtaining the order.

Enacted by Chapter 167, 1987 General Session