53A-20b-106 - State to succeed to property of authority when encumbrances paid or authority dissolved.
53A-20b-106. State to succeed to property of authority when encumbrances paid orauthority dissolved.
(1) If the authority is dissolved at any time, for any reason, all funds, property, rights, andinterests of the authority, following the satisfaction of the authority's obligations, shallimmediately vest in and become the property of the state, which shall succeed to all rights of theauthority subject to any encumbrances which may then exist on any particular properties.
(2) None of the net earnings of the authority shall inure to the benefit of any privateperson.
Enacted by Chapter 167, 2007 General Session