Rule 501 of Regulation D defines the term “accredited investor” according to the view of the SEC and Regulation D of the Securities Act. According to Rule 501, an accredited investor must meet specific criteria regarding their assets, income, net worth, legal status and professional experience. Accredited investors can be individuals with high net worth or insurance companies, banks, brokers or trusts. Accredited investors are also known as registered investors. What Is SEC Regulation D (Reg D)?Regulation D (Reg D) is a Securities and Exchange Commission (SEC) regulation governing private placement exemptions. It should not be confused with Federal Reserve Board Regulation D, which limits withdrawals from savings accounts. Reg D offerings are advantageous to private companies or entrepreneurs that meet the requirements because funding can be obtained faster and at a lower cost than with a public offering. It is usually used by smaller companies. The regulation allows capital to be raised through the sale of equity or debt securities without the need to register those securities with the SEC. However, many other state and federal regulatory requirements still apply. Understanding SEC Regulation D (Reg D)Raising capital through a Reg D investment involves meeting significantly less onerous requirements than a public offering. That allows companies to save time and sells securities that they might not otherwise be able to issue in some cases. While Regulation D makes raising funds easier, buyers of these securities still enjoy the same legal protections as other investors. It is not necessary to keep Regulation D transactions a secret, even though they are private offerings. There are directives within the regulation that, depending on which rules are applied, may allow offerings to be openly solicited to prospective investors in a company’s network. Requirements of SEC Regulation DEven if the Reg D transaction involves just one or two investors, the company or entrepreneur must still provide the proper framework and disclosure documentation. A document known as Form D must be filed electronically with the SEC after the first securities are sold. Form D, however, contains far less information than the exhaustive documentation required for a public offering. The form requires the names and addresses of the company’s executives and directors. It also requires some essential details regarding the offering. The issuer of a security offered under Reg D must also provide written disclosures of any prior “bad actor” events, such as criminal convictions, within a reasonable time frame before the sale. Without this requirement, the company might be free to claim it was unaware of the checkered past of its employees. In that case, it would be less accountable for any further “bad acts” they might commit in association with the Reg D offering. According to rules published in the Federal Register, transactions that fall under Reg D are not exempt from antifraud, civil liability, or other provisions of federal securities laws. Reg D also does not eliminate the need for compliance with applicable state laws relating to the offer and sale of securities. State regulations, where Reg D has been adopted, may include disclosure of any notices of sale to be filed. They may require the names of individuals who receive compensation in connection with the sale of securities. Limitations of SEC Regulation D (Reg D)The benefits of Reg D are only available to the issuer of the securities, not to affiliates of the issuer or to any other individual who might later resell them. What is more, the regulatory exemptions offered under Reg D only apply to the transactions, not to the securities themselves. Regulation D offerings are specific securities offerings that do not have to be registered with the SEC. SEC Rule 501 defines the terms used to talk about and define Reg D exemptions, including who are accredited investors—the most important definition contained in Rule 501. If you are considering issuing a Reg D offering, it’s important to fully understand each of the key SEC Regulation D Rule 501 terms. It may help to speak with a securities lawyer from Ascent Law to get better clarity on these terms and conditions. Rule 501 Accredited InvestorsIn order to qualify under Rules 505 and 506 of Regulation D, securities can only be sold to accredited investors as defined in Rule 501. Who Is an Accredited Investor?The following people and entities are considered accredited investors under Rule 501: Other Key Terms in Rule 501 of Regulation DSEC Rule 501 also defines a number of other terms used in Reg D offerings, including: • Purchaser Representative: To qualify as a purchaser representative under Rule 501, a individuals must: Accredited Investor Need To KnowAn accredited investor is a person or entity who is allowed to deal, trade and invest in financial securities as long as they satisfy one (or more) requirements regarding income, net worth, asset size, governance status or professional experience. The term originates from the English word ‘accredited’ which literally means someone who has been given special authority or sanction if they meet certain recognized standards. Accredited investors are most popular for purchasing securities which are not registered with the regulatory authorities like the SEC. Since the capital raising exercise involves a complex and costly process including regulatory filings, many companies offer securities to the accredited investors directly. The companies are exempted from registering securities with the SEC which saves a lot of cost for them, and are allowed to sell the shares to qualified accredited investors. Participants in such types of private placements are at the risk of losing their entire investment, and therefore authorities need to ensure that they are financially stable, experienced and knowledgeable about their risky ventures. The role of the regulatory authorities in such transactions is limited to verifying or offering the necessary guidelines for setting benchmarks for an individual or entity to qualify as an accredited investor – that is, the applicant must possess the necessary financial means and knowledge to take the risks involved in investment in such unregistered securities. Other arenas to which the accredited investors have privileged access include venture capital, hedge funds, angel investments, and deals involving complex and higher-risk investments and instruments. Requirements for Accredited InvestorsThe regulations for accredited investors vary from one jurisdiction to the other and are often defined by the local market regulator or a competent authority. In the United States, the definition of accredited investor is put forth by SEC in Rule 501 of Regulation D. To be an accredited investor, a person must have an annual income exceeding $200,000, or $300,000 for joint income, for the last two years with expectation of earning the same or higher income in the current year. An individual must have earned income above the thresholds either alone or with a spouse over the last two years. The income test cannot be satisfied by showing one year of an individual’s income and the next two years of joint income with a spouse. The exception to this rule is when a person is married within the period of conducting a test. A person is also considered an accredited investor if they have net worth exceeding $1 million, either individually or jointly with his spouse. The SEC also considers a person to be an accredited investor if they are a general partner, executive officer, director or a related combination thereof for the issuer of unregistered securities. An entity is an accredited investor if it is a private business development company or an organization with assets exceeding $5 million. Also, if an entity consists of equity owners who are accredited investors, the entity itself is an accredited investor. However, an organization cannot be formed with a sole purpose of purchasing specific securities. Purpose of Accredited Investor RequirementsAny regulatory authority of a market needs to perform a fine act of balancing between promoting investments and safeguarding the investors. On one hand, regulators need to promote investments in risky ventures and entrepreneurial activities which may have the potential to emerge as multi-baggers in the future. Such initiatives are risky, may be focused on concept-only research and development activities without any marketable product, and may have a high chance of failure. If these ventures are successful, they offer a big return to their investors. However, they also have a high probability of failure which leads to the risk of investors losing all of their investments. On the other hand, regulators need to protect the common, often less knowledgeable, individual investors who may neither have the financial cushion to absorb high losses nor the understanding of where they are putting their hard earned money. Therefore, a balanced approach is taken through the provision of accredited investors, who are financially strong as well as knowledgeable and experienced to fit the job of being allowed to invest in such unregistered securities and investments. How to become an Accredited Investor?There is no formal agency or a process to secure the coveted status of an accredited investor. No registration, form-filling or application is required, and no certificate is issued by any agency stating that one is now an accredited investor for this year. Instead, the onus is on the sellers of such securities to take a number of different steps in order to verify the status of entities or individuals who wish to be treated as accredited investors. Individuals or parties desirous of applying for accredited investor can approach the issuer of the unregistered securities, who may ask the applicant to respond to a questionnaire to determine if the applicant qualifies as an accredited investor. The questionnaire may need to be accompanied by various attachments, like account information, financial statements, and balance sheet to verify the qualification. The list of attachments can extend to tax returns, W-2 forms, salary slips, and even letters from reviews by CPAs, tax attorneys, investment brokers or advisors. Additionally, the issuers may also evaluate an individual’s credit report for additional assessment. Securities Lawyer Free ConsultationWhen you need legal help with Rule 501 of Regulation D, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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What Is A Confidential Private Placement Memorandum? Estate Planning Forms And Tools via Michael Anderson https://www.ascentlawfirm.com/what-is-rule-501-of-regulation-d/
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After any kind of traffic accident in Utah, if you’ve been injured or had your vehicle damaged, you probably want to understand your options for getting compensation. Utah is a no-fault car insurance state. That means, after a car accident, you typically need to file a claim under your own personal injury protection coverage to get compensation for medical bills and other financial losses, regardless of who caused the crash. Only if your injury claim meets certain prerequisites can you step outside of no-fault and bring a claim directly against the at-fault driver. Utah SUV Accident Statute of LimitationsA “statute of limitations” is a state law that sets a strict time limit on your right to bring a lawsuit to court. Utah SUV Accident CasesSuppose you’re seriously injured in a Utah car accident, and you take your case to court. The jury, after hearing all the evidence, decides that the other driver was responsible for the accident—but that you too bear part of the blame. What happens next? How does this verdict affect your right to compensation? Under Utah Code section 78B-5-818, Utah is a “modified comparative negligence” state. This means you can still recover damages in a car-accident-related lawsuit, but your award will be reduced according to your share of negligence—and importantly, your share of liability must be less than 50 percent in order to recover from other at-fault parties. For instance, suppose that the jury determines that your injuries, pain and suffering, and other losses total $20,000. However, the jury also thinks that you were 10 percent responsible for the crash. In that situation, the total amount of your damages, $20,000, is reduced by 10 percent, or $2,000, leaving you with a total award of $18,000. The comparative negligence rule binds Utah judges and juries (if your car accident case makes it to court), and it will also guide a car insurance claims adjuster when he or she is evaluating your case. Also keep in mind that since there is no empirical means of allocating fault, any assignment of liability will ultimately come down to your ability to negotiate with a claims adjuster or to persuade a judge or jury. Reporting an SUV Accident in UtahUnder Utah Code section 41-6a-401.7, the drivers involved in an accident “shall immediately and by the quickest means of communication available” (i.e. a phone call from the scene) give notice of the accident to the nearest law enforcement agency. The Utah Department of Public Safety may also ask the drivers involved in the crash to prepare a traffic accident report. If so, the report must be filed with the department within 10 days of the request. Utah No-Fault SUV Insurance RulesAs touched on above, Utah is one of a dozen or so states that follow a no-fault car insurance scheme. That means injured drivers and passengers must typically turn first to their own personal-injury-protection car insurance coverage to get compensation for medical bills, lost income, and other out-of-pocket losses after a crash, regardless of who might have been at fault. A claim against the at-fault driver is only possible in certain scenarios. Get the details on the Utah no-fault car insurance rules. Negligence Versus No-Fault StatesLiability in car accidents is always based on negligence (i.e., fault) unless you are in a no-fault state, in which case there are some limited exceptions to the negligence rule. In a traditional fault state, you must always prove that the other driver was negligent in order to get any type of damages from that driver or from his/her insurer. However, in a no-fault state, if you are involved in an accident, your own car insurance company will likely pay for some or even all of your damages, depending on your states laws. But in some no-fault states, no-fault coverage does not apply to vehicle damage, so make sure you understand the rules where you live. In any State, the Insurer Will Only Pay Up to Policy Limits Regardless of whether your accident occurred in a no-fault state or a traditional fault-based state, the responsible insurance company will only pay for your vehicle damage up to its policy limits. For example, if you are in a traditional fault state, the other driver was at fault and caused $10,000 of vehicle damage to your car, but he/she only has $5,000 of property damage coverage, his/her insurer will only pay $5,000 toward your repair costs. What If Repair Costs Exceed the Value of My Car?An insurer is only required to pay damages up to the value of your car. If your repair costs exceed the value of your car, the insurer will often declare your car a total loss, pay you the fair market (Blue Book) value of your car (also known as “actual cash value”), and take your car. Remember that with any type of property damage claim, the amount of the claim is based on the value of the property at the time of the accident. The value of the claim has nothing to do with how much you originally paid for the property. Collision coverage ensures that you will be reimbursed for your vehicle damage if the other driver did not have enough insurance, or if you were at fault for the accident. If the other driver was at fault and had enough insurance coverage, you would not make a claim against your own insurance policy’s collision coverage. Comprehensive coverage is for vehicle damage that occurs when a car is parked at the time of the accident. Comprehensive coverage covers both car accidents and miscellaneous damage like trees falling on your car. As with collision coverage, if the driver that hit you had enough insurance coverage, you would not make a claim against your own insurance policy’s comprehensive coverage. You don’t generally need to worry about proving fault if your car was parked. It is generally assumed that, if someone hits a parked car, that driver was at fault. What If You Were at Fault for Your Vehicle’s Damage?If you caused your own vehicle’s damages — by driving off the road or running into a tree or fence, for example — you would either have to pay for the damage yourself or make a claim against your own policy’s collision coverage, if you have collision coverage. However, if the damage is not extensive, you would probably not want to make a claim against your own policy because that might raise your car insurance premium, and it might cost you more money in the long run. Getting the Insurer to Pay For Your SUV Repair CostsRegardless of whose insurance company is responsible for paying your repair costs, the first thing that you have to do is make a claim by reporting the accident. The next thing that will usually happen is that the insurer will have your car inspected. If the car is drivable, you will generally be asked to bring it to the insurer’s drive-through inspection station. If the car is not drivable, the insurer will usually have an inspector come to wherever the car is. The insurer will then come up with an estimate of the damages. This estimate may or may not be enough to pay for the repairs. Although the insurer might recommend that you bring the car to a mechanic of its choice, you always have the right to use your own mechanic. Once you get the insurer’s estimate, you should bring your car over to your mechanic and ask if they will accept the insurer’s estimate. If they will, then everything is all set. If they think that the estimate is too low, they will often agree to call the adjuster and discuss things directly with the adjuster. Generally, they will be able to work things out themselves. If You and the Insurer Disagree About Repair Costs If you don’t like the insurer’s final numbers, then the only choice that you have left is to either accept it or file suit. If you find yourself in a dispute with an insurance company where a significant amount of money is at stake, it may be worth it to contact an experienced attorney to make sure that your interests are adequately protected. Annual United States Road Crash Statistics • Head restraints — Pick a model with a good seat/head restraint rating to reduce whiplash injuries in a rear-end collision. Vehicles with seat/head restraint combinations rated good by IIHS have 15 percent fewer insurance claims for neck injuries than vehicles with poor ratings. You can help increase protection by adjusting the head restraint to correctly fit your head. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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What Is A Confidential Private Placement Memorandum? False Accusations Of Abuse During Divorce via Michael Anderson https://www.ascentlawfirm.com/suv-accidents/ Utah Divorce Code 30-3-4: Pleadings, Decree, Use of Affidavit and Private Records. (1) (a) The complaint shall be in writing and signed by the petitioner or petitioner’s attorney. (b) A decree of divorce may not be granted upon default or otherwise except upon legal evidence taken in the cause. If the decree is to be entered upon the default of the respondent, evidence to support the decree may be submitted upon the affidavit of the petitioner with the approval of the court. (c) If the petitioner and the respondent have a child or children, a decree of divorce may not be granted until both parties have attended the mandatory course described in Section 30-3-11.3, and have presented a certificate of course completion to the court. The court may waive this requirement, on its own motion or on the motion of one of the parties, if it determines course attendance and completion are not necessary, appropriate, feasible, or in the best interest of the parties. (d) All hearings and trials for divorce shall be held before the court or the court commissioner as provided by Section 78A-5-107 and rules of the Judicial Council. The court or the commissioner in all divorce cases shall enter the decree upon the evidence or, in the case of a decree after default of the respondent, upon the petitioner’s affidavit. (2) (a) A party to an action brought under this title or to an action under Title 78B, Chapter 12, Utah Child Support Act, Title 78B, Chapter 13, Utah Uniform Child Custody Jurisdiction and Enforcement Act, Title 78B, Chapter 14, Uniform Interstate Family Support Act, Title 78B, Chapter 15, Utah Uniform Parentage Act, or to an action to modify or enforce a judgment in the action may file a motion to have the file other than the final judgment, order, or decree classified as private. (b) If the court finds that there are substantial interests favoring restricting access that clearly outweigh the interests favoring access, the court may classify the file, or any part thereof other than the final order, judgment, or decree, as private. An order classifying part of the file as private does not apply to subsequent filings. (c) The record is private until the judge determines it is possible to release the record without prejudice to the interests that justified the closure. Any interested person may petition the court to permit access to a record classified as private under this section. The petition shall be served on the parties to the closure order. What Is Considered a Public Record?Government records, from court cases to property deeds, are usually public records – that is, filed with or kept by a government agency and available for inspection by members of the general public. For instance, if you’re interested in buying a vacant home on your street, you can obtain the owner’s name by searching the county’s land records at your local registrar or county clerk’s office sometimes online since these documents are public records. However, certain records or information may be blocked from public view because it meets a privacy or confidentiality exemption under state or federal law. Accessing Public RecordGenerally, a public record is a document filed with or kept by a city, county, state or federal government agency in the ordinary course of business that is viewable by the public. Although public records are often documents, they can also be such things as maps, recordings, films, photographs, tapes, software, letters and books. Court cases are a common example of a public record. In some cases, this information can be retrieved online. Public and Private DocumentPublic Documents: Public Documents are those documents which are authenticated by a public officer and subsequently which is made available to the public at large for reference and use. Public documents also contain statements made by the public officer in their official capacity, which acts as admissible evidence of the fact in civil matters. These documents are also known as public records as these are issued or published for public knowledge. Private documents: Private documents are those documents which are prepared between persons for their usual business transactions and communications. These documents are kept in the custody of the private persons only and are not made available to the public at large. Certified copies of the private documents are generally not considered as evidence unless there is proof of the original copy is provided. Documents forming the acts or records of the acts: Examples of Public DocumentsThese documents are considered to be public documents which are open to the public at large: Private DocumentsPrivate Documents are those documents which are made by an individual for his/her personal interest under his/her individual right. These documents are in the hands of the individual to whom the public document belongs to and is not made open to the general public for inspection. Certified copies of the private documents are not admissible in court unless the proof of original document is submitted. Example: Correspondence between persons; matter published in newspapers, books; deed of the contract; memorandum; sale deed. Difference between Public and Private Documents• Public Documents are made by a public servant in discharge of his/her public duties while Private Documents are made by an individual for his/her personal interest under his/her individual right. What Is a Final Divorce Decree?A divorce decree is the final step in the court proceeding for your divorce. It contains important information about the court’s decision. A divorce decree is not the same thing as a divorce certificate, and the two documents have different purposes. The divorce certificate is issued by your state for record-keeping purposes, as opposed to the divorce decree, meaning a final, enforceable order by the court that you and your spouse must follow. It resolves all of the issues that were part of your divorce. When Is a Divorce Decree Issued?A divorce case can drag on for months (and even years in some cases!), so finally getting to the end of the process is a long-awaited step. After you have had your trial, or after you and your spouse have agreed on and submitted a settlement to the court, the court makes a final decision. If you have a trial, the judge weighs all of the evidence and testimony and makes decisions related to granting the divorce: custody, alimony, child support, and property division. All of these decisions are written out in the divorce decree. The decree is a binding legal court order that says what you and your spouse must do moving forward. If you settle your case, your settlement is submitted to the court in writing or it is spoken into the record at the courtroom. The judge then reviews what you have agreed on and decides if it is fair and in accordance with the law. If so, the court issues a decree that includes all the terms of your settlement. This becomes a binding court order. When Is a Divorce Final?Your divorce is final on the day the court signs the decree. You normally will receive it a few days later, since it is sent to your attorney, who will then send you a copy. You are legally divorced as of the date the decree is signed. This means you become a single person on that date because your marriage is legally over. What Is a Divorce Certificate?A divorce decree is the complete court order ending your marriage, with all the details about how property is divided, how you will share time with your children, and what, if any, child support is granted. It also states why the marriage is being dissolved. If there are any problems in the future with your ex not following the court order, you will refer to the decree, since it states what each is required to do. If there is noncompliance, you can go back to court to enforce the terms of the decree. Private Records – Why Search for them?We live in an era where we can find information about people we know from social media outlets, as well as different websites where individuals write details about themselves. However, there are people out there who easily falsify information about themselves, and tell people lies very easily. So, the best way to find credible information about others is to tap into reliable sources of information, such as people’s records. What is found in People Records?U.S. authorities gather accurate data about residents of the country that is kept in special files for decades. Official records in each state contain valuable information about people, and among these records, you can find the following details: AlimonySometimes referred to as spousal support and/or spousal maintenance, alimony is the amount of money that one spouse is ordered to pay the other. Very basically, this amount depends on whoever made more money during the marriage and the roles you both played. But there are lots of other circumstances a judge may also consider, including your prior standard of living, plus your health, age, and many other mitigating factors. Division of PropertyThis aspect only comes into play when you and your spouse are unable to agree on who gets what. In order to rule on the division of marital property, a judge will identify, categorize (marital versus non-marital), and assign value to your combined assets. How your property is divided and split among you and your ex depends on state laws: Most states exercise equitable distribution, which dictates that any money and property you’ve both acquired belongs to whichever spouse earned and/or bought it. Community property states view that all income and assets earned during the marriage equally belong to both parties. Division of DebtThe division of debt happens similarly to how property is divided. Before you’ve officially split, you and your ex have the option to pay everything off before filing for divorce or to decide whoever is responsible during the divorce negotiations (this usually happens whenever debt is too great to be paid off before the divorce). To divide debt, the court must determine which spouse incurred it and who benefited most. Your final divorce decree might also contain other contingencies specific to your personal circumstances, such as a name-change authorization or the assignation of the party that’s ordered to pay taxes and/or attorney’s fees, for example. Before You SignAbove all, your final divorce decree needs to be accurate (grammatically and otherwise) and contain certain language and contingencies that protect your legal interests. Your decree also needs to hold up if, for whatever reason, you need to modify or appeal the document at a later date. And if for whatever reason, your ex doesn’t comply with what was set forth in the decree, you can take them back to court to enforce the terms. ModificationsOnce you’ve signed it, modifying a final divorce decree can be extremely difficult, regardless of the reason. The only way to change it may be via an appeal, which can be a long, drawn-out process that requires stringent proof that your circumstances meet certain criteria, which are dependent on the state in which you live. If, however, you feel that you signed the decree under duress or felt threatened if you didn’t sign, your attorney may be able to petition the court for a new hearing. A final decree of divorce is archived in the vital records office of your courthouse, in the county in which you obtained your divorce. You’ll want to keep this document for your records and you should also reread it after it’s signed and entered into court records. In most situations, the court clerk or your attorney will mail you a copy of your final decree. If this doesn’t happen, or you need an extra copy, request the document (either in-person or in writing) directly from your county clerk’s office. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
via Michael Anderson https://www.ascentlawfirm.com/utah-divorce-code-30-3-4/ A Confidential Private Placement Memorandum is a document used in mergers and acquisitions to convey important information about a business that’s for sale including its operations, financial statements, management team, and other data to a prospective buyer. Who prepares the Offering Memorandum?When any company goes through a sale process, it hires an investment banker. The first step of the banker is to understand the company and gather as much information as possible from top management to come up with a profile the company. The banker prepares the CIM and uses it as a marketing document, which is intended to make the company look attractive as the objective is “not just to sell, but to sell for maximum value.” The reason an investment banker tries to sell a company at the maximum value is because they represent the best interest of their client (the seller), and that their commission is based on the sale price. Executive SummaryThis is a 1-2 page summary of the entire memorandum. It contains at least the following: Investment ThesisThis section of the CIM contains the investment rationale in detail, i.e. why would the “target company” be a great fit for the acquirer. Typically, it may include the following (as hypothetical examples): Overview of the MarketIt is imperative for the acquirer to know the market size and current market trends. It is the duty of the banker to give an overview of the market and make the company’s case stronger. The investment banker prepares the market overview from credible data sources, such as World Bank, Gartner, IDC, Forrester, Bloomberg, Reuters, etc. Credible sources provide reliability to the data points and help the acquirer to better understand the market and formulate the right strategy. Products and ServicesThis section contains a detailed analysis of the products and services offered by the company in its day to day business operations.For the product categories, the company will include a list of the products it offers under various segments, the differentiating factors of the products, the target segment of each product, etc. Revenue ProfileIt shows the revenue profile of the company from different aspects, which is very important for the acquirer. It shows the revenue mix according to Geo, Product, Business Segments, etc. By showing the information in this manner, buyers can see where the major revenue comes from and if it is aligned with their business strategy. Employee ProfileSegregation of the employees is shown so that buyer has a fair idea of existing personnel mix and can plan changes that will help them achieve cost optimization, or whatever strategy they plan to execute.An employee profile can be shown in several ways, including by Function, Qualifications, Geography, Pyramid, etc.It’s important to have full profiles on all the key employees. Customer ProfileFor any acquirer, it would be important to know what kind of customers the company would be serving in future. Some of the popular questions the acquiring company would be interested in includes: Will the customers be large enterprise customers or too many small customers, years of relationship with the customers, revenue contribution from Top 5 or 10 customers, etc. Financials – Historical & ProjectionsThis is perhaps the most important section from a valuation perspective, as it gives a detailed analysis of the profit and loss account. It contains actual financial information from previous years, as well as financial projections by the management of the target company. The assumptions of such projections are also written so that the buyer understands the rationale for such projections.Since the target company is preparing the projections, it will try to show the company in a very positive position and make it attractive in order to achieve a higher valuation. Management StructureA brief profile about key personnel of the company, highlighting their role(s) in the company, years of experience, previous work experience, etc.This section is extremely important, and also one of the most matter-of-fact sections. It typically includes each person’s photograph, name, title, and a multi-paragraph description of what they do, their background and their claim to fame.An organizational chart may also be useful in this section to illustrate the hierarchy and reporting structure. What a Confidential Private Placement Memorandum is NotAs discussed above, a typical Confidential Private Placement Memorandum will include all of the above information. Private PlacementThe private placement definition is the process of raising capital directly from institutional investors. A company that does not have access to or does not wish to make use of public capital markets can issue stocks, bonds, or other financial instruments directly to institutional investors. Private placement occurs when a company makes an offering of securities to an individual or a small group of investors. Since such an offering does not qualify as a public sale of securities, it does not need to be registered with the Securities and Exchange Commission (SEC) and is exempt from the usual reporting requirements. Private placements are generally considered a cost-effective way for small businesses to raise capital without going public through an initial public offering (IPO). Institutional investors include the following: Restrictions Affecting Private PlacementThe SEC formerly placed many restrictions on private placement transactions. For example, such offerings could only be made to a limited number of investors, and the company was required to establish strict criteria for each investor to meet. Furthermore, the SEC required private placement of securities to be made only to “sophisticated” investors—those capable of evaluating the merits and understanding the risks associated with the investment. Finally, stock sold through private offerings could not be advertised to the public and could only be resold under certain circumstances. In 1992, however, the SEC eliminated many of these restrictions in order to make it easier for small companies to raise capital through private placements of securities. The rules now allow companies to promote their private placement offerings more broadly and to sell the stock to a greater number of buyers. It is also easier for investors to resell such securities. Although the SEC restrictions on private placements were relaxed, it is nonetheless important for small business owners to understand the various federal and state laws affecting such transactions and to take the appropriate procedural steps. It may be helpful to assemble a team of qualified legal and accounting professionals before attempting to undertake a private placement. Many of the rules affecting private placements are covered under Section 4(2) of the federal securities law. This section provides an exemption for companies wishing to sell up to $5 million in securities to a small number of accredited investors. Companies conducting an offering under Section 4(2) cannot solicit investors publicly, and the majority of investors are expected to be either insiders (company management) or sophisticated outsiders with a preexisting relationship with the company (professionals, suppliers, customers, etc.). At a minimum, the companies are expected to provide potential investors with recent financial statements, a list of risk factors associated with the investment, and an invitation to inspect their facilities. In most respects, the preparation and disclosure requirements for offerings under Section 4(2) are similar to Regulation D filings. Regulation D—which was adopted in 1982 and has been revised several times since—consists of a set of rules numbered 501 through 508. Rules 504, 505, and 506 describe three different types of exempt offerings and set forth guidelines covering the amount of stock that can be sold and the number and type of investors that are allowed under each one. Rule 504 covers the Small Corporate Offering Registration, or SCOR. SCOR gives an exemption to private companies that raise no more than $1 million in any 12-month period through the sale of stock. There are no restrictions on the number or types of investors, and the stock may be freely traded. The SCOR process is easy enough for a small business owner to complete with the assistance of a knowledgeable accountant and attorney. It is available in all states except Delaware, Florida, Hawaii, and Nebraska. Private Placement MemorandumsA Private Placement Memorandum (PPM) provides critical details about the offering. This differs from a business plan, which does not provide information about the technical structure of an offering. A PPM is used to raise capital from a number of investors instead of trying to find one with the entire amount of required capital. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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Tips For Surviving Divorce Settlement Talks Get Your Employees CPR and First Aid Certified via Michael Anderson https://www.ascentlawfirm.com/what-is-a-confidential-private-placement-memorandum/ Utah Code 57-1-3: Grant of fee simple presumed. A fee simple defeasible is a conveyance of property that has conditions placed on it. The holder of a fee simple defeasible possesses the property as a fee simple subject to that condition. If the condition is violated or not met, then the property will either go back to the original grantor or a specified third party. Types of Fee Simple Defeasible EstatesThere are three types of fee simple defeasible. The first two confer future property interests in the person granting the property. The other type has the future interest going to a specified third party. • Fee Simple Determinable: A fee simple determinable automatically ends the interest in the property when a condition is violated or not met. The person granting the property interest retains a “possibility of reverter,” meaning that if the condition is violated, the property will automatically shift back to the grantor without having to take any further action. In order to create a fee simple determinable, the words of conveyance must be durational (e.g., as long as, so long as, during, while, or until). An example of a fee simple determinable would be: A to B so long as the property is used as a school. B would have a fee simple interest in the property so long as the property is used as a school. If, however, the property is no longer used as a school, then the property will automatically go back to A. • Fee Simple Subject To Condition Subsequent: A fee simple subject to a condition subsequent is very similar to the fee simple determinable except that the violation of the condition would give the original owner the option to take back the property. Thus, the property does not automatically shift to the original owner. Instead, upon violation of the condition, the original owner has the option to reassert a right to the property. This option is called a “right of reentry.” In order to convey a fee simple subject to condition subsequent, the words of conveyance must state that the original owner can retake the property if the condition is violated. An example of a fee simple subject to condition subsequent would be: A to B, but if the property is used for commercial purposes, then A has a right of reentry. Again, B has a fee simple interest in the property so long as the property is not used for commercial purposes. If, however, the property is used for commercial purposes, then A can retake the property. • Fee Simple Subject To Executory Limitation: A fee simple subject to executory limitation is basically the same as a fee simple defeasible, except that it confers a future property interest in a third party, and not the original owner. In order to create a fee simple subject to executory limitation, the original owner would use either durational or conditional words that establish a condition and a third party to whom the property would go to if the condition is not met or is violated. Like a fee simple determinable, the property shifts automatically and does not require the third party to take any action. The third party interest is called a “remainder.” An example of a fee simple subject to executory limitation would be: A to B only if the property is used as a place of residence; if not used as a place of residence, then to C. Thus, B has a fee simple interest in the property. If, however, the property is used as something other than a place of residence, then the property will automatically shift to C. It is important to note that A, the grantor, no longer has an interest in the property Understanding Fee Simple vs Leasehold Ownership• Fee simple ownership: Fee simple ownership is probably the form of ownership most residential real estate buyers are familiar with. Depending on where you are from, you may not know of any other way to own real estate. Fee simple is sometimes called fee simple absolute because it is the most complete form of ownership. A fee simple buyer is given title (ownership) of the property, which includes the land and any improvements to the land in perpetuity. Aside from a few exceptions, no one can legally take that real estate from an owner with fee simple title. The fee simple owner has the right to possess, use the land and dispose of the land as he wishes — sell it, give it away, trade it for other things, lease it to others, or passes it to others upon death. • Leasehold ownership: A leasehold interest is created when a fee simple land-owner (Lessor) enters into an agreement or contract called a ground lease with a person or entity (Lessee). A Lessee gives compensation to the Lessor for the rights of use and enjoyment of the land much as one buys fee simple rights; however, the leasehold interest differs from the fee simple interest in several important respects. First, the buyer of leasehold real estate does not own the land; they only have a right to use the land for a pre-determined amount of time. Second, if leasehold real estate is transferred to a new owner, use of the land is limited to the remaining years covered by the original lease. At the end of the pre-determined period, the land reverts back to the Lessor, and is called reversion. Depending on the provisions of any surrender clause in the lease, the buildings and other improvements on the land may also revert to the lessor. Finally, the use, maintenance, and alteration of the leased premises are subject to any restrictions contained in the lease. Important leasehold terms to know: Fee simple is absolute title to land, free of any conditions, limitations, restrictions, or other claims against the title, which one can sell or pass to another by will or inheritance. A fee simple title has a virtually indefinite duration. It is also called fee simple absolute. Today, the law presumes an intention to grant an estate in fee simple unless an indication to impose conditions or limitations is clearly stated. It is most common way real estate is owned in common law countries, and is the most complete ownership interest one can have in real property. Other estates in land include the fee simple conditional, the fee simple defeasible, the fee simple determinable, the fee simple subject to a condition subsequent, the fee simple subject to an executory limitation, and the life estate. Fee Simple OwnershipWhen a property deed states that the owner has fee simple ownership, he owns the property above the surface of the land and the mineral properties below the surface of the land. The mineral properties may include oil, gas, mineral rocks or coal. Many deeds do not include fee simple ownership, and thus, there may be several ownership interests connected to the mineral estate of a tract of land. Having fee simple ownership indicates the property owner owns both what’s above and under the surface of the land. Property Deed DescriptionA property deed includes language that names the grantor and grantee as well as wordings that describe the grantor or seller’s intent to transfer his ownership interest in a property to the grantee or buyer. The deed also includes a description of the property, such as the address and other identifying information, the property lot and the subdivision. Transferring the TitleWith a warranty deed, the grantor warrants that the property is free and clear of liens and encumbrances and that he has the ownership rights to transfer title to the grantee. The grantee does not make any guarantees with a quit claim deed; the grantee simply receives any ownership interest the grantor has in the property. Typically, if the seller has fee simple ownership in the land, he owns the entire estate to the land. If the grantor transfers his entire ownership interest in the land, the buyer becomes the new fee simple owner. The deed may include words, such as fee simple ownership or fee simple absolute, which indicates that the grantor has absolute ownership interest in the land. Absolute Ownership InterestFee simple ownership is the highest type of property ownership, whereas with a life estate ownership interest, for example, the owner only has lifetime ownership rights to the land. Fee simple owners may use and dispose of the entire land as permitted by law, and they are granted absolute ownership to the land. The property passes to the fee simple owner’s heirs upon death unless the owner has transferred title to the property during his lifetime or by way of a will. Performing a Title SearchWith many land purchase agreements, sellers are not required to disclose who owns the mineral properties connected to the property. Many property owners do not know who actually owns the mineral estate, anyway – the subsurface rights may have been stripped from the deed many generations in the past, or may never have been included with the surface deed. The Recorder’s Office in the county where the property is located is generally the best place to perform a search and discover the chain of title to a particular tract of land. Many counties maintain a record of deeds that trace back to the 1800s. A concurrent estate describes the various ways in which property can be owned by more than one person at a given time. Three types of concurrent estates are: • Tenancy in common: Tenancy in common is the most common type of ownership. Ownership is assumed to be a tenancy in common unless stated otherwise. A tenancy in common is a form of ownership of title to real estate by two or more persons. Although they have a unity of possession, they each have separate and distinct titles. In the event that one of the tenants in common dies, his or her title passes not to the other tenant in common, but to his or her estate or heirs. • Joint tenancy: is a form of ownership in which the tenants own a property equally. If one dies, the other automatically inherits the entire property. This is known as the right of survivorship. Thus somebody cannot will a joint tenancy, and probate is not necessary under a joint tenancy. A person could not take a property as a joint tenant with a corporation, because a corporation cannot die. It would be taken as a tenant in common. If a joint tenant dies owing debts, the surviving joint tenants are free of the unsecured debts. Joint tenants cannot be created by law; therefore the parties who wish to be joint tenants must make it clear in the conveyance document. A joint tenant has the right to sell, mortgage, or transfer their interest without the consent of the other joint tenants. To create joint tenancy there has to be unity of time, title, interest, and possession. That is the most important thing to remember. You may want to say it again: time, title, interest, and possession. You can also remember the acronym TTIP. It is not much of a word, but it worked for me, so hopefully it will work for you too! Joint tenancy would be terminated if any one of those four unities is destroyed. Therefore a person who buys interest of a joint tenant would be a tenant in common with the other joint owners • Community property: is property acquired by the spouses during marriage. Community property laws vary from state to state. Community property is owned by both regardless of whose name is on the title. • Separate property is sole ownership, and is property acquired before marriage or property received by gift or inheritance. Separate property can be transferred without the non-owning spouse’s consent or signature. • A partition is a court action to divide ownership interest if the owners cannot reach an agreement. Partitions can be used by tenants in common or joint tenants to dissolve ownership interest. Real Estate Attorney Free ConsultationWhen you need legal help with real estate law in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Signs That You Should Get A Divorce via Michael Anderson https://www.ascentlawfirm.com/utah-real-estate-code-57-1-3/ When a person dies, their assets are distributed in the probate process. Probate is a general term for the entire process of administration of estates of deceased persons, including those without wills, with court supervision. If a person dies with a will, a petition to probate the will is filed with the probate court in the county where the deceased resided at the time of death, asking for letters testamentary to be issued, giving the executor authority to handle the estate affairs. If a person dies with a valid will, an executor is named to handle the distribution of the estate. If the person dies without a valid will, the court appoints an administrator to distribute the decedent’s assets according to the state’s laws of intestacy. The court will issue letters of administration, also called letters testamentary, to the administrator, giving the authority to handle the affairs of the deceased. An heirship affidavit may also be used to conduct estate affairs when a small estate is involved. In cases where the decedent didn’t own property valued at more than a certain amount, which varies by state, the estate may go through a small estate administration process, rather than the formal probate process. Duties of an Executor or Personal RepresentativeThe executor’s obligations are generally to: How Can Probate Be Avoided?All property of a decedent may not be subject to the probate process. Some assets, such as insurance policies or cd’s may name a beneficiary or pass automatically to a surviving joint owner outside the probate estate of the will. Assets held in trust, or in an account or policy with an insurer or financial institution with a named beneficiary, typically pass outside the probate process. Such assets go to the named beneficiary outside the probate process. If it is a survivorship account, or transfer on death account, it passes outside the probate process. Property held in trust is distributed according to the terms of the trust. It is possible to write a “pourover” clause in a will, so that property “pours over” into the trust, which is exempted from probate. The involvement of the court to transfer such property is not required. A bank account or motor vehicle title may also specify a death beneficiary and thus be exempt from the probate process. Claiming Property with a Simple (Small Estate) AffidavitUtah has a procedure that allows inheritors to skip probate altogether when the value of all the assets left behind is less than a certain amount. All an inheritor has to do is prepare a short document, stating that he or she is entitled to a certain asset. This document, signed under oath, is called an affidavit. When the person or institution holding the property — for example, a bank where the deceased person had an account gets the affidavit and a copy of the death certificate, it releases the asset. The out-of-court affidavit procedure is available in Utah if the value of the entire estate subject to probate, less liens and encumbrances, is $100,000 or less. An affidavit may also be used to transfer up to four boats, motor vehicles, trailers or semi-trailers if value of estate subject to probate, excluding the value of the vehicles, is $100,000 or less. There is a 30-day waiting period. Simplified Probate ProceduresUtah has a simplified probate process for small estates. To use it, an executor files a written request with the local probate court asking to use the simplified procedure. The court may authorize the executor to distribute the assets without having to jump through the hoops of regular probate. You can use the simplified small estate process in Utah if the value of the entire estate, less liens and encumbrances, does not exceed the homestead allowance, exempt property, and family allowance, costs of administration, reasonable funeral expenses, and reasonable medical expenses of the last illness. The executor files a sworn statement that says the estate assets are less than the value described above, describes the estate assets, declares the executor has distributed assets to the inheritors, and sent the inheritors and known creditors a closing statement and provided them with a closing statement. Probate Litigation• Personal representatives: Estate executors may be sued for allegedly improper notification, obfuscation or misuse of estate funds, failing to properly preserve assets during probate, failing to observe the testator’s wishes or otherwise failing to comply with state probate law. Avoiding probate and estate taxesThere are several ways property can avoid probate, including: • Death benefits of annuities, pension plans and retirement accounts: Money inherited from company pensions and 401(k)s, and even individual retirement accounts (IRAs), is not subject to probate, but is subject to estate tax consideration. Because the IRA has been funded with pre-tax dollars, IRA beneficiaries are also liable for income taxes due when the funds are withdrawn. What are some of the most common forms used for Probate?The most popular forms or packages for probate are the state specific probate packages, Disclaimer of Right to Inherit or Inheritance – All Property from Estate or Trust, Affidavit of Domicile, Sample Letter for Initiate Probate Proceedings regarding Estate – Renunciation of Executorship, and Sample Letter for Initial Probate Proceedings – Request to Execute Documents. • Affidavit of Subscribing Witnesses for Probate of Will/Codicil to Will What Happens During the Probate Process?Each state has specific laws in place to determine what’s required to probate an estate. These laws are included in the estate’s “probate codes,” as well as laws for “intestate succession,” when someone dies without a will. In cases where there is no will, probate is still required to pay the decedent’s final bills and distribute their estate. The steps involved are generally very similar, regardless of whether a will exists—even though laws governing probate can vary by state. Authenticating the Last Will and TestamentMost states have laws in place that require anyone who is in possession of the deceased’s will to file it with the probate court as soon as is reasonably possible. An application or petition to open probate of the estate is usually done at the same time. Sometimes it’s necessary to file the death certificate as well, along with the will and the petition. Completing and submitting the petition doesn’t have to be a daunting challenge. Many state courts provide forms for this. If the decedent left a will, the probate judge will confirm it is valid. This may involve a court hearing, and notice of the hearing must be given to all the beneficiaries listed in the will as well as the heirs—those who would inherit by law if no will existed. The hearing gives all concerned an opportunity to object to the will being admitted for probate—maybe because it’s not drafted properly or because someone is in possession of a more recent will. Someone might also object to the appointment of the executor nominated in the will to handle the estate. To determine if the submitted will is the real deal, the court relies on witnesses. Many wills include so-called “self-proving affidavits” in which the decedent and witnesses sign an affidavit at the same time the will is signed and witnessed. Lacking this, however, one or more of the will’s witnesses might be required to sign a sworn statement or testify in court that they watched the decedent sign the will and that the will in question is indeed the one they saw signed. Probate Lawyer Free ConsultationWhen you need legal help with a probate in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506 via Michael Anderson https://www.ascentlawfirm.com/utah-estate-probate-forms/ Law students spend a large portion of the first year of law school learning about all sorts of different torts intentional or otherwise. However, in practice, most cases of personal injury are based on negligence. Common law negligence has evolved over the centuries to include four elements. • Duty – The plaintiff must show that the defendant owed her a duty of care. • Breach – The defendant must have breached the duty of care owed to the plaintiff. • Injury – The plaintiff must have been injured (bodily harm or property damage). • Proximate Cause – Defendant’s breach must have caused plaintiff’s injuries directly. In reality, proving negligence is usually more complicated than that. That’s why you need a lawyer, but every negligence claim follows that above pattern. In slip and fall cases in Utah, property owners are deemed negligent when they fail to take specific precautions as defined by the courts. Owners of business are not required to guarantee that their guests (the law calls them, “business invitees,”) never slip and fall. The owner is only charged with the duty to use reasonable care to maintain the premises for the reasonable safety the guests. For example, if a shopper slips on a water spill in the produce section, the grocery store is not automatically deemed negligent. In order to prove that the grocery store did not act reasonably the plaintiff will have to prove one of two things. That the slippery floor was either a permanent unsafe condition that the defendant had a responsibility to remedy or a temporary unsafe condition that the defendant had notice of or the opportunity to remedy. A hypothetical situation should make this clearer. Utah Negligence LawsAccidents, and the unfortunate injuries that can result from them, are bound to happen. And if you’re injured in an accident that is genuinely someone else’s fault, how do you figure out who is at fault and the amount of restitution you can get from the faulty party? The legal system uses negligence claims as a way of determining fault in injury-causing accidents and how much, if anything, the careless party should pay to the injured party. This is an introduction to negligence laws in Utah. The initial steps for any negligence case are figuring out if one person (or a group of people) owed a duty of care to another and whether the person or group failed in fulfilling that duty. If a breach of this duty of care occurred, the person or group might be financially liable for any injuries that result. Finally, the court must determine if the person or group’s failure was the direct cause of the injuries, the extent of the harm, and the amount of damages. State negligence laws may vary, so the law applying to your case will depend on your jurisdiction and your specific circumstances. For example, under Utah law, your possible recovery in a negligence can diminish based on your own fault, if any, and if you’re more at fault than the other party in an accident, you might not be able to recover any damages at all. Statute of LimitationsThe statute of limitations is the time period under the law in which someone must file a lawsuit seeking damages. In Utah, the statute of limitations for personal injury claims if generally four years. However, this varies depending on the type of civil suit. When levying a lawsuit against a government body, you only have two years to file an injury claim to seek damages. Torts and Intentional TortsA tort is any wrongful act which is not a crime and not included within a signed contract. Most causes of action involving civil suits, such as personal injury claims, are torts. Negligence, wrongful death, libel and slander, trespass — there are all different kinds of torts, as well as civil assault and battery. Intentional torts are wrongful acts committed purposefully. Some intentional torts can be crimes, such as assault and battery, for instance. This can lead to both civil and criminal liability in certain cases. This is also true of theft and wrongful death. A tort will form the basis of a lawsuit seeking damages in the aims of making a plaintiff financially whole. NegligenceNegligence is a tort that is due to carelessness or failure to act with reasonable care involving conduct that result in damage to a person or their property. To prove negligence, a plaintiff has to establish four elements. Burden of ProofThe burden of proof refers to the obligation of the plaintiff to provide evidence of his or her allegations to be credible and valid at least within a reasonable doubt. There are many thresholds of proof that may be applicable regarding the kind of case being pursued. Regarding a personal injury case, the burden of proof is usually that a plaintiff should prove through establishing evidence that the defendant is liable for damages. Strict LiabilityStrict liability is a legal theory that imposes liability for specific acts or injuries resulting in damage, despite evidence of fault. This is usually used in claims involving defective products to hold manufacturers liable for damages sustained from using their products. With strict reliability, the burden of proof is placed upon the defendant, who then has to prove that they are not liable as opposed to the plaintiff having to provide evidence of fault. DamagesDamages are what a plaintiff is attempting to recoup through a lawsuit. In a personal injury claim, damages are money. There are two categories of damages: economic damages and non-economic damages. Economic damages are able to be calculated, such as medical bills, lost income, replacement services, and the cost of vehicle repair. Non-economic damages are not able to be exactly determined. They include pain and suffering, as well as humiliation. For instance, in a slip and fall accident, your $20,000 hospital costs would be an economic damage. The $10,000 you are seeking due to suffering anxiety and insomnia caused by your injuries would be considered non-economic damages. Comparative FaultLet’s imagine that you slipped on a broken jar of mayonnaise at the grocery store, and then a stocker lazily placed a warning cone in front of the hazard instead of cleaning it up immediately. In this case, a judge or jury could say that you were perhaps 40% at fault for the accident because there was a warning in place. The grocery store would be 60% at fault due to failing to clean up the hazard or close off the affected area altogether. Any favorable judgment would be reduced by the amount you are at fault, in this case, 40 percent. If you were to recover $10,000 for your injuries, then the final judgment would be reduced to $6,000. In Utah, if you are seen to be 50 percent or more at fault for the accident, you would not be able to receive any compensation for your sustained damages. No-FaultNo fault is the most commonly applied legal theory involving car accident personal injury claims. In no-fault states, such as Utah, it is required that all car owners carry a minimum amount of personal injury protection (PIP) insurance. Involving damages sustained in a car accident, the injured party is able to collect from their own insurance provider instead of filing a lawsuit, No-fault laws can be complex and hard to understand, but the general theory is fairly simple: unless injuries reach a set financial threshold, an injured victim is not able to file suit and must recover damages from an insurance provider, no matter who is at fault for the crash and the resulting injuries. Automobile Collisions in UtahA majority of car crashes end in death. No matter the reason for the crash, losing a loved one is never easy. Even worse, these crashes are due to preventable accidents, allowing you to partner with a wrongful death lawyer in Utah to regain lost damages. Can I Still Receive Compensation if the Accident Was Partially My Fault?The question of contributory and comparative negligence always on depends on where the accident happened. Each state is different. Utah has a modified comparative negligence rule, which means, you can receive compensation even the accident was partially your fault, so long as you are less than 50 percent responsible for the accident. To understand the concept, you will have to back up and understand the theory of contributory and comparative negligence. • Contributory Negligence – In states with this standard, if you are partially at fault for the accident, even a little bit, you cannot recover any damages at all. • Comparative Negligence – States like California and New York allow plaintiffs to receive compensation when they were partially or even mostly at fault for the accident. The court will ask a judge or jury to find at what percent the plaintiff is liable for the accident. If the injured is 40 percent liable for the accident, that percentage will be removed from the damage award. If a plaintiff is awarded a settlement of $10,000.00, but the court found that he or she was 40 percent at fault for the accident, he or she would only receive 60 percent of the award – $6,000.00. There is no cut-off. If the Plaintiff was 80 percent at fault he or she would receive $2,000.00. • Modified Comparative Negligence – Most states, including Utah and Montana, use a system that comes between contributory negligence and pure comparative negligence. There is a limit. In Utah, you cannot recover damages for an accident if you were more responsible for the accident than the defendant. Utah Code Ann. §78B-5-818. If you were 49 percent at fault for the accident, you can recover 49 percent of the damage award. If you are 50 percent at fault, you cannot recover anything. Utah is a modified comparative negligence state with a 50 percent at-fault bar. That means that if you are at least half at-fault for the accident, you will get nothing. If you are less than have at fault, you can recover a partial damage award offset by the percentage at-fault you were. Determining fault as a percentage based on real-life events is difficult. If the parties cannot agree on who was at fault, it is up to what lawyers call the “trier of fact,” to determine those numbers. The trier of fact is the person, either judge or jury, who adjudicates the evidence to determine which facts are true. This usually happens at trial. Cases where there is comparative negligence are harder to settle outside of court. The Tort of Negligence is a legal wrong that is suffered by someone at the hands of another who fails to take proper care to avoid what a reasonable person would regard as a foreseeable risk. In many cases there will be a contractual relationship (express or implied) between the parties involved, such as that of doctor and patient, employer and employee, bank and customer, and until relatively recently it was necessary for such a contractual relationship to exist in order for a claim for negligence to succeed. But the civil law relating to negligence has evolved and grown to deal with situations that arise between two or more parties even where no contract, written or implied, exists between them It follows that from a practical and financial point of view every enterprise needs to ensure that management planning continually takes full account of the responsibilities imposed and the potential liabilities that may be incurred under what is a continually evolving part of the law. Negligent Tort Lawyer Free ConsultationWhen you need legal help with negligent torts in Utah, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
via Michael Anderson https://www.ascentlawfirm.com/negligent-torts/ Utah Divorce Code 30-3-3: Award of Costs, Attorney And Witness Fees — Temporary Alimony. (1) In any action filed under Title 30, Chapter 3, Divorce, Chapter 4, Separate Maintenance, or Title 78B, Chapter 7, Part 1, Cohabitant Abuse Act, and in any action to establish an order of custody, parent-time, child support, alimony, or division of property in a domestic case, the court may order a party to pay the costs, attorney fees, and witness fees, including expert witness fees, of the other party to enable the other party to prosecute or defend the action. The order may include provision for costs of the action. (2) In any action to enforce an order of custody, parent-time, child support, alimony, or division of property in a domestic case, the court may award costs and attorney fees upon determining that the party substantially prevailed upon the claim or defense. The court, in its discretion, may award no fees or limited fees against a party if the court finds the party is impecunious or enters in the record the reason for not awarding fees. (3) In any action listed in Subsection (1), the court may order a party to provide money, during the pendency of the action, for the separate support and maintenance of the other party and of any children in the custody of the other party. (4) Orders entered under this section prior to entry of the final order or judgment may be amended during the course of the action or in the final order or judgment. Temporary alimony or spousal support is an order for support that comes during a divorce, legal separation or even an annulment case after one party has filed such a request with the court. A hearing is set after a motion document called a “Request for Order” is filed with the family court. For these financial motions, it is a requirement that each party file an Income and Expense Declaration to show their respective financial status. Temporary spousal support is usually ordered to “preserve the status quo”, meaning to try and maintain some semblance of what the parties had going during the marriage. The court is granted a significant amount of discretion, or authority, to order or deny spousal support. Temporary spousal support is also called pendente lite spousal support, which means an order made during the pendency of a case. How Is Temporary Spousal Support Calculated?Utah courts are allowed to determine temporary spousal support by looking at a “guideline” calculator that most family law attorneys have in their office. The court can look at the guideline calculator if they want (and every judge or commissioner does), but they are not required to look at the calculator. They are required to consider the needs of the supported party and the supporting party’s ability to pay. Those are the only two factors that the trial court judge is bound to consider. Some calculators can be found online, but we would caution against relying on those calculators. The factors that are input into the calculator are extremely important and are the subject of many litigation arguments. We can also save you some time: typically the calculator will say that if the supported spouse has little or no income, temporary alimony will be somewhere between 30-35% of the supporting spouse’s gross income. Obviously, great care has to be taken in making sure the court uses the correct figures when determining temporary support. Can Temporary Spousal Support Be Modified?Yes. Temporary spousal support is an order that is made during the pendency of a case based on the payer’s ability to pay and the recipient’s need for money. While there are many other factors that the court can consider when making a temporary alimony order, those are the primary concerns for the court. Generally, orders that are made a part of a judgment are only modifiable based on a showing of changed circumstances. Usually those changes have to be substantial. When a temporary order is made and one party seeks to modify the order, technically they do not have to prove that there has been any change of circumstances warranting a change. Practically speaking, however, a party would not want to bring a motion to modify a temporary order without there being some change of circumstances. The family court judge will not be pleased with motion requesting the same information already ruled on. Can The Court Use The Guideline Spousal Support Calculator To Determine Permanent Alimony?No. The statutory and case law is clear that the court is not permitted to review or rely upon the “guideline” spousal support calculator in determining permanent spousal support under Family Code 4320. In fact, family court judges are very careful not to allow either party to submit computer spousal support calculations for consideration because the Court of Appeals will reverse the trial court’s judgment. Many times, there is already a computer calculation for spousal support that is calculated during the pendency of the divorce case for temporary spousal support, which is part of the court record and the court is permitted to review the court file and that document for reference. Even so, most, if not all judges look at the “guideline” formula for temporary spousal support to get an idea about what that number is and to gauge the net income of each party and to gather certain tax information. However, the court is explicitly not allowed to rely on the calculator for determining permanent spousal support. How Is Permanent Spousal Support Calculated?Permanent spousal support is not really “calculated” since the court is not allowed to use a calculator. The court is required to list and consider each and every factor to determine the amount and duration of spousal support, if any. Generally, these are the standard of living during marriage, employment, income, earning capacity, health of each party, and so forth. In practice, permanent spousal support judgments are typically slightly lower than temporary spousal support orders. Difference between Temporary and Permanent Spousal Support• Temporary alimony is ordered during a case, permanent alimony is ordered at the end of a case. What Factors do Courts Consider in Awarding Temporary Alimony?A judge may look to several factors in determining the temporary alimony. These include: Additionally, the courts may look to determine if it was a “no fault” divorce and if there was any agreement on the alimony between the couples. However, laws regarding temporary spousal support vary throughout the states. Courts need to consider the financial capabilities of the spouse to set the temporary alimony amount. Most states require that the divorcing couples file and exchange preliminary financial disclosures. Generally these forms provide sufficient information about each spouse’s financial situation. This includes any assets, debts, income and expenses. Temporary alimony orders may include a temporary award of the marital home. Furthermore, it is within the court’s discretion to award temporary alimony even if the spouse is self-sufficient. How Are Temporary Alimony Orders Enforced by the Courts?There are many reasons a spouse may have difficulty paying the court ordered amount of alimony. It could be due to medical, employment or the ability to work issues. After determining the reason for the delay in payment, the couples can come to an agreement to modify the alimony agreement to best serve their situations. However, if your spouse does not have a viable reason and is avoiding the payments, you have the option to get the court involved. The court can order a spouse to make orderly payments for the spousal support. The courts have discretion in imposing fines and in ordering another form of punishment for the spouses that are failing to follow court orders. States vary in the remedies provided to each spouse receiving alimony and some of them include: How Long Does Temporary Alimony Last?Temporary alimony ends once the case is completed. In other words it terminates once the divorce is finalized. The purpose of the temporary alimony is to ensure the self-sufficiency of the supported spouse and to allow adequate time needed. However, some temporary alimony orders can carry over to the final judgment of the divorce, transforming into the permanent alimony order. Any family going through a divorce is enduring tough times. The spouses are also faced with bills and expenses for rearing their children. Should I Hire a Lawyer for Help with Temporary Alimony Issues?Financial burdens can pile up and create complicated situations for the families seeking divorce. For more information and guidance on how to file for a temporary alimony order or to determine your eligibility, it would be useful to seek out a family law attorney to assist with the process. Your attorney can provide you with advice and representation during the legal process. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
via Michael Anderson https://www.ascentlawfirm.com/utah-divorce-code-30-3-3/ The original rule was known as Rule 506, but will hereafter be known as Rule 506(b). It is still in effect. In general, under this rule an issuer of securities has a “safe harbor” exemption from registration. That means the issuer doesn’t have to obtain SEC pre-approval of the offering or need a license to sell its own securities, as long as it follows the rules for the exemption. Rule 506(b) allows an issuer of its own securities to raise an unlimited amount of money from an unlimited number of Accredited Investors and up to 35 Sophisticated Investors. However, the issuer cannot make any offers or sales of the securities by any means of general advertising or solicitation. To prove they didn’t solicit investors, issuers must be able to demonstrate a pre-existing relationship with an investor. The relationship must pre-date any offer to sell securities. For issuers relying on Rule 506(b), the investors may self-certify that they are Accredited or Sophisticated. They do that by checking a box on a pre-qualification form provided by the issuer. A Sophisticated Investor is one who, alone or with a purchaser representative, has such knowledge and experience in financial and business matters that he or she can evaluate the merits and risks of the prospective investment. An Accredited Investor is: The Problem with Rule 506(b)Large funds ($10 million to $30 million) use registered investment advisers or the securities broker-dealer community to raise funds for their private offerings, based on their pre-existing relationships with investors. This channel is not available for smaller funds. That is because investment advisers and broker-dealers typically won’t market securities offerings of less than $10 million. So the small issuer must develop direct relationships with prospective investors and sell securities on its own. For these issuers, the pre-existing relationship and non-solicitation provisions or Rule 506(b) have been sources of great confusion. The provisions also have caused misinterpretation and been a significant impediment to their ability to fund their real estate transactions or businesses. Under Rule 506 b, issuers of securities are exempt from the registration requirements of the Securities Act for unlimited size offerings. However, to qualify under this rule, the securities that are being offered can only be bought by accredited investors and no more than thirty-five unaccredited investors. These unaccredited investors must also meet certain requirements, such being an officer of the company that is offering the securities. In addition, the issuer is not allowed to solicit the securities, and they must reasonably believe that the investors purchasing the securities are accredited or are unaccredited investors who meet sophistication requirements. Advantages of Rule 506 BThere are a variety of advantages to qualifying under rule 506 b. In particular, this rule allows the inclusion of unaccredited investors in offerings. Securities issuers that use rule 506 c may lose accredited investors because of the need to provide verification. With rule 506 b, no verification is necessary. Information About Form DCompanies that qualify for rule 506 b are not required to report to the Securities Exchange Commission (SEC) and also will not need to register their securities. However, after their first securities have been sold, these companies are required to file Form D. This form is used to list basic information about the company: What You Should Know Before InvestingIt’s important to do your due diligence before investing any of your money in a company that makes offerings under rule 506 b or c. In particular, you should contact the SEC to ask whether the company you are thinking about investing in has filed Form D. You should be wary of investing in a company that has not filed this form, as it may mean that they are not complying with the securities laws laid out by the federal government. It’s also a good idea to contact the securities regulator in your state to see if they can provide you any information about the company, including information about the owners. You should also ask your state’s regulator if they have cleared the offering that you are thinking about purchasing. Difference between Rule 506 B and 506 COne of the biggest differences between 506 b and 506 c offerings is how the companies are allowed to sell securities. For example, advertising is strictly prohibited for 506 b offerings. However, if the company has an existing relationship with an investor, they are allowed to approach these investors about the offering. On the other hand, 506 c offerings can be advertised however the company wishes, and no investor relationship is required. Only accredited investors are allowed to purchase 506 c offerings. 506 b offerings can include up to thirty-five unaccredited investors as long as they fulfill certain sophistication requirements. Companies that have more than 2000 investors, or more than 500 unaccredited investors, must report based on the rules of the Exchange Act. With 506 b offerings, companies will certify that an investor is accredited using a questionnaire. As you might imagine, this can pose a problem, as is there is nothing preventing an unaccredited investor from lying to the company about their certification. 506 c offerings have much stricter accreditation requirements. Companies making these offerings must be very careful to make sure that their investors are accredited. Self-certification is not allowed. There are no limits to the size of offerings for either 506 b or 506 c companies. 506 c rules do not require disclosure. With 506 b offerings, there is no requirement to disclose information as long as all of the investors are accredited. However, if the offering includes unaccredited investors, the company must provide the investors with a large amount of information about the offering. Both types of companies are required to file Form D, and this form must be filed in every state in which the company has an investor. Neither 506b nor 506c companies require intermediaries when making offerings. However, if the companies choose to use an intermediary, this person must be registered as a broker-dealer or possess an exemption. Rule 506(b) Offerings – Regulation D OfferingsSection 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) exempts from SEC registration, transactions by an issuer not involving a public offering. Rule 506(b) of Regulation D of the Securities Act provides a “safe harbor” under Section 4(a)(2). Rule 506(b) sets forth standards that a company can use to meet the requirements of the Section 4(a)(2) exemption. Under Rule 506(b), an issuer may raise an unlimited amount of money. Additionally, the issuer can sell securities to an unlimited number of accredited investors and up to 35 non-accredited investors if certain disclosures are provided. General Requirements of Rule 506(b) OfferingsAn offering under Rule 506(b) has the following requirements: Rule 506(b) Offerings to Non-Accredited InvestorsIf non-accredited investors are purchasing in the Rule 506 (b) offering, the issuer must provide non-accredited investors with disclosure documents that generally contain the same type of information as provided in registered offerings, and provide the financial statement information specified in Rule 506. These financial statements may need to be certified or audited by an accountant. A company using Rule 506(b) for its offering is not required to provide specified disclosure documents to accredited investors, but, if it does provide information to accredited investors, it must also make this information available to the non-accredited investors as well. Additionally, the company’s management should be available to answer questions from prospective purchasers who are non-accredited investors. Bad Actor Disqualification in Rule 506(b) OfferingsAs a result of Rule 506(d) bad actor disqualification, an offering is disqualified from relying on Rule 506(b) of Regulation D if the issuer or any other person covered by Rule 506(d) has a relevant criminal conviction, regulatory or court order or other disqualifying event that occurred on or after September 23, 2013. Under Rule 506(e), for disqualifying events that occurred before September 23, 2013, issuers may still rely on Rule 506, but will have to comply with the disclosure provisions of Rule 506(e) discussed below. Covered PersonsUnderstanding the categories of persons that are covered by Rule 506(d) is important because issuers are required to conduct a factual inquiry to determine whether any covered person has had a disqualifying event, and the existence of such an event will either disqualify the offering from reliance on Rule 506 or will have to be disclosed to investors. Reasonable Care ExceptionThe rule provides an exception from disqualification when the issuer is able to demonstrate that it did not know and, in the exercise of reasonable care, could not have known that a covered person with a disqualifying event participated in the offering. The steps an issuer should take to exercise reasonable care will vary according to particular facts and circumstances. The instruction to the rule states that an issuer will not be able to establish that it has exercised reasonable care unless it has made, in light of the circumstances, factual inquiry into whether any disqualification exists. WaiversThe final rule provides for the ability to seek waivers from disqualification by the Commission. There are a number of circumstances that could, depending upon the specific facts, be relevant to the evaluation of a waiver request. Rule 506(d)(2) of Regulation D provides another way for issuers to request a waiver of disqualification. Disqualification will not arise if, before the relevant sale is made in reliance on Rule 506, the court or regulatory authority that entered the relevant order, judgment or decree advises in writing—whether in the relevant judgment, order or decree or separately to the Commission or its staff—that disqualification under Rule 506 should not arise as a consequence of such order, judgment or decree. Disclosure of Pre-Existing EventsDisqualification will not arise as a result of disqualifying events that occurred before September 23, 2013, the effective date of the rule amendments. Matters that existed before the effective date of the rule and would otherwise be disqualifying are, however, required to be disclosed in writing to investors. Issuers must furnish this written description to purchasers a reasonable time before the Rule 506 sale. Rule 506 is unavailable to an issuer that fails to provide the required disclosure, unless the issuer is able to demonstrate that it did not know and, in the exercise of reasonable care, could not have known that a disqualifying event was required to be disclosed. Tradability and Re-sales in Rule 506(b) OfferingsA Purchaser in a Rule 506(b) Offering receives “Restricted Securities”. Rule 144(a)(3) identifies what offerings produce restricted securities. After these offerings, investors can only resell their securities into the market by using an effective registration statement under the Securities Act or an exemption from registration for the resale, such as Rule 144. Rule 144 permits the resale of restricted securities if a number of conditions are met, including holding the securities for six months or one year, depending on whether the issuer has been filing reports under the Securities Exchange Act of 1934. Rule 144 may limit the amount of securities that can be sold at one time and may restrict the manner of sale, depending on whether the security holder is an affiliate. An affiliate of a company is a person that, directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the company. Rule 506(b) is only available for offers and sales by an issuer of securities to initial purchasers and is not available to any affiliate of the issuer or to any person for resales of the securities. Form D RequirementsA company conducting a Rule 506(b) Offering must file a Form D with the SEC within 15 days after the first sale of securities in the offering. Dos and Don’ts of Conducting a Rule 506(b) OfferingWhen raising capital, a company must comply with securities laws. As previously discussed, all offerings of securities must either be registered with the SEC or exempt from such registration. Rule 506(b) is the most commonly used securities exemption for private companies. Even after complying with the basics of this exemption, there are many nuanced requirements that, if missed, can jeopardize qualifying under the exemption. Failure to comply with Rule 506(b) can subject an issuer and its officers and directors to various penalties. The SEC and state regulators can institute investigations and administrative and civil actions, enter various orders, and impose significant monetary penalties, and can transmit evidence to the U.S. Attorney General, who can bring criminal proceedings. In addition, violating securities registration requirements entitles the purchasers to rescission rights under federal and state laws. This blog post compiles some of the best practices for conducting a 506(b) offering in a bullet-pointed list for easy reference. Remember that you shouldn’t engage in any securities offerings without retaining a lawyer experienced in such areas, so the below pointers are not meant to be, or take the place of, legal advice. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
SEC Names Deputy Chief Accountant via Michael Anderson https://www.ascentlawfirm.com/what-is-rule-506b/ Title 18-Chapter 1 of Utah State Legislature’s Utah Code says, “every person owning or keeping a dog is liable in damages for injury committed by the dog.” It also says that it is not necessary to prove any dog or owner was guilty of a “mischievous disposition.” If you were attacked by more than one dog, and the dogs are owned by different individuals, then all of the owners of the dogs involved are liable to your injuries and damages. Why Would I Need a Lawyer for a Dog Bite Case?While cases can be won without representation, the trend shows that fighting the legal battle with a lawyer will reward you with a much higher settlement. It is proven that plaintiffs without legal representation often misstep in their case by giving a recorded statement, demanding too much or too little, assuming the system makes sense, taking the insurance company’s “final” offer and settle the case without knowing the full extent of their injuries. Utah Dog Bite LawInjuries from dog bites can be extremely serious, and cost the victim large sums of money due to medical bills. In addition, dog bites may cause strong emotional trauma to young children. Children who have been bitten by a dog may experience loss of sleep, fear of dogs, and general trepidation. It is important for anyone whose child has suffered from a serious dog bite injury to seek an experienced personal injury attorney. An attorney is invaluable in sorting through state laws regarding dogs, gathering and evaluating medical information and negotiating with dog owners or insurance companies. Dog bite law differs from state to state. Some state use a “One Bite” rule that is that an owner is not liable if they do not know that their dog might act aggressively. However, once a dog has bitten someone, the owner is on notice and can be held liable for later injuries. Still, other states will not hold an owner liable if the dog was provoked or if the person bitten had no legal right to be where they were at the time they were bitten. However, more and more states apply a strict liability standard. That is the dog owner is liable for the injuries caused whether the owner knew the dog to be potentially dangerous or not. Utah follows the strict liability standard. Utah law places responsibility upon the dog owner for any injuries caused by the pet. That is, a dog owner in Utah need not be aware of the dog’s vicious tendencies before the owner is responsible for the damages caused by the pet. The person who was bitten does not need to prove that the dog was vicious or that the owner knew that the dog was vicious. Every person owning or keeping a dog is liable in damages for injury committed by the dog, and it is not necessary in the action brought therefore to allege or prove that the dog was of a vicious or mischievous disposition or that the owner or keeper of the dog knew that it was vicious or mischievous. If two or more dogs are acting together and they are owned by different owners’ liability, both owners can be joined as defendants. Liability among the dog owners is to be apportioned among them and judgment is to be entered severally against all of the owners. Severally liable means that if two dogs are deemed to have caused injury and one of them caused most of the damage, say 80% while the other dog caused 20% of the damage, the owner liable for the 20% would only have to pay 20% of the damages, even if the owner with 80% liability could not pay for some reason. This is different than “joint and severally liable.” Arbitration of Dog Bite CasesUtah allows the use of binding arbitration to resolve bodily injury claims for dog bites. Arbitration can be a good solution for the resolution of a dog bite case. Arbitrations are less formal and are typically faster and cheaper than taking the matter through trial. In order to eligible for binding arbitration under Utah’s dog law a complaint must be first filed in court and then a notice to submit the case for arbitration must be filed within 14 days and the complaint has been answered. An arbitration award under this statute cannot exceed $50,000 in addition to medical benefits and a claim for property damage. There are other limitations of the recovery under the arbitration statute. For instance, recovery is limited to the amount of monies available from insurance and punitive damages are not available. Discovery is available as provided for under Rule 26 of the Utah Rules of Civil Procedure and the Rules of Evidence , but with caveat that discovery is to be completed within 150 days after the election of arbitration. If either party is not satisfied with the arbitration award, they can seek a trial de novo. However, if the award at trial is not different by 30% from the arbitration award, the party moving for trial de novo will pay the costs of the other party. Comparative FaultEven though Utah is a strict liability state, the actions of the victim are taken into account. A dog owner may not be held responsible for the acts of his dog if the victim is to blame. For example, of the dog was provoked by kicking or striking, teasing or tormenting the dog. In a case such a provocation, a comparative fault analysis is available which would apportion blame between the owner and the victim. Petting or playing with a dog is not usually considered provocation, unless the victim was warned not to do so. A comparative fault analysis is typically not available in the case of children being injured by a dog. A child is not expected to know not to provoke a dog, depending on his or her age. If a dog owner is held responsible for a child’s injuries from a dog bite, the owner will be required to pay for treatment of all of the injuries caused by the animal. The owner may also have to pay extra money for physical pain, mental anguish, and apprehension of rabies. In addition, the owner may have to pay punitive damages, which is money required to punish the owner, if he knew about the vicious nature of the dog. If a dog is found to be extremely vicious, a court may require that the dog be put to death. Time Limits on Utah Dog Bite CasesUtah, like all states, has its own “statute of limitations” that sets a time limit on the filing of lawsuits in Utah courts. In Utah, a person injured by a dog has four years to bring any case to court. This four-year time limit typically starts running on the date of the injury, but since certain situations can change the running of the statute of limitations, it’s important to understand how the rule applies in your particular case. And remember, if your case is not filed within the four-year time limit, the court will almost certainly refuse to hear it. Defenses to Dog Injury Lawsuits in UtahUtah’s dog injury law is comprehensive, so very few defenses are available for those facing a lawsuit under Utah’s dog injury statute. The law does create an exception to liability for trained law enforcement dogs who are “reasonably and carefully being used in the apprehension, arrest, or location of a suspected offender or in maintaining or controlling the public order.” When a Utah dog bite or other dog-related injury case is based in negligence, however, a dog owner may raise one or more defenses. For instance, the dog’s owner may argue that the injured person was partly or totally responsible for the injuries. This argument, known as “comparative negligence,” may apply if, for instance, the injured person was provoking the dog at the time of the injury. Utah is a “modified” comparative negligence state. If the injured person is found to be less than 50 percent at fault, Utah law requires the court to reduce the injured person’s total damages award by a percentage equal to his or her fault. If the injured person is found to be 50 percent or more at fault, however, he or she is barred from collecting any damages at all from any other at-fault party. If the injured person was trespassing at the time of the injury, a dog owner may also be able to argue that limits on homeowner liability for trespasser injuries apply to the case. Things You Must Do After a Dog Bites You in UtahAlmost every city in Utah has a law that requires dog owners to put a leash on their dog to prevent injury – and sometimes even death – to others. Because under Utah law, if a dog gets out and bites you, dog owners become “strictly liable.” What this means is that the dog owner will held responsible, except in those cases where the victim may have provoked the dog. Even where the dog may have been as peaceful as could be before the bite, with no history of even nipping at someone, the dog owner will be accountable. The Utah dog bite rules says: “Every person owning or keeping a dog shall be liable in damages for injury committed by such dog, and it shall not be necessary in any action brought therefore to allege or prove that such dog was of a vicious or mischievous disposition or that the owner or keeper thereof knew that it was vicious or mischievous.” Thus, while some states have a “one free bite rule,” Utah law puts the responsibility on the dog owner for the dog’s very first bite, even if that bite was unexpected. And it doesn’t even have to be a bite. A young child or jogger who is trying to get away from a dog off its leash and injures him or herself, is one of the people who is meant to be protected under this rule. Damages from dog bites can include the cost of medical treatment, shots, plastic surgeries to help reduce scars, visible scars, scar tissue, muscle and ligament damages, lost time from work, future time off work, emotional distress, etc. These claims are usually made against the home owner’s insurance policy of the dog owner. If the dog owner is a renter, however, they will typically not have this type of coverage. Who will be held responsible for the dog’s actions?According to Utah law, the dog owner is nearly always responsible for any injuries the dog causes. The only exception applies to those dogs used by police officers. However, police dogs can only avoid liability under two conditions. First, those dogs must be trained. Second, the injury must happen while helping officers arrest a suspect or maintain public order. Utah law also specifies that the injured person does not need to prove that the dog was vicious or that the owner knew this. While some states do not hold owner’s responsible until the dog’s second bite, Utah starts punishing owners from the very first bite. However, just because a dog bite someone does not mean the owner must automatically pay for the injuries. Utah compares the fault of the owner to the fault of the injured person. A person cannot intentionally provoke a dog and then blame the owner for the injury. Usually, little children will not be held responsible since they do not know any better. Sometimes an injury can come from multiple dogs owned by different people. In this case, Utah law holds all of the owners responsible as joint defendants. If found responsible, the court will require each owner to pay a certain portion of the total damages caused by the attack. What can I receive compensation for?If the owner is found responsible, then he or she will need to pay for the injuries and any other damages caused by the bite. Typically, a dog owner’s home or rental insurance will cover these costs. The owner may need to pay for: What else should I know about Utah’s laws on Dog bites?If you are a dog owner, you need to realize your responsibility for your dog. You can also take certain steps to avoid creating aggression in your dog. If a dog attacks another animal, a person can injure or kill that dog without legally getting in trouble. Dog Bite Injuries to the FaceWhen a dog wants to bite a human, it will likely call back to its animal instincts and attack a person’s head and neck area. From the Centers for Disease Control and Prevention’s (CDC) latest report in 2012, nearly 900 thousand people were hospitalized for dog bite injuries and half were small children. Statistics of Facial Dog Bite InjuriesIn a study done on facial repair of dog injuries to the head and neck, 45% of the cases were from pit bull attacks, in two cases that had multiple dogs involved, all were pit bulls. Injuries to the lip made up 21.7% of cases followed closely by dog bite injuries to the cheek and nose. Those who needed surgical repair and had to go to the operating room were all children. The cost of dog bite injuries to the face result in staggering hospital costs. On average, homeowner’s claims for dog bites in 2012 paid out nearly $30,000; however, considering some facial surgery costs can go into the millions, it’s easy to see why medical debt causes many to go bankrupt. Not only can the medical costs rise, but psychological pain and suffering from suffering large facial injuries and the resulting scarring can be devastating. Dog bite injuries can be serious, especially if the bites are on the head or neck. Your medical bills will climb if you have to get surgery for the dog bite wound. These mounting medical bills, accompanied by pain and suffering can wear you down and even make you bankrupt! However, you don’t have to go into debt. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
What Is A Private Placement Debt? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/dog-bites/ |
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