Utah Res. Int’l, Inc. v. Mark Techs. Corp.

Utah Resources International, Inc. (URI) conducted a share consolidation transaction, and two minority shareholders dissented. URI petitioned the district court to determine the fair value of the shares. After the district court made its determination, URI filed an amended motion under Utah R. Civ. P. 62 to stay execution pending its appeal. The district court denied the amended motion. URI then filed an application for a stay with the Supreme Court under Utah R. App. P. 8, and while that application was pending, filed a separate appeal arguing that the district court improvidently denied its request to abate interest as a term of the stay under rules 62 and 60(b) of the Utah Rules of Civil Procedure. The Supreme Court denied URI’s request under rule 8. The Court then held that the district court did not err in refusing to rule on the abatement of interest issue, as district courts do not have authority to abate interest under rule 62, and URI never requested relief with the district court under rule 60(b). View "Utah Res. Int’l, Inc. v. Mark Techs. Corp." on Justia Law