§ 29-40-125. Effect of Enforcement by Mortgagee
A request by a mortgagee for appointment of a receiver, the appointment of a receiver, or application by a mortgagee of receivership property or proceeds to the secured obligation does not: Make the mortgagee a mortgagee in possession of the real property; Make the mortgagee an agent of the owner; Constitute an election of remedies […]
§ 29-40-126. Uniformity of Application and Construction
In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to the law’s subject matter among states that enact it.
§ 29-40-113. Duties of Owner
An owner shall: Assist and cooperate with the receiver in the administration of the receivership and the discharge of the receiver’s duties; Preserve and turn over to the receiver all receivership property in the owner’s possession, custody, or control; Identify all records and other information relating to the receivership property, including a password, authorization, or […]
§ 29-40-114. Stay — Injunction
Except as otherwise provided in subsection (d) or ordered by the court, an order appointing a receiver operates as a stay, applicable to all persons, of an act, action, or proceeding: To obtain possession of, exercise control over, or enforce a judgment against receivership property; and To enforce a lien against receivership property to the […]
§ 29-40-115. Engagement and Compensation of Professional
With court approval, a receiver may engage an attorney, accountant, appraiser, auctioneer, broker, or other professional to assist the receiver in performing a duty or exercising a power of the receiver. The receiver shall disclose to the court: A person is not disqualified from engagement under this section solely because of the person’s engagement by, […]
§ 29-40-116. Use or Transfer of Receivership Property Not in Ordinary Course of Business
As used in this section, “good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing. With court approval, a receiver may use receivership property other than in the ordinary course of business. With court approval, a receiver may transfer receivership property other than in the ordinary course of business […]
§ 29-40-107. Disqualification From Appointment as Receiver — Disclosure of Interest
The court may not appoint a person as receiver unless the person submits to the court a statement under penalty of perjury that the person is not disqualified. Except as otherwise provided in subsection (c), a person is disqualified from appointment as receiver if the person: Is an affiliate of a party; Has an interest […]
§ 29-40-108. Receiver’s Bond — Alternative Security
Except as otherwise provided in subsection (b), a receiver shall post with the court a bond that: Is conditioned on the faithful discharge of the receiver’s duties; Has one (1) or more sureties approved by the court; Is in an amount the court specifies; and Is effective as of the date of the receiver’s appointment. […]
§ 29-40-109. Status of Receiver as Lien Creditor
On appointment of a receiver, the receiver has the status of a lien creditor under: The Uniform Commercial Code — Secured Transactions, compiled in title 47, chapter 9, as to receivership property that is personal property or fixtures; and Title 66, as to receivership property that is real property.
§ 29-40-110. Security Agreement Covering After-Acquired Property
Except as otherwise provided by the law of this state, other than this chapter, property that a receiver or owner acquires after appointment of the receiver is subject to a security agreement entered into before the appointment to the same extent as if the court had not appointed the receiver.