Section 116 – Priority subject to subordination.
57-26-116. Priority subject to subordination. This chapter does not preclude subordination by agreement as to rents or proceeds. Enacted by Chapter 139, 2009 General Session
Section 117 – Uniformity of application and construction.
57-26-117. 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 its subject matter among states that enact it. Enacted by Chapter 139, 2009 General Session
Section 118 – Relation to Electronic Signatures in Global and National Commerce Act.
57-26-118. Relation to Electronic Signatures in Global and National Commerce Act. This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act (15 U.S.C. Section 7001, et seq.) but does not modify, limit, or supersede Section 101(c) of that act (15 U.S.C. Section 7001(c)) or authorize electronic delivery of any […]
Section 119 – Application to existing relationships.
57-26-119. Application to existing relationships. (1) Except as otherwise provided in this section, this chapter governs the enforcement of an assignment of rents and the perfection and priority of a security interest in rents, even if the document creating the assignment was signed and delivered before May 12, 2009. (2) This chapter does not affect […]
Section 111 – Effect of enforcement.
57-26-111. Effect of enforcement. The enforcement of an assignment of rents by one or more of the methods identified in Sections 57-26-107, 57-26-108, and 57-26-109, the application of proceeds by the assignee under Section 57-26-112 after enforcement, the payment of expenses under Section 57-26-113, or an action under Subsection 57-26-114(4) does not: (1) make the […]
Section 112 – Application of proceeds.
57-26-112. Application of proceeds. Unless otherwise agreed, an assignee that collects rents under this chapter or collects upon a judgment in an action under Subsection 57-26-114(4) shall apply the sums collected in the following order to: (1) the assignee’s reasonable expenses of enforcing its assignment of rents, including, to the extent provided for by agreement […]
Section 113 – Application of proceeds to expenses of protecting real property — Claims and defenses of tenant.
57-26-113. Application of proceeds to expenses of protecting real property — Claims and defenses of tenant. (1) Unless otherwise agreed by the assignee, and subject to Subsection (3), an assignee that collects rents following enforcement under Section 57-26-108 or 57-26-109 need not apply them to the payment of expenses of protecting or maintaining the real […]
Section 114 – Turnover of rents — Commingling and identifiability of rents — Liability of assignor.
57-26-114. Turnover of rents — Commingling and identifiability of rents — Liability of assignor. (1) In this section, “good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing. (2) If an assignor collects rents that the assignee is entitled to collect under this chapter: (a) the assignor shall turn […]
Section 115 – Perfection and priority of assignee’s security interest in proceeds.
57-26-115. Perfection and priority of assignee’s security interest in proceeds. (1) In this section: (a) “Article 9” means Title 70A, Chapter 9a, Uniform Commercial Code – Secured Transactions, or, to the extent applicable to any particular issue, Article 9 as adopted by the state whose laws govern that issue under the choice-of-laws rules contained in […]
Section 106 – Enforcement of security interest in rents.
57-26-106. Enforcement of security interest in rents. (1) An assignee may enforce an assignment of rents using one or more of the methods specified in Sections 57-26-107, 57-26-108, and 57-26-109 or any other method sufficient to enforce the assignment under law of this state other than this chapter. (2) From the date of enforcement, the […]