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 103 – Manner of giving notification.
57-26-103. Manner of giving notification. (1) Except as otherwise provided in Subsections (3) and (4), a person gives a notification or a copy of a notification under this chapter: (a) by depositing it with the United States Postal Service or with a commercially reasonable delivery service, properly addressed to the intended recipient’s address as specified […]
Section 104 – Security instrument creates assignment of rents — Assignment of rents creates security interest.
57-26-104. Security instrument creates assignment of rents — Assignment of rents creates security interest. (1) An enforceable security instrument creates an assignment of rents arising from the real property described in the security instrument, unless the security instrument provides otherwise. (2) An assignment of rents creates a presently effective security interest in all accrued and […]
Section 105 – Recordation — Perfection of security interest in rents — Priority of conflicting interests in rents.
57-26-105. Recordation — Perfection of security interest in rents — Priority of conflicting interests in rents. (1) A document creating an assignment of rents may be submitted for recording in the office of the county recorder for the county in which the property is situated in the same manner as any other document evidencing a […]