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 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 […]
Section 113 – Relation to Electronic Signatures in Global and National Commerce Act.
57-25-113. Relation to Electronic Signatures in Global and National Commerce Act. This chapter modifies, limits, or 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 of that Act, 15 U.S.C. Section 7001(a), or authorize electronic delivery of any […]
Section 105 – Validity — Effect on other instruments.
57-25-105. Validity — Effect on other instruments. (1) An environmental covenant that complies with this chapter runs with the land. (2) An environmental covenant that is otherwise effective is valid and enforceable even if: (a) it is not appurtenant to an interest in real property; (b) it can be or has been assigned to a […]
Section 106 – Relationship to other land use law.
57-25-106. Relationship to other land use law. (1) This chapter does not authorize a use of real property that is otherwise prohibited by: (a) a zoning law; (b) law other than this chapter regulating use of real property; or (c) a recorded instrument that has priority over the environmental covenant. (2) An environmental covenant may […]