Section 126 – Uniformity of application and construction.
Effective 5/9/2017 78B-21-126. Uniformity of application and construction. In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to the law’s subject matter among states that enact it. Enacted by Chapter 431, 2017 General Session
Section 127 – Relation to Electronic Signatures in Global and National Commerce Act.
Effective 5/9/2017 78B-21-127. Relation to Electronic Signatures in Global and National Commerce Act. This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Sec. 7001 et seq., but does not modify, limit, or supersede Section 101(c) of that act, 15 U.S.C. Sec. 7001(c), or authorize electronic delivery of […]
Section 117 – Executory contract.
Effective 5/9/2017 78B-21-117. Executory contract. (1) As used in this section, “timeshare interest” means the same as that term is defined in Section 57-19-2. (2) (a) Except as otherwise provided in Subsection (8), with court approval, a receiver may adopt or reject an executory contract of the owner relating to receivership property. (b) The court […]
Section 108 – Receiver’s bond — Alternative security.
Effective 5/9/2017 78B-21-108. Receiver’s bond — Alternative security. (1) Except as otherwise provided in Subsection (2), a receiver shall post with the court a bond that: (a) is conditioned on the faithful discharge of the receiver’s duties; (b) has one or more sureties approved by the court; (c) is in an amount the court specifies; […]
Section 109 – Status of receiver as lien creditor.
Effective 5/9/2017 78B-21-109. Status of receiver as lien creditor. On appointment of a receiver, the receiver has the status of a lien creditor under: (1)Title 70A, Chapter 9a, Uniform Commercial Code – Secured Transactions, as to receivership property that is personal property or fixtures; and (2)Title 57, Chapter 9, Marketable Record Title, as to receivership […]
Section 110 – Security agreement covering after-acquired property.
Effective 5/9/2017 78B-21-110. Security agreement covering after-acquired property. Except as otherwise provided by 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 […]
Section 111 – Collection and turnover of receivership property.
Effective 5/9/2017 78B-21-111. Collection and turnover of receivership property. (1) Unless the court orders otherwise, on demand by a receiver: (a) a person that owes a debt that is receivership property and is matured or payable on demand or on order shall pay the debt to or on the order of the receiver, except to […]
Section 112 – Powers and duties of receiver.
Effective 5/9/2017 78B-21-112. Powers and duties of receiver. (1) Except as limited by court order or law of this state other than this chapter, a receiver may: (a) collect, control, manage, conserve, and protect receivership property; (b) operate a business constituting receivership property, including preservation, use, sale, lease, license, exchange, collection, or disposition of the […]
Section 113 – Duties of owner.
Effective 5/9/2017 78B-21-113. Duties of owner. (1) An owner shall: (a) assist and cooperate with the receiver in the administration of the receivership and the discharge of the receiver’s duties; (b) preserve and turn over to the receiver all receivership property in the owner’s possession, custody, or control; (c) identify all records and other information […]
Section 114 – Stay — Injunction.
Effective 5/9/2017 78B-21-114. Stay — Injunction. (1) Except as otherwise provided in Subsection (4) or ordered by the court, an order appointing a receiver operates as a stay, applicable to all persons, of an act, action, or proceeding: (a) to obtain possession of, exercise control over, or enforce a judgment against receivership property; and (b) […]