§ 29-40-101. Short Title
This chapter shall be known and may be cited as the “Uniform Commercial Real Estate Receivership Act.”
§ 29-40-102. Chapter Definitions
As used in this chapter: “Affiliate” means: With respect to an individual: A companion of the individual; A lineal ancestor or descendant, whether by blood or adoption, of: The individual; or A companion of the individual; A companion of an ancestor or descendant described in subdivision (1)(A)(ii); A sibling, aunt, uncle, great aunt, great uncle, […]
§ 29-40-103. Notice and Opportunity for Hearing
Except as otherwise provided in subsection (b), the court may issue an order under this chapter only after notice and opportunity for a hearing, as appropriate in the circumstances. The court may issue an order under this chapter: Without prior notice if the circumstances require issuance of an order before notice is given; After notice […]
§ 29-40-104. Scope — Exclusions
Except as otherwise provided in subsection (b) or (c), this chapter applies to a receivership for an interest in real property and any personal property related to or used in operating the real property. This chapter does not apply to a receivership for an interest in real property improved by one (1) to four (4) […]
§ 29-40-105. Power of Court
The court that appoints a receiver under this chapter has exclusive jurisdiction to direct the receiver and determine any controversy related to the receivership or receivership property.
§ 29-40-106. Appointment of Receiver
The court may appoint a receiver: Before judgment, to protect a party that demonstrates an apparent right, title, or interest in real property that is the subject of the action, if the property or the property’s revenue-producing potential: Is being subjected to or is in danger of waste, loss, dissipation, or impairment; or Has been […]
§ 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.
§ 29-40-111. Collection and Turnover of Receivership Property
Unless the court orders otherwise, on demand by a receiver: 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 the extent the debt is subject to setoff or recoupment; and […]
§ 29-40-112. Powers and Duties of Receiver
Except as limited by court order or the law of this state, other than this chapter, a receiver may: Collect, control, manage, conserve, and protect receivership property; Operate a business constituting receivership property, including preservation, use, sale, lease, license, exchange, collection, or disposition of the property in the ordinary course of business; In the ordinary […]
§ 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 […]
§ 29-40-117. Executory Contract
As used in this section, “timeshare interest” means an interest having a duration of more than three (3) years that grants its holder the right to use and occupy an accommodation, facility, or recreational site, whether improved or not, for a specific period less than a full year during any given year. Except as otherwise […]
§ 29-40-118. Defenses and Immunities of Receiver
A receiver is entitled to all defenses and immunities provided by the law of this state, other than this chapter, for an act or omission within the scope of the receiver’s appointment. A receiver may be sued personally for an act or omission in administering receivership property only with approval of the court that appointed […]
§ 29-40-119. Interim Report of Receiver
A receiver may file or, if ordered by the court, shall file an interim report that includes: The activities of the receiver since appointment or a previous report; Receipts and disbursements, including a payment made or proposed to be made to a professional engaged by the receiver; Receipts and dispositions of receivership property; Fees and […]
§ 29-40-120. Notice of Appointment — Claim Against Receivership — Distribution to Creditors
Except as otherwise provided in subsection (f), a receiver shall give notice of appointment of the receiver to creditors of the owner by: Deposit for delivery through first-class mail or other commercially reasonable delivery method to the last known address of each creditor; and Publication as directed by the court. Except as otherwise provided in […]