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 […]
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 […]
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 […]
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 […]
57-26-107. Enforcement by appointment of receiver. (1) An assignee is entitled to the appointment of a receiver for the real property subject to the assignment of rents if: (a) the assignor is in default and: (i) the assignor has agreed in a signed document to the appointment of a receiver in the event of the […]
57-26-108. Enforcement by notification to assignor. (1) Upon the assignor’s default, or as otherwise agreed by the assignor, the assignee may give the assignor a notification demanding that the assignor pay over the proceeds of any rents that the assignee is entitled to collect under Section 57-26-106. The assignee shall also give a copy of […]
57-26-109. Enforcement by notification to tenant. (1) Upon the assignor’s default, or as otherwise agreed by the assignor, the assignee may give to a tenant of the real property a notification demanding that the tenant pay to the assignee all unpaid accrued rents and all unaccrued rents as they accrue. The assignee shall give a […]
57-26-110. Notification to tenant — Form. No particular phrasing is required for the notification specified in Section 57-26-109. However, the following form of notification, when properly completed, is sufficient to satisfy the requirements of Section 57-26-109: NOTIFICATION TO PAY RENTS TO PERSON OTHER THAN LANDLORD Tenant: _______________________________________________________________ Name of Tenant Property Occupied by Tenant (the […]
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 […]
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 […]
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 […]
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 […]
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 […]
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
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
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 […]
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 […]
