Effective 5/9/2017 78B-21-103. Notice and opportunity for a hearing. (1) Except as otherwise provided in Subsection (2), the court may issue an order under this chapter only after notice and opportunity for a hearing, as appropriate in the circumstances. (2) The court may issue an order under this chapter: (a) without prior notice if the […]
Effective 5/9/2017 78B-21-104. Scope — Exclusions. (1) Except as otherwise provided in Subsection (2) or (3), 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. (2) This chapter does not apply to a receivership for an interest in real […]
Effective 5/9/2017 78B-21-105. 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. Enacted by Chapter 431, 2017 General Session
Effective 5/9/2017 78B-21-106. Appointment of receiver. (1) The court may appoint a receiver: (a) 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: (i) is being subjected to or is in danger […]
Effective 5/9/2017 78B-21-107. Disqualification from appointment as receiver — Disclosure of interest. (1) 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. (2) Except as otherwise provided in Subsection (3), a person is disqualified from appointment […]
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; […]
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 […]
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 […]
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 […]
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 […]
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 […]
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) […]
Effective 5/9/2017 78B-21-115. Engagement and compensation of professional. (1) (a) 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. (b) The receiver shall disclose to the court: (i) the identity and qualifications of […]
Effective 5/9/2017 78B-21-116. Use or transfer of receivership property not in ordinary course of business. (1) As used in this section, “good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing. (2) With court approval, a receiver may use receivership property other than in the ordinary course of business. […]
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 […]
Effective 5/9/2017 78B-21-118. Defenses and immunities of receiver. (1) A receiver is entitled to all defenses and immunities provided by law of this state other than this chapter for an act or omission within the scope of the receiver’s appointment. (2) A receiver may be sued personally for an act or omission in administering receivership […]
Effective 5/9/2017 78B-21-119. Interim report of receiver. A receiver may file, or if ordered by the court shall file, an interim report that includes: (1) the activities of the receiver since appointment or a previous report; (2) receipts and disbursements, including a payment made or proposed to be made to a professional engaged by the […]
Effective 5/9/2017 78B-21-120. Notice of appointment — Claim against receivership — Distribution to creditors. (1) Except as otherwise provided in Subsection (6), a receiver shall give notice of appointment of the receiver to creditors of the owner by: (a) deposit for delivery through first-class mail or other commercially reasonable delivery method to the last known […]
Effective 5/9/2017 78B-21-121. Fees and expenses. (1) The court may award a receiver from receivership property the reasonable and necessary fees and expenses of performing the duties of the receiver and exercising the powers of the receiver. (2) The court may order one or more of the following to pay the reasonable and necessary fees […]
Effective 5/9/2017 78B-21-122. Removal of receiver — Replacement — Termination of receivership. (1) The court may remove a receiver for cause. (2) The court shall replace a receiver that dies, resigns, or is removed. (3) If the court finds that a receiver that resigns or is removed, or the representative of a receiver that is […]
