2006 Utah Code - 9-4-623 — Obligees -- Additional rights conferred by authority.

     9-4-623.   Obligees -- Additional rights conferred by authority.
     (1) An authority may by resolution, trust indenture, mortgage, lease, or other contract, confer upon any obligee the right, in addition to all rights that may otherwise be conferred, upon default as defined in a resolution or instrument, by suit, action, or proceeding in any court of competent jurisdiction:
     (a) cause possession of any project, in whole or in part, to be surrendered to the obligee;
     (b) obtain the appointment of a receiver of any project, in whole or in part, and of the rents and profits therefrom; and
     (c) require the authority and its officers, agents, and employees to account as if it and they were the trustees of an express trust.
     (2) The receiver may enter and take possession of the project or any part of it, operate and maintain it, and collect and receive all fees, rents, revenues, or other charges arising therefrom. All moneys shall be kept in a separate account and be applied in accordance with the obligations of the authority as the court directs.

Renumbered and Amended by Chapter 241, 1992 General Session