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2021 Utah Code
Title 78B - Judicial Code
Chapter 21 - Uniform Commercial Real Estate Receivership Act
Section 107 - Disqualification from appointment as receiver -- Disclosure of interest.
Universal Citation:
UT Code § 78B-21-107 (2021)
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Effective 5/9/2017
78B-21-107. Disqualification from appointment as receiver -- Disclosure of interest.
Enacted by Chapter 431, 2017 General Session
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 as receiver if the person:
- (a) is an affiliate of a party;
- (b) has an interest materially adverse to an interest of a party;
- (c) has a material financial interest in the outcome of the action, other than the compensation the court may allow the receiver;
- (d) has a debtor-creditor relationship with a party; or
- (e) holds an equity interest in a party, other than a noncontrolling interest in a publicly traded company.
- (3) A person is not disqualified from appointment as receiver solely because the person:
- (a) was appointed receiver or is owed compensation in an unrelated matter involving a party or was engaged by a party in a matter unrelated to the receivership;
- (b) is an individual obligated to a party on a debt that is not in default and was incurred primarily for personal, family, or household purposes; or
- (c) maintains with a party a deposit account as defined in Section 70A-9a-102.
- (4) A person seeking appointment of a receiver may nominate a person to serve as receiver, but the court is not bound by the nomination.
Enacted by Chapter 431, 2017 General Session
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