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2021 Utah Code
Title 78B - Judicial Code
Chapter 21 - Uniform Commercial Real Estate Receivership Act
Section 108 - Receiver's bond -- Alternative security.
Universal Citation:
UT Code § 78B-21-108 (2021)
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Effective 5/9/2017
78B-21-108. Receiver's bond -- Alternative security.
Enacted by Chapter 431, 2017 General Session
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; and
- (d) is effective as of the date of the receiver's appointment.
- (2)
- (a) The court may approve the posting by a receiver with the court of alternative security, such as a letter of credit or deposit of funds.
- (b) The receiver may not use receivership property as alternative security.
- (c) Interest that accrues on deposited funds must be paid to the receiver on the receiver's discharge.
- (3) The court may authorize a receiver to act before the receiver posts the bond or alternative security required by this section.
- (4) A claim against a receiver's bond or alternative security must be made not later than one year after the date the receiver is discharged.
Enacted by Chapter 431, 2017 General Session
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