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2021 Utah Code
Title 78B - Judicial Code
Chapter 21 - Uniform Commercial Real Estate Receivership Act
Section 111 - Collection and turnover of receivership property.
Universal Citation:
UT Code § 78B-21-111 (2021)
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Effective 5/9/2017
78B-21-111. Collection and turnover of receivership property.
Enacted by Chapter 431, 2017 General Session
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 the extent the debt is subject to setoff or recoupment; and
- (b) subject to Subsection (3), a person that has possession, custody, or control of receivership property shall turn the property over to the receiver.
- (2) A person that has notice of the appointment of a receiver and owes a debt that is receivership property may not satisfy the debt by payment to the owner.
- (3) If a creditor has possession, custody, or control of receivership property and the validity, perfection, or priority of the creditor's lien on the property depends on the creditor's possession, custody, or control, the creditor may retain possession, custody, or control until the court orders adequate protection of the creditor's lien.
- (4) Unless a bona fide dispute exists about a receiver's right to possession, custody, or control of receivership property, the court may sanction as civil contempt a person's failure to turn the property over when required by this section.
Enacted by Chapter 431, 2017 General Session
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