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2021 Utah Code
Title 78B - Judicial Code
Chapter 21 - Uniform Commercial Real Estate Receivership Act
Section 125 - Effect of enforcement by mortgagee.
Universal Citation:
UT Code § 78B-21-125 (2021)
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Effective 5/9/2017
78B-21-125. Effect of enforcement by mortgagee.
Enacted by Chapter 431, 2017 General Session
78B-21-125. Effect of enforcement by mortgagee.
- (1) A request by a mortgagee for appointment of a receiver, the appointment of a receiver, or application by a mortgagee of receivership property or proceeds to the secured obligation does not:
- (a) make the mortgagee a mortgagee in possession of the real property;
- (b) make the mortgagee an agent of the owner;
- (c) constitute an election of remedies that precludes a later action to enforce the secured obligation;
- (d) make the secured obligation unenforceable;
- (e) limit any right available to the mortgagee with respect to the secured obligation;
- (f) constitute an action within the meaning of Section 78B-6-901; or
- (g) except as otherwise provided in Subsection (2), bar a deficiency judgment pursuant to law of this state other than this chapter governing or relating to a deficiency judgment.
- (2) If a receiver sells receivership property that pursuant to Subsection 78B-21-116(3) is free and clear of a lien, the ability of a creditor to enforce an obligation that had been secured by the lien is subject to law of the state other than this chapter relating to a deficiency judgment.
Enacted by Chapter 431, 2017 General Session
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