The enforcement of an assignment of rents by one or more of the methods identified in Sections 57-26-107, 57-26-108, and 57-26-109, the application of proceeds by the assignee under Section 57-26-112 after enforcement, the payment of expenses under Section 57-26-113, or an action under Subsection 57-26-114(4) does not:
(1)
make the assignee a purchaser in possession of the real property;
Need help reviewing a real estate contract? Have it reviewed by a lawyer, get answers to your questions and move forward with confidence. Connect with a lawyer now
Terms Used In Utah Code 57-26-111
Assignee: means a person entitled to enforce an assignment of rents. See Utah Code 57-26-102
Assignment of rents: means a transfer of an interest in rents in connection with an obligation secured by real property located in this state and from which the rents arise. See Utah Code 57-26-102
Assignor: means a person that makes an assignment of rents or the successor owner of the real property from which the rents arise. See Utah Code 57-26-102
Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
Lien: A claim against real or personal property in satisfaction of a debt.
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Proceeds: means personal property that is received or collected on account of a tenant's obligation to pay rents. See Utah Code 57-26-102
Secured obligation: means an obligation the performance of which is secured by an assignment of rents. See Utah Code 57-26-102
Security instrument: means a document, however denominated, that creates or provides for a security interest in real property, whether or not it also creates or provides for a security interest in personal property. See Utah Code 57-26-102
Security interest: means an interest in property that arises by agreement and secures performance of an obligation. See Utah Code 57-26-102
State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Utah Code 57-26-102
(2)
make the assignee an agent of the assignor;
(3)
constitute an election of remedies that precludes a later action to enforce the secured obligation;
(4)
make the secured obligation unenforceable;
(5)
limit any right available to the assignee with respect to the secured obligation;
(6)
limit, waive, or bar any foreclosure or power of sale remedy under the security instrument;
bar a deficiency judgment pursuant to any law of this state governing or relating to deficiency judgments following the enforcement of any encumbrance, lien, or security interest.
