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Terms Used In Utah Code 57-26-115
Assignee: means a person entitled to enforce an assignment of rents. See Utah Code 57-26-102
Cash proceeds: means proceeds that are money, checks, deposit accounts, or the like. See Utah Code 57-26-102
Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government, or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Utah Code 57-26-102
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
Rents: means :
(a)
sums payable for the right to possess or occupy, or for the actual possession or occupation of, real property of another person;
(b)
sums payable to an assignor under a policy of rental interruption insurance covering real property;
(c)
claims arising out of a default in the payment of sums payable for the right to possess or occupy real property of another person;
(d)
sums payable to terminate an agreement to possess or occupy real property of another person;
(e)
sums payable to an assignor for payment or reimbursement of expenses incurred in owning, operating and maintaining, or constructing or installing improvements on, real property; or
(f)
any other sums payable under an agreement relating to the real property of another person that constitute rents under law of this state other than this chapter. 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
Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
“Conflicting interest” means an interest in proceeds, held by a person other than an assignee, that is:
(i)
a security interest arising under Article 9; or
(ii)
any other interest if Article 9 resolves the priority conflict between that person and a secured party with a conflicting security interest in the proceeds.
(2)
An assignee’s security interest in identifiable cash proceeds is perfected if its security interest in rents is perfected. An assignee’s security interest in identifiable noncash proceeds is perfected only if the assignee perfects that interest in accordance with Article 9.
(3)
Except as otherwise provided in Subsection (4), priority between an assignee’s security interest in identifiable proceeds and a conflicting interest is governed by the priority rules in Article 9.
(4)
An assignee’s perfected security interest in identifiable cash proceeds is subordinate to a conflicting interest that is perfected by control under Article 9 but has priority over a conflicting interest that is perfected other than by control.
(5)
An assignee’s perfected security interest in identifiable cash proceeds is subordinate to a conflicting interest arising under a right of recoupment or setoff.
