77-11b-202. Sale of seized property subject to forfeiture.
| (1) |
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Terms Used In Utah Code 77-11b-202
| (a) |
Except for property that is required to be retained or preserved under Chapter 11c, Retention of Evidence, the court may order seized property for which a forfeiture proceeding is pending to:
| (i) |
be sold, leased, rented, or operated to satisfy a specified interest of any claimant; or |
| (ii) |
preserve the interests of any party on motion of that party. |
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| (b) |
The court may only enter an order under Subsection (1)(a) after:
| (i) |
written notice to any person known to have an interest in the property has been given; and |
| (ii) |
an opportunity for a hearing for any person known to have an interest in the property has occurred. |
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| (2) |
| (a) |
A court may order a sale of property under Subsection (1) when:
| (i) |
the property is liable to perish, waste, or be significantly reduced in value; or |
| (ii) |
the expenses of maintaining the property are disproportionate to the property’s value. |
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| (b) |
A third party designated by the court shall:
| (i) |
dispose of the property by a commercially reasonable public sale; and |
| (ii) |
distribute the proceeds in the following order of priority:
| (A) |
first, for the payment of reasonable expenses incurred in connection with the sale; |
| (B) |
second, for the satisfaction of an interest, including an interest of an interest holder, in the order of an interest holder’s priority as determined by Title 70A, Uniform Commercial Code; and |
| (C) |
third, any balance of the proceeds shall be preserved in the actual or constructive custody of the court, in an interest-bearing account, subject to further proceedings under this chapter. |
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Renumbered and Amended by Chapter 448, 2023 General Session
