| (1) |
Except as otherwise provided in Subsection (2), a receiver shall post with the court a bond that:
Terms Used In Utah Code 78B-21-108- Court: means a court of this state with jurisdiction over the action under Title 78A, Judiciary and Judicial Administration. See Utah Code 78B-21-102 v2
- Property: means all of a person's right, title, and interest, both legal and equitable, in real and personal property, tangible and intangible, wherever located and however acquired. See Utah Code 78B-21-102 v2
- Receiver: means a person appointed by the court as the court's agent, and subject to the court's direction, to take possession of, manage, and, if authorized by this chapter or court order, transfer, sell, lease, license, exchange, collect, or otherwise dispose of receivership property. See Utah Code 78B-21-102 v2
- Receivership: means a proceeding in which a receiver is appointed. See Utah Code 78B-21-102 v2
| (a) |
is conditioned on the faithful discharge of the receiver’s duties; |
| (b) |
has one or more sureties approved by the court; |
| (c) |
is in an amount the court specifies; and |
| (d) |
is effective as of the date of the receiver’s appointment. |
|
| (2) |
| (a) |
The court may approve the posting by a receiver with the court of alternative security, such as a letter of credit or deposit of funds. |
| (b) |
The receiver may not use receivership property as alternative security. |
| (c) |
Interest that accrues on deposited funds must be paid to the receiver on the receiver’s discharge. |
|
| (3) |
The court may authorize a receiver to act before the receiver posts the bond or alternative security required by this section. |
| (4) |
A claim against a receiver’s bond or alternative security must be made not later than one year after the date the receiver is discharged. |
Enacted by Chapter 431, 2017 General Session
