| (1) |
Unless the court orders otherwise, on demand by a receiver:
Terms Used In Utah Code 78B-21-111- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Lien: means an interest in property that secures payment or performance of an obligation. See Utah Code 78B-21-102 v2
- Owner: means the person for whose property a receiver is appointed. See Utah Code 78B-21-102 v2
- Person: means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. 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
- Receivership property: means the property of an owner that is described in the order appointing a receiver or a subsequent order. See Utah Code 78B-21-102 v2
| (a) |
a person that owes a debt that is receivership property and is matured or payable on demand or on order shall pay the debt to or on the order of the receiver, except to the extent the debt is subject to setoff or recoupment; and |
| (b) |
subject to Subsection (3), a person that has possession, custody, or control of receivership property shall turn the property over to the receiver. |
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