Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
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
Proceeds: means the following property:
(a)
whatever is acquired on the sale, lease, license, exchange, or other disposition of receivership property;
(b)
whatever is collected on, or distributed on account of, receivership property;
(c)
rights arising out of receivership property;
(d)
to the extent of the value of receivership property, claims arising out of the loss, nonconformity, or interference with the use of, defects or infringement of rights in, or damage to the property; or
(e)
to the extent of the value of receivership property and to the extent payable to the owner or mortgagee, insurance payable by reason of the loss or nonconformity of, defects or infringement of rights in, or damage to the property. 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
Record: means , when used as a noun, information that is inscribed on a tangible medium or that is stored on an electronic or other medium and is retrievable in perceivable form. See Utah Code 78B-21-102 v2
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
Subpoena: A command to a witness to appear and give testimony.
(a)
collect, control, manage, conserve, and protect receivershipproperty;
(b)
operate a business constituting receivership property, including preservation, use, sale, lease, license, exchange, collection, or disposition of the property in the ordinary course of business;
(c)
in the ordinary course of business, incur unsecured debt and pay expenses incidental to the receiver’s preservation, use, sale, lease, license, exchange, collection, or disposition of receivership property;
(d)
assert a right, claim, cause of action, or defense of the owner that relates to receivership property;
(e)
seek and obtain instruction from the court concerning receivership property, exercise of the receiver’s powers, and performance of the receiver’s duties;
(f)
on subpoena, compel a person to submit to examination under oath, or to produce and permit inspection and copying of designated records or tangible things, with respect to receivership property or any other matter that may affect administration of the receivership;
(g)
engage a professional as provided in Section 78B-21-115;
(h)
apply to a court of another state for appointment as ancillary receiver with respect to receivership property located in that state; and
(i)
exercise any power conferred by court order, this chapter, or a law of the state other than this chapter.
(2)
With court approval, a receiver may:
(a)
incur debt for the use or benefit of receivership property other than in the ordinary course of business;
(b)
make improvements to receivership property;
(c)
use or transfer receivership property other than in the ordinary course of business as provided in Section 78B-21-116;
(d)
adopt or reject an executory contract of the owner as provided in Section 78B-21-117;
(e)
pay compensation to the receiver as provided in Section 78B-21-121, and to each professional engaged by the receiver as provided in Section 78B-21-115;
(f)
recommend allowance or disallowance of a claim of a creditor as provided in Section 78B-21-120; and
(g)
make a distribution of receivership property as provided in Section 78B-21-120.
(3)
A receiver shall:
(a)
prepare and retain appropriate business records, including a record of each receipt, disbursement, and disposition of receivership property;
(b)
account for receivership property, including the proceeds of a sale, lease, license, exchange, collection, or other disposition of the property;
(c)
file with the county recorder of the county where the property is located a copy of the order appointing the receiver and, if a legal description of the real property is not included in the order, the legal description;
(d)
disclose to the court any fact arising during the receivership that would disqualify the receiver under Section 78B-21-107; and
(e)
perform any duty imposed by court order, this chapter, or a law of the state other than this chapter.
(4)
The powers and duties of a receiver may be expanded, modified, or limited by court order.
