A request by a mortgagee for appointment of a receiver, the appointment of a receiver, or application by a mortgagee of receivershipproperty or proceeds to the secured obligation does not:
Terms Used In Utah Code 78B-21-125
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
Mortgagee: means a person entitled to enforce an obligation secured by a mortgage. See Utah Code 78B-21-102 v2
Mortgagee: The person to whom property is mortgaged and who has loaned the money.
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Owner: means the person for whose property a receiver is appointed. 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
Secured obligation: means an obligation the payment or performance of which is secured by a security agreement. 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
(a)
make the mortgagee a mortgagee in possession of the real property;
(b)
make the mortgagee an agent of the owner;
(c)
constitute an election of remedies that precludes a later action to enforce the secured obligation;
(d)
make the secured obligation unenforceable;
(e)
limit any right available to the mortgagee with respect to the secured obligation;
(f)
constitute an action within the meaning of Section 78B-6-901; or
(g)
except as otherwise provided in Subsection (2), bar a deficiency judgment pursuant to law of this state other than this chapter governing or relating to a deficiency judgment.
(2)
If a receiver sells receivership property that pursuant to Subsection 78B-21-116(3) is free and clear of a lien, the ability of a creditor to enforce an obligation that had been secured by the lien is subject to law of the state other than this chapter relating to a deficiency judgment.
