2023 Utah Code › Title 78B - Judicial Code › Chapter 21 - Uniform Commercial Real Estate Receivership Act › Section 112 - Powers and duties of receiver.

Effective 5/9/2017
78B-21-112.
Powers and duties of receiver.
(1) Except as limited by court order or law of this state other than this chapter, a receiver may:
(a) collect, control, manage, conserve, and protect receivership property;
(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.
Enacted by Chapter 431, 2017 General Session