Utah § 78B-21-107 Disqualification from appointment as receiver -- Disclosure of interest.

Utah Statutes

§ 78B-21-107 — Disqualification from appointment as receiver -- Disclosure of interest.

Utah·Title 78B Judicial Code·Ch. 78B-21 Uniform Commercial Real Estate Receivership Act

(1)The court may not appoint a person as receiver unless the person submits to the court a statement under penalty of perjury that the person is not disqualified.

(2)Except as otherwise provided in Subsection (3), a person is disqualified from appointment as receiver if the person:

(2)(a) is an affiliate of a party;

(2)(b) has an interest materially adverse to an interest of a party;

(2)(c) has a material financial interest in the outcome of the action, other than the compensation the court may allow the receiver;

(2)(d) has a debtor-creditor relationship with a party; or

(2)(e) holds an equity interest in a party, other than a noncontrolling interest in a publicly traded company.

(3)A person is not disqualified from appointment as receiver solely because the person:

(3)(a) was appoin

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(1) The court may not appoint a person as receiver unless the person submits to the court a statement under penalty of perjury that the person is not disqualified.
(2) Except as otherwise provided in Subsection (3), a person is disqualified from appointment as receiver if the person:

(2)(a) is an affiliate of a party;
(2)(b) has an interest materially adverse to an interest of a party;
(2)(c) has a material financial interest in the outcome of the action, other than the compensation the court may allow the receiver;
(2)(d) has a debtor-creditor relationship with a party; or
(2)(e) holds an equity interest in a party, other than a noncontrolling interest in a publicly traded company.
(3) A person is not disqualified from appointment as receiver solely because the person:

(3)(a) was appointed receiver or is owed compensation in an unrelated matter involving a party or was engaged by a party in a matter unrelated to the receivership;
(3)(b) is an individual obligated to a party on a debt that is not in default and was incurred primarily for personal, family, or household purposes; or
(3)(c) maintains with a party a deposit account as defined in Section 70A-9a-102.
(4) A person seeking appointment of a receiver may nominate a person to serve as receiver, but the court is not bound by the nomination.

Utah § 78B-21-107 (Disqualification from appointment as receiver -- Disclosure of interest.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.