78B-21-104. Scope -- Exclusions.

264 words·~1 min read·/ut/title-78b/chapter-21/78b-21-104

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/9/2017

(1)Except as otherwise provided in Subsection

(2)or

(3), this chapter applies to a receivership for an interest in real property and any personal property related to or used in operating the real property.

(2)This chapter does not apply to a receivership for an interest in real property improved by one to four dwelling units unless:

(a)the interest is used for agricultural, commercial, industrial, or mineral-extraction purposes, other than incidental uses by an owner occupying the property as the owner's primary residence;

(b)the interest secures an obligation incurred at a time when the property was used or planned for use for agricultural, commercial, industrial, or mineral-extraction purposes;

(c)the owner planned or is planning to develop the property into one or more dwelling units to be sold or leased in the ordinary course of the owner's business; or

(d)the owner is collecting or has the right to collect rents or other income from the property from a person other than an affiliate of the owner.

(3)This chapter does not apply to a receivership authorized by law of this state other than this chapter in which the receiver is a governmental unit or an individual acting in an official capacity on behalf of the governmental unit.

(4)This chapter does not limit the authority of a court to appoint a receiver under other state law.

(5)Unless displaced by a particular provision of this chapter, the principles of law and equity supplement this chapter.

Enacted by Chapter 431 , 2017 General Session