78B-21-113. Duties of owner.

240 words·~1 min read·/ut/title-78b/chapter-21/78b-21-113

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

Effective 5/9/2017

(1)An owner shall:

(a)assist and cooperate with the receiver in the administration of the receivership and the discharge of the receiver's duties;

(b)preserve and turn over to the receiver all receivership property in the owner's possession, custody, or control;

(c)identify all records and other information relating to the receivership property, including a password, authorization, or other information needed to obtain or maintain access to or control of the receivership property, and make available to the receiver the records and information in the owner's possession, custody, or control;

(d)on subpoena, submit to examination under oath by the receiver concerning the acts, conduct, property, liabilities, and financial condition of the owner or any matter relating to the receivership property or the receivership; and

(e)perform any duty imposed by court order, this chapter, or a law of the state other than this chapter.

(2)If an owner is a person other than an individual, this section applies to each officer, director, manager, member, partner, trustee, or other person exercising or having the power to exercise control over the affairs of the owner.

(3)If a person knowingly fails to perform a duty imposed by this section, the court may:

(a)award the receiver actual damages caused by the person's failure, reasonable attorney fees, and costs; and

(b)sanction the failure as civil contempt.

Enacted by Chapter 431 , 2017 General Session