STATE STATUTES & CODES
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UTAH STATUTES AND CODES
3-1-20.3 - Receivership or custodianship.
3-1-20.3. Receivership or custodianship.
(1) (a) A court, in a judicial proceeding to dissolve an association, may appoint one ormore receivers to wind up and liquidate, or one or more custodians to manage, the business andaffairs of the association.
(b) The court shall hold a hearing, after giving notice to all parties to the proceeding andany interested persons designated by the court, before appointing a receiver or custodian.
(c) The court, appointing a receiver or custodian, has exclusive jurisdiction over theassociation and all of its property wherever located.
(2) (a) The court may appoint an individual, or a domestic or foreign corporationauthorized to transact business in this state as a receiver or custodian.
(b) The court may require the receiver or custodian to post bond, with or withoutsecurities, in an amount the court directs.
(3) (a) The court shall describe the powers of the receiver or custodian in its appointingorder, which may be amended.
(b) The receiver:
(i) may dispose of all or any part of the assets of the association wherever located, at apublic or private sale, if authorized by the court; and
(ii) may sue and defend in its own name as a receiver of the association in all courts ofthis state.
(c) The custodian may exercise all of the powers of the association, through or in place ofits board of directors or officers, to manage the affairs of the association in the best interests of itsmembers and creditors.
(4) During a receivership, the court may designate the receiver a custodian, and during acustodianship may designate the custodian a receiver, if the action is in the best interests of theassociation, its members, and its creditors.
(5) During the receivership or custodianship, the court may order compensation paid andexpense disbursements or reimbursements made to the receiver or custodian and the custodian'sor receiver's counsel from the assets of the association or proceeds from the sale of the assets.
(1) (a) A court, in a judicial proceeding to dissolve an association, may appoint one ormore receivers to wind up and liquidate, or one or more custodians to manage, the business andaffairs of the association.
(b) The court shall hold a hearing, after giving notice to all parties to the proceeding andany interested persons designated by the court, before appointing a receiver or custodian.
(c) The court, appointing a receiver or custodian, has exclusive jurisdiction over theassociation and all of its property wherever located.
(2) (a) The court may appoint an individual, or a domestic or foreign corporationauthorized to transact business in this state as a receiver or custodian.
(b) The court may require the receiver or custodian to post bond, with or withoutsecurities, in an amount the court directs.
(3) (a) The court shall describe the powers of the receiver or custodian in its appointingorder, which may be amended.
(b) The receiver:
(i) may dispose of all or any part of the assets of the association wherever located, at apublic or private sale, if authorized by the court; and
(ii) may sue and defend in its own name as a receiver of the association in all courts ofthis state.
(c) The custodian may exercise all of the powers of the association, through or in place ofits board of directors or officers, to manage the affairs of the association in the best interests of itsmembers and creditors.
(4) During a receivership, the court may designate the receiver a custodian, and during acustodianship may designate the custodian a receiver, if the action is in the best interests of theassociation, its members, and its creditors.
(5) During the receivership or custodianship, the court may order compensation paid andexpense disbursements or reimbursements made to the receiver or custodian and the custodian'sor receiver's counsel from the assets of the association or proceeds from the sale of the assets.
Enacted by Chapter 70, 2003 General Session
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