7-2-5 - Appointment of receiver or assignment for creditors -- Notice required -- Commissioner taking possession. - Utah Statutes

7-2-5. Appointment of receiver or assignment for creditors -- Notice required --Commissioner taking possession.
No receiver may be appointed by any court and no deed or assignment for the benefit ofcreditors may be filed in any district court within this state for any institution or other personunder the jurisdiction of the commissioner, except upon notice to the commissioner, unlessbecause of urgent necessity the court determines that it is necessary to do so to preserve the assetsof the institution. The commissioner may within five days after service of the notice upon himtake possession of the institution, in which case no further proceedings shall be had upon theapplication for the appointment of a receiver or under the deed of assignment, or, if a receiver hasbeen appointed or the assignee has entered upon the administration of his trust, the appointmentshall be vacated or the assignee shall be removed upon application of the commissioner to thecourt by which the receiver was appointed or in which the assignment was filed, and thecommissioner shall proceed to administer the assets of the institution as provided in this chapter.

Amended by Chapter 8, 1983 General Session