9-4-623 - Obligees -- Additional rights conferred by authority. - Utah Statutes

9-4-623. Obligees -- Additional rights conferred by authority.
(1) An authority may by resolution, trust indenture, mortgage, lease, or other contract,confer upon any obligee the right, in addition to all rights that may otherwise be conferred, upondefault as defined in a resolution or instrument, by suit, action, or proceeding in any court ofcompetent jurisdiction:
(a) cause possession of any project, in whole or in part, to be surrendered to the obligee;
(b) obtain the appointment of a receiver of any project, in whole or in part, and of therents and profits therefrom; and
(c) require the authority and its officers, agents, and employees to account as if it andthey were the trustees of an express trust.
(2) The receiver may enter and take possession of the project or any part of it, operateand maintain it, and collect and receive all fees, rents, revenues, or other charges arisingtherefrom. All money shall be kept in a separate account and be applied in accordance with theobligations of the authority as the court directs.

Renumbered and Amended by Chapter 241, 1992 General Session