STATE STATUTES & CODES
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UTAH STATUTES AND CODES
16-10a-1432 - Receivership or custodianship.
16-10a-1432. Receivership or custodianship.
(1) A court in a judicial proceeding brought to dissolve a corporation may appoint one ormore receivers to wind up and liquidate, or one or more custodians to manage, the business andaffairs of the corporation. The court shall hold a hearing, after giving notice to all parties to theproceeding and any interested persons designated by the court, before appointing a receiver orcustodian. The court appointing a receiver or custodian has exclusive jurisdiction over thecorporation and all of its property wherever located.
(2) The court may appoint an individual or a domestic or foreign corporation authorizedto transact business in this state as a receiver or custodian. The court may require the receiver orcustodian to post bond, with or without sureties, in an amount the court directs.
(3) The court shall describe the powers and duties of the receiver or custodian in itsappointing order, which may be amended from time to time. Among other powers:
(a) the receiver:
(i) may dispose of all or any part of the assets of the corporation wherever located, at apublic or private sale, if authorized by the court; and
(ii) may sue and defend in its own name as receiver of the corporation in all courts of thisstate; or
(b) the custodian may exercise all of the powers of the corporation, through or in place ofits board of directors or officers, to the extent necessary to manage the affairs of the corporationin the best interests of its shareholders and creditors.
(4) The court during a receivership may redesignate the receiver a custodian, and during acustodianship may redesignate the custodian a receiver, if doing so is in the best interests of thecorporation, its shareholders, and its creditors.
(5) The court from time to time during the receivership or custodianship may ordercompensation paid and expense disbursements or reimbursements made to the receiver orcustodian and the custodian's or receiver's counsel from the assets of the corporation or proceedsfrom the sale of the assets.
(1) A court in a judicial proceeding brought to dissolve a corporation may appoint one ormore receivers to wind up and liquidate, or one or more custodians to manage, the business andaffairs of the corporation. The court shall hold a hearing, after giving notice to all parties to theproceeding and any interested persons designated by the court, before appointing a receiver orcustodian. The court appointing a receiver or custodian has exclusive jurisdiction over thecorporation and all of its property wherever located.
(2) The court may appoint an individual or a domestic or foreign corporation authorizedto transact business in this state as a receiver or custodian. The court may require the receiver orcustodian to post bond, with or without sureties, in an amount the court directs.
(3) The court shall describe the powers and duties of the receiver or custodian in itsappointing order, which may be amended from time to time. Among other powers:
(a) the receiver:
(i) may dispose of all or any part of the assets of the corporation wherever located, at apublic or private sale, if authorized by the court; and
(ii) may sue and defend in its own name as receiver of the corporation in all courts of thisstate; or
(b) the custodian may exercise all of the powers of the corporation, through or in place ofits board of directors or officers, to the extent necessary to manage the affairs of the corporationin the best interests of its shareholders and creditors.
(4) The court during a receivership may redesignate the receiver a custodian, and during acustodianship may redesignate the custodian a receiver, if doing so is in the best interests of thecorporation, its shareholders, and its creditors.
(5) The court from time to time during the receivership or custodianship may ordercompensation paid and expense disbursements or reimbursements made to the receiver orcustodian and the custodian's or receiver's counsel from the assets of the corporation or proceedsfrom the sale of the assets.
Enacted by Chapter 277, 1992 General Session
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