57-26-105 - Recordation -- Perfection of security interest in rents -- Priority of conflicting interests in rents. - Utah Statutes

57-26-105. Recordation -- Perfection of security interest in rents -- Priority ofconflicting interests in rents.
(1) A document creating an assignment of rents may be submitted for recording in theoffice of the county recorder for the county in which the property is situated in the same manneras any other document evidencing a conveyance of an interest in real property.
(2) Upon recording, the security interest in rents created by an assignment of rents isfully perfected, even if a provision of the document creating the assignment or law of this stateother than this chapter would preclude or defer enforcement of the security interest until theoccurrence of a subsequent event, including a subsequent default of the assignor, the assignee'sobtaining possession of the real property, or the appointment of a receiver.
(3) Except as otherwise provided in Subsection (4), a perfected security interest in rentstakes priority over the rights of a person that, after the security interest is perfected:
(a) acquires a judicial lien against the rents or the real property from which the rentsarise; or
(b) purchases an interest in the rents or the real property from which the rents arise.
(4) A perfected security interest in rents has priority over the rights of a person describedin Subsection (3) with respect to future advances to the same extent as the assignee's securityinterest in the real property has priority over the rights of that person with respect to futureadvances.

Enacted by Chapter 139, 2009 General Session