57-26-108 - Enforcement by notification to assignor. - Utah Statutes

57-26-108. Enforcement by notification to assignor.
(1) Upon the assignor's default, or as otherwise agreed by the assignor, the assignee maygive the assignor a notification demanding that the assignor pay over the proceeds of any rentsthat the assignee is entitled to collect under Section 57-26-106. The assignee shall also give acopy of the notification to any other person that, 10 days before the notification date, held arecorded assignment of rents arising from the real property.
(2) If an assignee enforces an assignment of rents under this section, the date ofenforcement is the date on which the assignor receives a notification under Subsection (1).
(3) An assignee's failure to give a notification under Subsection (1) to any person holdinga recorded assignment of rents does not affect the effectiveness of the notification as to theassignor, but the other person is entitled to any relief permitted under law of this state other thanthis chapter.
(4) An assignee that holds a security interest in rents solely by virtue of Subsection57-26-104(1) may not enforce the security interest under this section while the assignor occupiesthe real property as the assignor's primary residence.

Enacted by Chapter 139, 2009 General Session