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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-2-5

Courts may not appoint a receiver or file an assignment for creditors for covered institutions or persons without notice to the commissioner, unless urgent necessity to preserve assets is found.

Source excerpt

court noticeinsolvency administrationinstitutional control
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“Courts may not appoint a receiver or file an assignment for creditors for covered institutions or persons without notice to the commissioner, unless urgent necessity to preserve assets is found.”

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02

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Subsection 7-2-5(1)

A court may not appoint a receiver or accept a deed or assignment for the benefit of creditors for a covered institution or person, unless the commissioner is notified or the court finds urgent necessity to preserve assets.

Section 7-2-5(1)

Subsection 7-2-5(2)

The commissioner may take possession of the institution within five days after service of notice, and then must administer its assets under this chapter.

Section 7-2-5(2)

04

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In force source record

Source record from le.utah.gov · Legal dates not recorded

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Showing 3 of 3 provisions

Provision 3
§ 7-2-5Appointment of receiver or assignment for creditors -- Notice required -- Commissioner taking possession.Provision

Source excerpt

Courts may not appoint a receiver or file an assignment for creditors for covered institutions or persons without notice to the commissioner, unless urgent necessity to preserve assets is found.

Appointment of receiver or assignment for creditors -- Notice required -- Commissioner taking possession. A receiver may not be appointed by any court and a deed or assignment for the benefit of creditors may not be filed in a court within this state for any institution or other person under the jurisdiction of the commissioner, except upon notice to the commissioner, unless because of urgent necessity the court determines that it is necessary to do so to preserve the assets of the institution. The commissioner may, within five days after service of the notice upon the commissioner, take possession of the institution, in which case no further proceedings shall be had upon the application for the appointment of a receiver or under the deed of assignment, or, if a receiver has been appointed or the assignee has entered upon the administration of his trust, the appointment shall be vacated or the assignee shall be removed upon application of the commissioner to the court by which the receiver was appointed or in which the assignment was filed, and the commissioner shall proceed to administer the assets of the institution as provided in this chapter.
Section 7-2-5Verify source
§ 7-2-5(1)Subsection 7-2-5(1)Provision

Source excerpt

A court may not appoint a receiver or accept a deed or assignment for the benefit of creditors for a covered institution or person, unless the commissioner is notified or the court finds urgent necessity to preserve assets.

A receiver may not be appointed by any court and a deed or assignment for the benefit of creditors may not be filed in a court within this state for any institution or other person under the jurisdiction of the commissioner, except upon notice to the commissioner, unless because of urgent necessity the court determines that it is necessary to do so to preserve the assets of the institution.
Section 7-2-5(1)Verify source
§ 7-2-5(2)Subsection 7-2-5(2)Provision

Source excerpt

The commissioner may take possession of the institution within five days after service of notice, and then must administer its assets under this chapter.

The commissioner may, within five days after service of the notice upon the commissioner, take possession of the institution, in which case no further proceedings shall be had upon the application for the appointment of a receiver or under the deed of assignment, or, if a receiver has been appointed or the assignee has entered upon the administration of his trust, the appointment shall be vacated or the assignee shall be removed upon application of the commissioner to the court by which the receiver was appointed or in which the assignment was filed, and the commissioner shall proceed to administer the assets of the institution as provided in this chapter.
Section 7-2-5(2)Verify source

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