United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-2-7

Source excerpt

attorneys' feesburden of proofcourt motiondamagesinstitution propertyliensliquidationpunitive damagesreceivershiprelief from staystay of proceedingsstay relief

Jurisdiction: United States — Utah
Status: In force
Dates: Legal dates not recorded

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“Stay of proceedings against institution -- Relief. Except as otherwise specified, a taking of an institution or other person by the commissioner or a receiver or liquidator appointed by the commissioner under this chapter operates as a”

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Stay of proceedings against institution -- Relief.

Section 7-2-7

Subsection 7-2-7(2)

Except for Subsections (3), (4), (5), and (8), the stay on actions against institution property continues until the institution has no interest in the property, and the stay on other actions continues until the case is closed or dismissed.

Section 7-2-7(2)

Subsection 7-2-7(3)(b)(i)

the institution does not have an equity interest in the property; and

Section 7-2-7(3)(b)(i)

Subsection 7-2-7(4)(c)

The court must continue the stay in effect until the final hearing ends if there is a reasonable likelihood the party opposing relief from the stay will prevail.

Section 7-2-7(4)(c)

Subsection 7-2-7(9)

Notice of any hearing under this section shall be served as provided in Subsection 7-2-9(6) .

Section 7-2-7(9)

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Showing 32 of 32 provisions

Provision 28Commencement 4

§ 7-2-7Stay of proceedings against institution -- Relief.Commencement

Source excerpt

Stay of proceedings against institution -- Relief. Except as otherwise specified, a taking of an institution or other person by the commissioner or a receiver or liquidator appointed by the commissioner under this chapter operates as a stay of the commencement or continuation of the following with respect to the institution: any judicial, administrative, or other proceeding, including service of process; the enforcement of any judgment; any act to obtain possession of property; any act to create, perfect, or enforce any lien against property of the institution; any act to collect, assess, or recover a claim against the institution; and the setoff of any debt owing to the institution against any claim against the institution. Except as provided in Subsections (3) , (4) , (5) , and (8) : the stay of any action against property of the institution continues until the institution has no interest in the property; and the stay of any other action continues until the earlier of when the case is: closed; or dismissed. On the motion of any party in interest and after notice and a hearing, the court may terminate, annul, modify, condition, or otherwise grant relief from the stay: for cause, including the lack of adequate protection of an interest in property of the party in interest; or with respect to a stay of any action against property if: the institution does not have an equity interest in the property; and the property would have no value in a reorganization or liquidation of the institution. Thirty days after a request under Subsection (3) for relief from the stay of any act against property of the institution, the stay is terminated with respect to the party in interest making the request unless the court, after notice and a hearing, orders the stay continued in effect pending the conclusion of, or as a result of, a final hearing and determination under Subsection (3) . A hearing under this Subsection (4) may be: a preliminary hearing; or consolidated with the final hearing under Subsection (3) . The court shall order the stay continued in effect pending the conclusion of the final hearing under Subsection (3) if there is a reasonable likelihood that the party opposing relief from the stay will prevail at the conclusion of the final hearing. If the hearing under this Subsection (4) is a preliminary hearing, the final hearing shall be commenced not later than 30 days after the conclusion of the preliminary hearing. Upon request of a party in interest, the court, with or without a hearing, may grant relief from the stay provided under Subsection (1) to the extent necessary to prevent irreparable damage to the interest of an entity in property, if the interest will or could be damaged before there is an opportunity for notice and a hearing under Subsection (3) or (4) . In any hearing under Subsection (3) or (4) concerning relief from the stay of any act under Subsection (1) : the party requesting relief has the burden of proof on the issue of the institution's equity in property; and the party opposing relief has the burden of proof on all other issues. A person injured by any willful violation of a stay provided by this section shall recover actual damages, including costs and attorneys' fees and, when appropriate, may recover punitive damages. Nothing in this section prevents the holder or the trustee for any holder of any bond, note, debenture, or other evidence of indebtedness issued by a city, county, municipal corporation, commission, district, authority, agency, subdivision, or other public body pursuant to Title 11, Chapter 17, Utah Industrial Facilities and Development Act , from exercising any rights it may have to sell, take possession of, foreclose upon, or enforce a lien against or security interest in property of an institution that has been pledged, assigned, or mortgaged as collateral for that bond, note, debenture, or evidence of indebtedness, or as collateral for a letter of credit or other instrument issued in support of that bond, note, debenture, or evidence of indebtedness. Notice of any hearing under this section shall be served as provided in Subsection 7-2-9(6) .

Section 7-2-7Verify source

§ 7-2-7(1)Subsection 7-2-7(1)Commencement

Source excerpt

A taking of an institution or other person by the commissioner, receiver, or liquidator stays the start or continuation of specified actions against the institution.

Except as otherwise specified, a taking of an institution or other person by the commissioner or a receiver or liquidator appointed by the commissioner under this chapter operates as a stay of the commencement or continuation of the following with respect to the institution: any judicial, administrative, or other proceeding, including service of process; the enforcement of any judgment; any act to obtain possession of property; any act to create, perfect, or enforce any lien against property of the institution; any act to collect, assess, or recover a claim against the institution; and the setoff of any debt owing to the institution against any claim against the institution.

Section 7-2-7(1)Verify source

§ 7-2-7(1)(a)Subsection 7-2-7(1)(a)Provision

Source excerpt

any judicial, administrative, or other proceeding, including service of process;

Section 7-2-7(1)(a)Verify source

§ 7-2-7(1)(b)Subsection 7-2-7(1)(b)Provision

Source excerpt

the enforcement of any judgment;

Section 7-2-7(1)(b)Verify source

§ 7-2-7(1)(c)Subsection 7-2-7(1)(c)Provision

Source excerpt

This text refers to any act to obtain possession of property.

any act to obtain possession of property;

Section 7-2-7(1)(c)Verify source

§ 7-2-7(1)(d)Subsection 7-2-7(1)(d)Provision

Source excerpt

any act to create, perfect, or enforce any lien against property of the institution;

Section 7-2-7(1)(d)Verify source

§ 7-2-7(1)(e)Subsection 7-2-7(1)(e)Provision

Source excerpt

any act to collect, assess, or recover a claim against the institution; and

Section 7-2-7(1)(e)Verify source

§ 7-2-7(1)(f)Subsection 7-2-7(1)(f)Provision

Source excerpt

the setoff of any debt owing to the institution against any claim against the institution.

Section 7-2-7(1)(f)Verify source

§ 7-2-7(2)Subsection 7-2-7(2)Provision

Source excerpt

Except as provided in Subsections (3) , (4) , (5) , and (8) : the stay of any action against property of the institution continues until the institution has no interest in the property; and the stay of any other action continues until the earlier of when the case is: closed; or dismissed.

Section 7-2-7(2)Verify source

§ 7-2-7(2)(a)Subsection 7-2-7(2)(a)Provision

Source excerpt

The stay of any action against the institution’s property continues until the institution has no interest in the property.

the stay of any action against property of the institution continues until the institution has no interest in the property; and

Section 7-2-7(2)(a)Verify source

§ 7-2-7(2)(b)Subsection 7-2-7(2)(b)Provision

Source excerpt

the stay of any other action continues until the earlier of when the case is: closed; or dismissed.

Section 7-2-7(2)(b)Verify source

§ 7-2-7(2)(b)(i)Subsection 7-2-7(2)(b)(i)Provision

Source excerpt

closed; or

Section 7-2-7(2)(b)(i)Verify source

§ 7-2-7(2)(b)(ii)Subsection 7-2-7(2)(b)(ii)Provision

Source excerpt

dismissed.

Section 7-2-7(2)(b)(ii)Verify source

§ 7-2-7(3)Subsection 7-2-7(3)Provision

Source excerpt

The court may, on motion and after notice and a hearing, grant relief from the stay for cause or under specified property-value conditions.

On the motion of any party in interest and after notice and a hearing, the court may terminate, annul, modify, condition, or otherwise grant relief from the stay: for cause, including the lack of adequate protection of an interest in property of the party in interest; or with respect to a stay of any action against property if: the institution does not have an equity interest in the property; and the property would have no value in a reorganization or liquidation of the institution.

Section 7-2-7(3)Verify source

§ 7-2-7(3)(a)Subsection 7-2-7(3)(a)Provision

Source excerpt

This text gives a cause-based exception, including lack of adequate protection of a property interest of the party in interest.

for cause, including the lack of adequate protection of an interest in property of the party in interest; or

Section 7-2-7(3)(a)Verify source

§ 7-2-7(3)(b)Subsection 7-2-7(3)(b)Provision

Source excerpt

with respect to a stay of any action against property if: the institution does not have an equity interest in the property; and the property would have no value in a reorganization or liquidation of the institution.

Section 7-2-7(3)(b)Verify source

§ 7-2-7(3)(b)(i)Subsection 7-2-7(3)(b)(i)Provision

Source excerpt

the institution does not have an equity interest in the property; and

Section 7-2-7(3)(b)(i)Verify source

§ 7-2-7(3)(b)(ii)Subsection 7-2-7(3)(b)(ii)Provision

Source excerpt

the property would have no value in a reorganization or liquidation of the institution.

Section 7-2-7(3)(b)(ii)Verify source

§ 7-2-7(4)Subsection 7-2-7(4)Commencement

Source excerpt

A court may continue a stay after notice and a hearing; otherwise, the stay ends 30 days after a request for relief.

Thirty days after a request under Subsection (3) for relief from the stay of any act against property of the institution, the stay is terminated with respect to the party in interest making the request unless the court, after notice and a hearing, orders the stay continued in effect pending the conclusion of, or as a result of, a final hearing and determination under Subsection (3) . A hearing under this Subsection (4) may be: a preliminary hearing; or consolidated with the final hearing under Subsection (3) . The court shall order the stay continued in effect pending the conclusion of the final hearing under Subsection (3) if there is a reasonable likelihood that the party opposing relief from the stay will prevail at the conclusion of the final hearing. If the hearing under this Subsection (4) is a preliminary hearing, the final hearing shall be commenced not later than 30 days after the conclusion of the preliminary hearing.

Section 7-2-7(4)Verify source

§ 7-2-7(4)(a)Subsection 7-2-7(4)(a)Provision

Source excerpt

Section 7-2-7(4)(a)Verify source

§ 7-2-7(4)(b)Subsection 7-2-7(4)(b)Provision

Source excerpt

A hearing under Subsection (4) may be a preliminary hearing or may be consolidated with the final hearing under Subsection (3).

A hearing under this Subsection (4) may be: a preliminary hearing; or consolidated with the final hearing under Subsection (3) .

Section 7-2-7(4)(b)Verify source

§ 7-2-7(4)(b)(i)Subsection 7-2-7(4)(b)(i)Provision

Source excerpt

a preliminary hearing; or

Section 7-2-7(4)(b)(i)Verify source

§ 7-2-7(4)(b)(ii)Subsection 7-2-7(4)(b)(ii)Provision

Source excerpt

consolidated with the final hearing under Subsection (3) .

Section 7-2-7(4)(b)(ii)Verify source

§ 7-2-7(4)(c)Subsection 7-2-7(4)(c)Provision

Source excerpt

The court must continue the stay in effect until the final hearing ends if there is a reasonable likelihood the party opposing relief from the stay will prevail.

The court shall order the stay continued in effect pending the conclusion of the final hearing under Subsection (3) if there is a reasonable likelihood that the party opposing relief from the stay will prevail at the conclusion of the final hearing.

Section 7-2-7(4)(c)Verify source

§ 7-2-7(4)(d)Subsection 7-2-7(4)(d)Commencement

Source excerpt

If the hearing under this subsection is a preliminary hearing, the final hearing must begin within 30 days after the preliminary hearing ends.

If the hearing under this Subsection (4) is a preliminary hearing, the final hearing shall be commenced not later than 30 days after the conclusion of the preliminary hearing.

Section 7-2-7(4)(d)Verify source

§ 7-2-7(5)Subsection 7-2-7(5)Provision

Source excerpt

The court may grant relief from the stay on a party in interest’s request, with or without a hearing, if needed to prevent irreparable damage before notice and a hearing can occur.

Upon request of a party in interest, the court, with or without a hearing, may grant relief from the stay provided under Subsection (1) to the extent necessary to prevent irreparable damage to the interest of an entity in property, if the interest will or could be damaged before there is an opportunity for notice and a hearing under Subsection (3) or (4) .

Section 7-2-7(5)Verify source

§ 7-2-7(6)Subsection 7-2-7(6)Provision

Source excerpt

In a hearing about relief from a stay, the requesting party must prove the institution’s equity in property, and the opposing party must prove all other issues.

In any hearing under Subsection (3) or (4) concerning relief from the stay of any act under Subsection (1) : the party requesting relief has the burden of proof on the issue of the institution's equity in property; and the party opposing relief has the burden of proof on all other issues.

Section 7-2-7(6)Verify source

§ 7-2-7(6)(a)Subsection 7-2-7(6)(a)Provision

Source excerpt

the party requesting relief has the burden of proof on the issue of the institution's equity in property; and

Section 7-2-7(6)(a)Verify source

§ 7-2-7(6)(b)Subsection 7-2-7(6)(b)Provision

Source excerpt

The party opposing relief must carry the burden of proof on all other issues.

the party opposing relief has the burden of proof on all other issues.

Section 7-2-7(6)(b)Verify source

§ 7-2-7(7)Subsection 7-2-7(7)Provision

Source excerpt

A person injured by any willful violation of a stay provided by this section shall recover actual damages, including costs and attorneys' fees and, when appropriate, may recover punitive damages.

Section 7-2-7(7)Verify source

§ 7-2-7(8)Subsection 7-2-7(8)Provision

Source excerpt

A bond holder or trustee may still exercise rights to sell, possess, foreclose on, or enforce a lien or security interest in pledged property.

Nothing in this section prevents the holder or the trustee for any holder of any bond, note, debenture, or other evidence of indebtedness issued by a city, county, municipal corporation, commission, district, authority, agency, subdivision, or other public body pursuant to Title 11, Chapter 17, Utah Industrial Facilities and Development Act , from exercising any rights it may have to sell, take possession of, foreclose upon, or enforce a lien against or security interest in property of an institution that has been pledged, assigned, or mortgaged as collateral for that bond, note, debenture, or evidence of indebtedness, or as collateral for a letter of credit or other instrument issued in support of that bond, note, debenture, or evidence of indebtedness.

Section 7-2-7(8)Verify source

§ 7-2-7(9)Subsection 7-2-7(9)Provision

Source excerpt

Notice of any hearing under this section shall be served as provided in Subsection 7-2-9(6) .

Section 7-2-7(9)Verify source

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Utah Code § 7-2-7

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