Title 33, Property

Except as otherwise provided by law, property that a receiver or owner acquires after appointment of the receiver is subject to a security agreement entered into before the appointment to the same extent as if the court had not appointed the receiver.

A. Unless the court orders otherwise, on demand by a receiver: 1. A person that owes a debt that is receivership property and is matured or payable on demand or on order shall pay the debt to or on the order of the receiver, except to the extent the debt is subject to setoff or r…

A. Except as limited by court order or another law, a receiver may: 1. Collect, control, manage, conserve and protect receivership property. 2. Operate a business constituting receivership property, including preservation, use, sale, lease, license, exchange, collection or dispos…

A. An owner shall: 1. Assist and cooperate with the receiver in the administration of the receivership and the discharge of the receiver's duties. 2. Preserve and turn over to the receiver all receivership property in the owner's possession, custody or control. 3. Identify all re…

A. Except as otherwise provided in subsection D of this section or ordered by the court, an order appointing a receiver operates as a stay, applicable to all persons, of an act, action or proceeding: 1. To obtain possession of, exercise control over or enforce a judgment against …

A. With court approval, a receiver may engage an attorney, accountant, appraiser, auctioneer, broker or other professional to assist the receiver in performing a duty or exercising a power of the receiver. The receiver shall disclose to the court: 1. The identity and qualificatio…

A. With court approval, a receiver may use receivership property other than in the ordinary course of business. B. With court approval, a receiver may transfer receivership property other than in the ordinary course of business by sale, lease, license, exchange or other dispositi…

A. Except as otherwise provided in subsection G of this section, with court approval, a receiver may adopt or reject an executory contract of the owner relating to receivership property. The court may condition the receiver's adoption and continued performance of the contract on …

A. A receiver is entitled to all defenses and immunities provided by a law other than this chapter for an act or omission within the scope of the receiver's appointment. B. A receiver may be sued personally for an act or omission in administering receivership property only with a…

A receiver may file or, if ordered by the court, shall file an interim report that includes: 1. The activities of the receiver since appointment or a previous report. 2. Receipts and disbursements, including a payment made or proposed to be made to a professional engaged by the r…

A. The court may award a receiver from receivership property the reasonable and necessary fees and expenses of performing the duties of the receiver and exercising the powers of the receiver. B. The court may order one or more of the following to pay the reasonable and necessary …

A. The court may remove a receiver for cause. B. The court shall replace a receiver that dies, resigns or is removed. C. If the court finds that a receiver that resigns or is removed, or the representative of a receiver that is deceased, has accounted fully for and turned over to…

A. On completion of a receiver's duties, the receiver shall file a final report including: 1. A description of the activities of the receiver in the conduct of the receivership. 2. A list of receivership property at the commencement of the receivership and any receivership proper…

A. The court may appoint a receiver appointed in another state, or that person's nominee, as an ancillary receiver with respect to property located in this state or subject to the jurisdiction of the court for which a receiver could be appointed under this chapter, if: 1. The per…

A request by a mortgagee for appointment of a receiver, the appointment of a receiver or application by a mortgagee of receivership property or proceeds to the secured obligation does not: 1. Make the mortgagee a mortgagee in possession of the real property. 2. Make the mortgagee…

The court may issue any order, process or judgment that is necessary or appropriate to carry out this chapter.

In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.

This chapter modifies, limits or supersedes the electronic signatures in global and national commerce act, 15 United States Code sections 7001 through 7031, but does not modify, limit or supersede section 101(c) of that act, 15 United States Code section 7001(c) or authorize elec…

In this chapter, unless the context otherwise requires: 1. "Beneficiary" means the person named or otherwise designated in a trust deed as the person for whose benefit a trust deed is given, or the person's successor in interest. 2. "Business day" means any day other than a Satur…

A. In deeds of trust the legal description of trust property shall be given by one of the following methods: 1. By the use of lot, block, tract or parcel as set forth within a recorded subdivision plat. 2. By the use of a metes and bounds or course and distance survey. 3. By the …

A. Except as provided in subsection B, the trustee of a trust deed shall be: 1. An association or corporation doing business under the laws of this state as a bank, trust company, savings and loan association, credit union, insurance company, escrow agent or consumer lender. 2. A…

A. A trustee shall not delegate the following duties: 1. The preparation and execution of any of the following: (a) The notice of trustee sale. (b) The cancellation of notice of sale. (c) The trustee's deed upon sale. 2. The receipt and response to requests for reinstatement or p…

A. If a person appointed as trustee fails to qualify, is unwilling or unable to serve or resigns as trustee or if a trustee was not designated in the deed of trust, the beneficiary may appoint a successor trustee, and such appointment shall constitute a substitution of trustee. B…

Deeds of trust may be executed as security for the performance of a contract or contracts. Except with respect to chapter 6 of this title, statutes of this state which refer to mortgages as security instruments are deemed to also include deeds of trust, unless the context otherwi…

A. Transfers of trust property may be made to secure the performance of a contract or contracts of the trustor or any other person. An interest in the trust property acquired by the trustor subsequent to the execution of the trust deed shall inure to the trustee as security for t…

A. Nothing in this article shall be construed to prevent or limit the right of a trustor to transfer his interest in the trust property, or authorize a beneficiary or trustee to arbitrarily withhold his consent to a transfer by the trustor of his interest in the trust property. B…

A. By virtue of his position, a power of sale is conferred upon the trustee of a trust deed under which the trust property may be sold, in the manner provided in this chapter, after a breach or default in performance of the contract or contracts, for which the trust property is c…

A. The trustee shall give written notice of the time and place of sale legally describing the trust property to be sold by each of the following methods: 1. Recording a notice in the office of the recorder of each county where the trust property is situated. 2. Giving notice as p…

A. A person desiring a copy of a notice of sale under a trust deed, at any time subsequent to the recording of the trust deed and prior to the recording of a notice of sale pursuant thereto, shall record in the office of the county recorder in any county in which part of the trus…

A. On the date and at the time and place designated in the notice of sale, the trustee shall offer to sell the trust property at public auction for cash to the highest bidder. The trustee may schedule more than one sale for the same date, time and place. The attorney or agent for…

A. The highest bidder at the sale, other than the beneficiary to the extent of the credit bid, shall pay the price bid by no later than 5:00 p.m. mountain standard time of the following day, other than a Saturday or legal holiday. If the highest bidder fails to pay the amount bid…

A. The trustee shall apply the proceeds of the trustee's sale in the following order of priority: 1. To the costs and expenses of exercising the power of sale and the sale, including the payment of the trustee's fees and reasonable attorney fees actually incurred. 2. To the payme…

A. If, prior to the maturity date fixed by the contract or contracts, all or a portion of a principal sum or interest of the contract or contracts secured by a trust deed becomes due or is declared due by reason of a breach or default in the performance of the contract or contrac…

A. Except as provided in subsections F, G and H of this section, within ninety days after the date of sale of trust property under a trust deed pursuant to section 33-807, an action may be maintained to recover a deficiency judgment against any person directly, indirectly or cont…

Every trust deed, substitution of trustee, notice of resignation of trustee, request for notice, assignment of beneficial interest under a trust deed, notice of sale, cancellation of notice of sale or deed of release entitled to recordation under the provisions of this chapter sh…

The trustee's sale of trust property under a trust deed shall be made, or any action to foreclose a trust deed as provided by law for the foreclosure of mortgages on real property shall be commenced, within the period prescribed by law for the commencement of an action on the con…

The transfer of any contract or contracts secured by a trust deed shall operate as a transfer of the security for such contract or contracts.

Except as otherwise provided in this section, a trust deed, substitution of trustee, notice of resignation of trustee, assignment of a beneficial interest under a trust deed, notice of sale, cancellation of notice of sale, trustee's deed, deed of release, and any instrument by wh…

If a trust deed is executed for a principal purpose other than or in addition to securing the performance of a contract or contracts, the parties thereto may agree that the provisions of this chapter shall not be applicable. If such an agreement is in writing and is contained in …

A. In carrying out his duties under the provisions of this chapter or any deed of trust, a trustee, shall when acting in good faith, have the absolute right to rely upon any written direction or information furnished to him by the beneficiary. B. An attorney for the beneficiary s…

A deed of trust shall not be considered a deed or contract under the provisions of title 42, chapter 10, article 2 or a contract for conveyance of real property under the provisions of title 33, chapter 6, article 3.