Receiver's bond -- Alternative security.

1. Law
2. Utah Code
3. Judicial Code
4. Uniform Commercial Real Estate Receivership Act
5. Receiver's bond -- Alternative security.

• (1) Except as otherwise provided in Subsection (2), a receiver shall post with the court a bond that:
  • (a) is conditioned on the faithful discharge of the receiver's duties;
  • (b) has one or more sureties approved by the court;
  • (c) is in an amount the court specifies; and
  • (d) is effective as of the date of the receiver's appointment.

• (2)
  • (a) The court may approve the posting by a receiver with the court of alternative security, such as a letter of credit or deposit of funds.
  • (b) The receiver may not use receivership property as alternative security.
  • (c) Interest that accrues on deposited funds must be paid to the receiver on the receiver's discharge.

• (3) The court may authorize a receiver to act before the receiver posts the bond or alternative security required by this section.

• (4) A claim against a receiver's bond or alternative security must be made not later than one year after the date the receiver is discharged.

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