Utah § 7-2-5 - Appointment of receiver or assignment for creditors -- Notice required -- Commissioner taking possession.
Full text of Utah Utah Code § 7-2-5 — Appointment of receiver or assignment for creditors -- Notice required -- Commissioner taking possession., with citation guidance and answers to common questions.
§ 7-2-5. Appointment of receiver or assignment for creditors -- Notice required -- Commissioner taking possession.
7-2-5. Appointment of receiver or assignment for creditors -- Notice required -- Commissioner taking possession.
| (1) | 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. |
| (2) | 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. |
Amended by Chapter 401, 2023 General Session
Source: official Utah text · Last verified 2026-08-27
Frequently Asked Questions About Utah § 7-2-5
What does Utah Code § 7-2-5 cover?
Section 7-2-5 ("Appointment of receiver or assignment for creditors -- Notice required -- Commissioner taking possession.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 7-2-5?
A common citation format is "Utah Code § 7-2-5" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 7-2-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Utah.