Utah Code 57-26-112. Application of proceeds
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Unless otherwise agreed, an assignee that collects rents under this chapter or collects upon a judgment in an action under Subsection
(1) the assignee’s reasonable expenses of enforcing its assignment of rents, including, to the extent provided for by agreement and not prohibited by law of this state other than this chapter, reasonable attorney fees and costs incurred by the assignee;
Terms Used In Utah Code 57-26-112
- Assignee: means a person entitled to enforce an assignment of rents. See Utah Code 57-26-102
- Assignment of rents: means a transfer of an interest in rents in connection with an obligation secured by real property located in this state and from which the rents arise. See Utah Code 57-26-102
- Assignor: means a person that makes an assignment of rents or the successor owner of the real property from which the rents arise. See Utah Code 57-26-102
- Lien: A claim against real or personal property in satisfaction of a debt.
- Notification: means a document containing information that this chapter requires a person to provide to another, signed by the person required to provide the information. See Utah Code 57-26-102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Proceeds: means personal property that is received or collected on account of a tenant's obligation to pay rents. See Utah Code 57-26-102
- Rents: means :(12)(a) sums payable for the right to possess or occupy, or for the actual possession or occupation of, real property of another person;(12)(b) sums payable to an assignor under a policy of rental interruption insurance covering real property;(12)(c) claims arising out of a default in the payment of sums payable for the right to possess or occupy real property of another person;(12)(d) sums payable to terminate an agreement to possess or occupy real property of another person;(12)(e) sums payable to an assignor for payment or reimbursement of expenses incurred in owning, operating and maintaining, or constructing or installing improvements on, real property; or(12)(f) any other sums payable under an agreement relating to the real property of another person that constitute rents under law of this state other than this chapter. See Utah Code 57-26-102
- Security interest: means an interest in property that arises by agreement and secures performance of an obligation. See Utah Code 57-26-102
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Utah Code 57-26-102
(2) reimbursement of any expenses incurred by the assignee to protect or maintain the real property subject to the assignment;(3) payment of the secured obligation;(4) payment of any obligation secured by a subordinate security interest or other lien on the rents if, before distribution of the proceeds, the assignor and assignee receive a notification from the holder of the interest or lien demanding payment of the proceeds; and(5) the assignor.