Utah Code 57-26-119. Application to existing relationships
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(1) Except as otherwise provided in this section, this chapter governs the enforcement of an assignment of rents and the perfection and priority of a security interest in rents, even if the document creating the assignment was signed and delivered before May 12, 2009.
Terms Used In Utah Code 57-26-119
- 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
- Document: means information that is inscribed on a tangible medium or that is stored on an electronic or other medium and is retrievable in perceivable form. See Utah Code 57-26-102
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government, or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Utah Code 57-26-102
- 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 instrument: means a document, however denominated, that creates or provides for a security interest in real property, whether or not it also creates or provides for a security interest in personal property. 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
(2) This chapter does not affect an action or proceeding commenced before May 12, 2009.(3) Subsection57-26-104(1) of this chapter does not apply to any security instrument signed and delivered before May 12, 2009.(4) This chapter does not affect:(4)(a) the enforceability of an assignee‘s security interest in rents or proceeds if, immediately before May 12, 2009, that security interest was enforceable;(4)(b) the perfection of an assignee’s security interest in rents or proceeds if, immediately before May 12, 2009, that security interest was perfected; or(4)(c) the priority of an assignee’s security interest in rents or proceeds with respect to the interest of another person if, immediately before May 12, 2009, the interest of the other person was enforceable and perfected, and that priority was established.