Utah Code 78B-21-115. Engagement and compensation of professional
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(1)
Terms Used In Utah Code 78B-21-115
- Court: means a court of this state with jurisdiction over the action under Title 78A, Judiciary and Judicial Administration. See Utah Code 78B-21-102
- Person: means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See Utah Code 78B-21-102
- Receiver: means a person appointed by the court as the court's agent, and subject to the court's direction, to take possession of, manage, and, if authorized by this chapter or court order, transfer, sell, lease, license, exchange, collect, or otherwise dispose of receivership property. See Utah Code 78B-21-102
- Receivership: means a proceeding in which a receiver is appointed. See Utah Code 78B-21-102
(1)(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.
(1)(b) The receiver shall disclose to the court:
(1)(b)(i) the identity and qualifications of the professional;
(1)(b)(ii) the scope and nature of the proposed engagement;
(1)(b)(iii) any potential conflict of interest; and
(1)(b)(iv) the proposed compensation.
(2)
(2)(a) A person is not disqualified from engagement under this section solely because of the person’s engagement by, representation of, or other relationship with the receiver, a creditor, or a party.
(2)(b) This chapter does not prevent the receiver from serving in the receivership as an attorney, accountant, auctioneer, or broker when authorized by law.
(3)
(3)(a) A receiver or professional engaged under Subsection (1) shall file with the court an itemized statement of the time spent, work performed, and billing rate of each person that performed the work and an itemized list of expenses.
(3)(b) The receiver shall pay the amount approved by the court.