# Utah Code § 7-2-5: Appointment of receiver or assignment for creditors -- Notice required -- Commissioner taking possession

> Utah · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_UT_T7_S7_2_5

## Section

- **Citation:** Utah Code § 7-2-5
- **Heading:** Appointment of receiver or assignment for creditors -- Notice required -- Commissioner taking possession
- **Jurisdiction:** Utah
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Utah Code / Title 7 / Chapter 7-2 / § 7-2-5

## Text

(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.

## Nearby sections

- [Utah Code § 7-2-1 § 7-2-1. Supervisory actions by commissioner -- Grounds -- Mergers or acquisitions authorized by commissioner -- Possession of business and property taken by commissioner.](https://www.frixlaw.com/law-library/statutes/STATE_UT_T7_S7_2_1.md)
- [Utah Code § 7-2-2 § 7-2-2. Action to review the commissioner's actions -- Supervision of actions of commissioner in possession -- Authority of commissioner and court.](https://www.frixlaw.com/law-library/statutes/STATE_UT_T7_S7_2_2.md)
- [Utah Code § 7-2-3 § 7-2-3. Action for injunction against commissioner in possession -- Procedure -- Appeal.](https://www.frixlaw.com/law-library/statutes/STATE_UT_T7_S7_2_3.md)
- [Utah Code § 7-2-4 § 7-2-4. Consent required for institution to resume business.](https://www.frixlaw.com/law-library/statutes/STATE_UT_T7_S7_2_4.md)
- [Utah Code § 7-2-5 § 7-2-5. Appointment of receiver or assignment for creditors -- Notice required -- Commissioner taking possession.](https://www.frixlaw.com/law-library/statutes/STATE_UT_T7_S7_2_5.md)
- [Utah Code § 7-2-6 § 7-2-6. Possession by commissioner -- Notice -- Presentation, allowance, and disallowance of claims -- Objections to claims.](https://www.frixlaw.com/law-library/statutes/STATE_UT_T7_S7_2_6.md)
- [Utah Code § 7-2-7 § 7-2-7. Stay of proceedings against institution -- Relief.](https://www.frixlaw.com/law-library/statutes/STATE_UT_T7_S7_2_7.md)
- [Utah Code § 7-2-8 § 7-2-8. Special deputies or agents -- Appointment -- Bond.](https://www.frixlaw.com/law-library/statutes/STATE_UT_T7_S7_2_8.md)
- [Utah Code § 7-2-9 § 7-2-9. Conservatorship, receivership, or liquidation of institution -- Appointment of receiver -- Review of actions.](https://www.frixlaw.com/law-library/statutes/STATE_UT_T7_S7_2_9.md)
- [Utah Code § 7-2-10 § 7-2-10. Inventory of assets -- Listings of claims -- Report of proceedings -- Filing -- Inspection.](https://www.frixlaw.com/law-library/statutes/STATE_UT_T7_S7_2_10.md)
- [Utah Code § 7-2-11 § 7-2-11. Special counsel -- Employment by attorney general.](https://www.frixlaw.com/law-library/statutes/STATE_UT_T7_S7_2_11.md)
- [Utah Code § 7-2-12 § 7-2-12. Powers of commissioner in possession -- Sale of assets -- Postpossession financing -- New deposit instruments -- Executory contracts -- Transfer of property -- Avoidance of transfers -- Avoidable preferences -- Setoff.](https://www.frixlaw.com/law-library/statutes/STATE_UT_T7_S7_2_12.md)
- [Utah Code § 7-2-13 § 7-2-13. Collections in liquidation -- Deposit -- Preference.](https://www.frixlaw.com/law-library/statutes/STATE_UT_T7_S7_2_13.md)
- [Utah Code § 7-2-14 § 7-2-14. Expenses during possession.](https://www.frixlaw.com/law-library/statutes/STATE_UT_T7_S7_2_14.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_UT_T7_S7_2_5. Check the current official text before relying on it. Not legal advice.