78B-21-107. Disqualification from appointment as receiver -- Disclosure of interest. (1) The court may not appoint a person as receiver unless the person submits to the court a statement under penalty of perjury that the person is not disqualified. (2) Except as otherwise provided in Subsection (3), a person is disqualified from appointment as receiver if the person: (a) is an affiliate of a party; (b) has an interest materially adverse to an interest of a party; (c) has a material financial interest in the outcome of the action, other than the compensation the court may allow the receiver; (d) has a debtor-creditor relationship with a party; or (e) holds an equity interest in a party, other than a noncontrolling interest in a publicly traded company. (3) A person is not disqualified from appointment as receiver solely because the person: (a) was appointed receiver or is owed compensation in an unrelated matter involving a party or was engaged by a party in a matter unrelated to the receivership; (b) is an individual obligated to a party on a debt that is not in default and was incurred primarily for personal, family, or household purposes; or (c) maintains with a party a deposit account as defined in Section 70A-9a-102. (4) A person seeking appointment of a receiver may nominate a person to serve as receiver, but the court is not bound by the nomination.
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