(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.

(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.

(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.