The court held that a secured lender's interest in an assignment of rents and proceeds was an interest in real property under applicable state law. Accordingly, the secured lender's interest had been perfected prepetition, upon its proper recording with the county recorder, and constituted a perfected interest in postpetition cash collateral under 11 U.S.C. §363(a) and 552(b). Further, lender's action to enforce its interest in the collateral rents, by obtaining appointment of a receiver in state court within 90 days prior to the petition date, was not a voidable preference under 11 U.S.C. § 547(b). Settlement funds derived from an action by the debtor to recover prepetition and postpetition unpaid rents from a tenant in breach of its lease agreement were also subject to the lender's perfected security interest in rents. Debtor's unilateral action to recover the rents through judicial action did not change the nature of the funds from rents to general intangibles, which would not have been subject to the lender's recorded security interest. Finally, lender did not violate the Utah one-action rule by pursuing an action against the individual guarantors of the debt before exhausting its remedies against the property securing the debt, as a guaranty agreement is a separate, unsecured debt, and the one-action rule does not prevent a creditor on a debt secured solely by real property from pursuing an action against guarantors without first foreclosing the security.