Steven T. Waterman

Steven T. Waterman




Steve's practice consists of assisting financial institutions with commercial loans and special assets, and his work spans both real and personal property collateral. Steve has foreclosed on planes, trains, and automobiles as well as cattle, crematoriums, country clubs, and turkeys. He regularly litigates cases involving the Uniform Commercial Code and foreclosure, including presentation of expert valuation evidence. In addition, Steve helps protect the interests of banks in Chapter 11 bankruptcy reorganizations, and receivership and insolvency proceedings. Steve has litigated cases in Federal, Tribal, and State trial and appellate courts for financial institutions, trustees, receivers, franchisors, and creditor committees. His experience includes out-of-court workouts in numerous industries and agriculture, including cooperatives. He was an Adjunct Professor teaching secured transactions at the J. Reuben Clark Law School at Brigham Young University from 2012 to 2020 and served as co-chair of the Admissions Committee of the Utah State Bar from 1996 to 2020. Steve is the former co-chair of the firm-wide Bankruptcy and Financial Restructuring practice group.

Education & Admissions

University of Utah, S. J. Quinney College of Law (J.D.), William H. Leary Scholar

Brigham Young University (B.S. Business Management-Finance)


  • Utah
  • Wyoming
  • U.S. Supreme Court
  • U.S. Courts of Appeals for the Eighth and Tenth Circuits
  • Courts of the Shoshone and Arapahoe Tribes
  • U.S. District Courts for the District of Utah, District of Colorado, District of Wyoming, Northern and Central Districts of Illinois, District of Nebraska


  • French


Representative Litigation

  • SA Group Properties, Inc. v. Highland Marketplace LC, et al., 2017 UT App 160 (Utah CA August 24, 2017) (real estate loan deficiency judgment and expert valuation of real estate)
  • Zions First National Bank v Taylor, Adv.Pro.No. 12-2186, Bankr.No. 12-21044, unpublished opinion, March 26, 2015 (non-dischargeability of debt for deceitful false representations to bank)
  • In re Olympus Const., L.C., 215 P.3d 129, 2009 UT 29, Utah, May 19, 2009 (interpretation of dissolution statute in receivership proceeding)

  • 840 F.2d 757 Log Furniture, Inc. v. Call, 180 Fed.Appx. 785, 2006 WL 1285025 (10th Cir. May 11, 2006) (trustee control of assets of bankruptcy estate)
  • In re Geneva Steel, LLC, 343 B.R. 273, 2006 WL 1152640, 56 Collier Bankr.Cas.2d 215 (Bankr.D. Utah April 18, 2006) (determination of core proceeding for trustee claims of breach of fiduciary duties by members of board of directors)
  • Askvig v. Wells Fargo Bank Wyoming, N.A., 121 P.3d 783, 2005 WL 2738334, 2005 WY 138 (Wyo. October 25, 2005) (attorney’s fees for defense of counterclaims against bank)
  • In re Horsley, 2001 WL 1682013, 47 Collier Bankr.Cas.2d 103 (Bankr.D. Utah August 17, 2001) (standards for substantive consolidation of bankruptcy estates)
  • In re Gledhill, 164 F.3d 1338, 1999 WL 20770, 33 Bankr.Ct.Dec. 1014, Bankr. L. Rep. P 77,881, 1999 CJ C.A.R. 2271, 16 Colo. Bankr. Ct. Rep. 8 (10th Cir. January 20, 1999) (interpretation of section 506 as to involuntary liens and post-petition interest and fees)
  • In re CF & I Fabricators of Utah, Inc., 150 F.3d 1293, 1998 WL 436088, 82 A.F.T.R.2d 98-5519, 98-2 USTC P 50,607, Bankr. L. Rep. P 77,770, 22 Employee Benefits Cas. 1481, Pens. Plan Guide (CCH) P 23944O, 98 CJ C.A.R. 4141, 15 Colo. Bankr. Ct. Rep. 254 (10th Cir. August 03, 1998) (computation of PBGC claims in bankruptcy)
  • Kunkel v. Sprague Nat. Bank, 128 F.3d 636, 1997 WL 641366, 33 UCC Rep.Serv.2d 943 (8th Cir. October 20, 1997) (priority of security interests in cattle)
  • In re CF & I Fabricators of Utah, Inc., 199 B.R. 986, 1996 WL 519908, 29 Bankr.Ct.Dec. 915, Bankr. L. Rep. P 77,231 (Bankr.D. Utah September 05, 1996) (effectiveness of post-confirmation change in US Trustee fees)
  • In re Gledhill, 76 F.3d 1070, 1996 WL 41508, 64 USLW 2543, 35 Collier Bankr.Cas.2d 648, 34 Fed.R.Serv.3d 1267, Bankr. L. Rep. P 76,955, 13 Colo. Bankr. Ct. Rep. 147 (10th Cir. February 02, 1996) (reinstatement of automatic stay)
  • Landes v. Capital City Bank, 795 P.2d 1127, 1990 WL 97092 (Utah July 10, 1990), affirming Seftel v. Capital City Bank, 767 P.2d 941, 1989 WL 1526 (Utah App. January 12, 1989) (SBA not an indispensable party to enforcement of SBA guaranteed loan)
  • In re Herd, 840 F.2d 757, 1988 WL 13473, 17 Bankr.Ct.Dec. 566, Bankr. L. Rep. P 72,204 (10th Cir. February 25, 1988) (constitutionality of erroneous notice)
  • In re Riding, 44 B.R. 846, 11 Collier Bankr.Cas.2d 859, 12 Bankr.Ct.Dec. 635, Bankr. L. Rep. P 70,173 (Bankr.D. Utah December 05, 1984) (procedure for turnover in bankruptcy)

News & Resources


Bankruptcy Automatic Stay: Tribal Sovereign Immunity Abrogated
SBA Clarifies PPP Loans and Bankruptcy
PPP Loan Forgiveness Application: A Discussion of Recent Developments and Implications for Lenders
Distressed Assets Team
Seventh Circuit Reaffirms Notice Principle of UCC Financing Statements
House Harvests Increase in Farmer Eligibility for Bankruptcy – Senate Sows Seeds to Match
Revisiting Financing Statement Collateral Descriptions
Naked Liens – Stripping Prohibited
Second Circuit Rules Unintended UCC Termination Statement Was Authorized
If It Had Been Documented Otherwise: Commercial Reasonableness Documentation in Advance to Reduce Litigation Expense
Tribal Troubles—Without Bankruptcy Relief

News & Press Mentions

200 Dorsey Lawyers Selected for Inclusion in 2024 Best Lawyers in America, Lawyers of the Year, and Ones to Watch
Super Lawyers Recognizes 16 Dorsey Attorneys in Boise, Missoula, and Salt Lake City
Super Lawyers Recognizes 16 Dorsey Attorneys in Salt Lake City
Super Lawyers Recognizes 21 Dorsey Attorneys in Salt Lake City
Twenty-two Dorsey Attorneys Named to Utah ‘Legal Elite’
Super Lawyers Recognizes 22 Dorsey Attorneys in Salt Lake City
Twenty Dorsey Attorneys Named to Utah ‘Legal Elite’
15 Dorsey Lawyers in Salt Lake City Selected for Inclusion in The Best Lawyers in America 2019 and 2019 Lawyers of the Year
Super Lawyers Recognizes 15 Dorsey Attorneys in Salt Lake City
Seventeen Dorsey Attorneys Named to Utah ‘Legal Elite’
11 Dorsey Lawyers in Salt Lake City Selected for Inclusion in The Best Lawyers in America 2018 and 2018 Lawyers of the Year
Super Lawyers Recognizes 13 Dorsey Attorneys in Salt Lake City
10 Dorsey Lawyers in Salt Lake City Selected for Inclusion in The Best Lawyers in America 2017 and 2017 Lawyer of the Year
Super Lawyers Recognizes 14 Dorsey Attorneys in Salt Lake City
10 Dorsey Lawyers in Salt Lake City Selected for Inclusion in "The Best Lawyers in America®" 2016 and "Best Lawyers of the Year"
97 Dorsey Lawyers Selected for Inclusion in "The Best Lawyers in America®" 2016 and 2016 "Lawyers of the Year"
Super Lawyers Recognizes 11 Dorsey Attorneys in Salt Lake City
Super Lawyers Recognizes 12 Dorsey Attorneys in Salt Lake City
Ten Dorsey Salt Lake Lawyers Recognized by Mountain States Super Lawyers

Select Presentations

  • March 2017 - VALCON 2017, “Preparing Expert Valuation Reports”  
  • January 2017 - ABI Rocky Mountain Conference, “Documentation Issues/Proper Structuring of Transactions to Strengthen Position in Bankruptcy”
  • November 2016 - Utah Banker’s Association Compliance Conference – “PHH v. CFPB — Constitutionality of the CFPB and the Decision’s Practical Impact on Banks” and “Stoners, Skiers and Bankers—The Sliding Slope of Banking the Marijuana Industry”
  • March 2016 - VALCON 2016, “Proper Structuring on the Front End to Mitigate Fraudulent Transfer Risk”
  • December 2015 - Utah Banker’s Association Leadership Conference, “Banking Bad: Cyber Currencies and Banking Marijuana Business”
  • February 2014 - VALCON 2014, "Revenue and Cash Flow Forecasting"
  • February 2013 - VALCON 2013, "Report Preparation in the Context of Daubert"
  • February 2012 - VALCON 2012, "Valuation Issues in Downsizing a Business after a Super-Sized Economy Fails"
  • January 2011 - American Bankruptcy Institute, 16th Annual Rocky Mountain Bankruptcy Conference, "Hot Topics and Recent Developments"
  • December 2008 - American Bankruptcy Institute, 20th Annual Winter Leadership Conference, "Resolved: Special Conflicts Counsel Resolve Potential Disinterestedness Issues for Debtor’s Lead Counsel"
  • February 2008 - American Bankruptcy Institute, 13th Annual Rocky Mountain Bankruptcy Conference, "Supreme Court Cases and Hot Topics"
  • January 2006 - J. Reuben Clark Law Society, "Diocese in Chapter 11"
  • April 2005 - Utah Appellate Courts Conference, "Bankruptcy Principles for State Appellate Courts"
  • February 2005 - American Bankruptcy Institute, 10th Annual Rocky Mountain Bankruptcy Conference, "Hot Topics and Emerging Issues in Chapter 11"

Industries & Practices

Bankruptcy & Financial Restructuring
  • Appellate
  • Banking & Financial Institutions
  • Bankruptcy & Financial Restructuring
  • Commercial Litigation
  • Development & Infrastructure
  • Energy & Natural Resources
  • Food, Beverage & Agribusiness
  • Franchise & Distribution Law
  • Indian & Alaska Native
  • Lending Transactions
  • Mining
  • Real Estate & Land Use

Professional & Civic

Professional Achievements

  • Member, Risk Management Association
  • Member, American Bankruptcy Institute
  • Member, Association of Insolvency and Restructuring Advisors
  • Member, Turnaround Management Association
  • Member, Federal Bar Association
  • Member, Utah Bankruptcy Lawyer's Forum (Trustee, 1994-1997, President, 1994 - 1995)
  • Member, Admissions Committee, Utah State Bar (1996 - present, Chair or Co-Chair 1997 - 2020); Outstanding Committee of the year award 2000 and 2008
  • Chair (Administrative Law Judge), Utah Procurement Appeals Board (2001 - 2012)

Community Involvement

  • Former Trustee, Pepperwood Homeowners’ Association


  • Listed in Best Lawyers in America© for Litigation - Bankruptcy, 2006-2024
  • Listed in Mountain States Super Lawyers®, 2007-2023 

Diversity Inclusion Recognition 2023

  • Contributed more than 50 Diversity hours, 2023
  • Named one of Utah’s Legal Elite by Utah Business Magazine, Bankruptcy & Workout, 2018-2020

Steven T. Waterman - Best Lawyers' Lawyer of the Year 2016 - Litigation - Bankruptcy, Salt Lake City, UT

Steven T. Waterman