Effective 5/10/2016 57-1-26. Requests for copies of notice of default and notice of sale — Mailing by trustee or beneficiary — Publication of notice of default — Notice to parties of trust deed. (1) (a) Any person desiring a copy of any notice of default and of any notice of sale under any trust deed […]
Effective 5/10/2016 57-1-27. Sale of trust property by public auction — Postponement of sale. (1) (a) On the date and at the time and place designated in the notice of sale, the trustee or the attorney for the trustee shall sell the property at public auction to the highest bidder. (b) The trustee, or the […]
Effective 5/10/2016 57-1-28. Sale of trust property by trustee — Payment of bid — Trustee’s deed delivered to purchaser — Recitals — Effect. (1) (a) The purchaser at the sale shall pay the price bid as directed by the trustee. (b) The beneficiary shall receive a credit on the beneficiary’s bid in an amount not […]
Effective 5/9/2017 57-1-29. Proceeds of trustee’s sale — Disposition. (1) (a) The trustee shall apply the proceeds of a trustee’s sale in the following order: (i) first, to the costs and expenses of exercising the power of sale and of the sale, including the payment of the trustee’s and attorney fees actually incurred not to […]
57-1-3. Grant of fee simple presumed. A fee simple title is presumed to be intended to pass by a conveyance of real estate, unless it appears from the conveyance that a lesser estate was intended. No Change Since 1953
57-1-30. Sale of trust property by trustee — Corporate stock evidencing water rights given to secure trust deed. Shares of corporate stock evidencing water rights used, intended to be used, or suitable for use on the trust property and which are hypothecated to secure an obligation secured by a trust deed may be sold with […]
Effective 5/5/2021 57-1-31. Trust deeds — Default in performance of obligations secured — Reinstatement — Cancellation of recorded notice of default. (1) (a) Whenever all or a portion of the principal sum of any obligation secured by a trust deed has, prior to the maturity date fixed in the obligation, become due or been declared […]
57-1-31.5. Reinstatement or payoff statement — Timeliness of request — Trustee’s duty to provide statement — Statement to include accounting of costs and fees. (1) As used in this section: (a) “Approved delivery method” means delivery by: (i) certified or registered United States mail with return receipt requested; or (ii) a nationally recognized letter or […]
57-1-32. Sale of trust property by trustee — Action to recover balance due upon obligation for which trust deed was given as security — Collection of costs and attorney’s fees. At any time within three months after any sale of property under a trust deed as provided in Sections 57-1-23, 57-1-24, and 57-1-27, an action […]
57-1-33.1. Reconveyance of a trust deed — Erroneous reconveyance. (1) (a) When an obligation secured by a trust deed has been satisfied, the trustee shall, upon written request by the beneficiary, reconvey the trust property. (b) At the time the beneficiary requests a reconveyance under Subsection (1)(a), the beneficiary shall deliver to the trustee or […]
Effective 5/10/2016 57-1-34. Sale of trust property by trustee — Foreclosure of trust deed — Limitation of actions. A person shall, within the period prescribed by law for the commencement of an action on an obligation secured by a trust deed: (1) commence an action to foreclose the trust deed; or (2) file for record […]
57-1-35. Trust deeds — Transfer of secured debts as transfer of security. The transfer of any debt secured by a trust deed shall operate as a transfer of the security therefor. Enacted by Chapter 181, 1961 General Session
57-1-36. Trust deeds — Instruments entitled to be recorded — Assignment of a beneficial interest. Any trust deed, substitution of trustee, assignment of a beneficial interest under a trust deed, notice of assignment of a beneficial interest, notice of default, trustee’s deed, reconveyance of the trust property, and any instrument by which any trust deed […]
57-1-37. Failure to disclose not a basis for liability. (1) The failure of an owner of real property to disclose that the property being offered for sale is stigmatized is not a material fact that must be disclosed in the transaction of real property. (2) Neither an owner nor his agent is liable for failing […]
57-1-38. Release of security interest. (1) As used in this section: (a) “Revolving credit line” means an agreement between the borrower and a secured lender who agrees to loan the borrower money on a continuing basis so long as the outstanding principal amount owed by the borrower does not exceed a specified amount. (b) “Secured […]
57-1-39. Definitions. As used in Sections 57-1-40 and 57-1-44: (1) “Beneficiary” means the record owner of the beneficiary’s interest under a trust deed, including successors in interest. (2) “Deliver” or “delivered” means by: (a) overnight delivery by a reputable carrier; (b) United States certified mail or express mail; (c) hand delivery with receipt acknowledged in […]
57-1-4. Attempted conveyance of more than grantor owns — Effect. A conveyance made by an owner of an estate for life or years, purporting to convey a greater estate than he could lawfully transfer, does not work a forfeiture of his estate, but passes to the grantee all the estate which the grantor could lawfully […]
57-1-40. Reconveyance of trust deed or release of mortgage — Procedures — Forms. (1) A title insurer or title agent may reconvey a trust deed or release a mortgage in accordance with the provisions of Subsections (2) through (6) if: (a) the obligation secured by the trust deed or mortgage has been fully paid by […]
57-1-40.5. Partial reconveyance of trust deed or release of mortgage — Procedures — Forms. (1) (a) If a trustor or mortgagor pledges more than one parcel of real property as collateral under a trust deed or mortgage, the beneficiary, mortgagee, or servicer may agree for a sum certain to release a portion of the real […]
57-1-41. Objections to reconveyance or release. A title insurer or title agent may not record a reconveyance of trust deed or release of mortgage if, within 60 days from the day on which the title insurer or title agent delivered or mailed the notice of intent to release or reconvey in accordance with Subsections 57-1-40(3) […]
