Section 34 – Sale of trust property by trustee — Foreclosure of trust deed — Limitation of actions.
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 […]
Section 35 – Trust deeds — Transfer of secured debts as transfer of security.
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
Section 36 – Trust deeds — Instruments entitled to be recorded — Assignment of a beneficial interest.
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 […]
Section 37 – Failure to disclose not a basis for liability.
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 […]
Section 38 – Release of security interest.
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 […]
Section 39 – Definitions.
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 […]
Section 40 – Reconveyance of trust deed or release of mortgage — Procedures — Forms.
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 […]
Section 31 – Trust deeds — Default in performance of obligations secured — Reinstatement — Cancellation of recorded notice of default.
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 […]
Section 23.5 – Civil liability for unauthorized person who exercises power of sale.
57-1-23.5. Civil liability for unauthorized person who exercises power of sale. (1) As used in this section: (a) “Unauthorized person” means a person who does not qualify as a trustee under Subsection 57-1-21(1)(a)(i) or (iv). (b) “Unauthorized sale” means the exercise of a power of sale by an unauthorized person. (2) (a) An unauthorized person […]
Section 24 – Sale of trust property by trustee — Notice of default.
57-1-24. Sale of trust property by trustee — Notice of default. The power of sale conferred upon the trustee who is qualified under Subsection 57-1-21(1)(a)(i) or (iv) may not be exercised until: (1) the trustee first files for record, in the office of the recorder of each county where the trust property or some part […]