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57-1-31 Trust deeds -- Default in performance of obligations secured

57-1-31 Trust deeds -- Default in performance of obligations secured 2025

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The document outlines the procedures for reinstating a trust deed after a default in obligations secured by it. It specifies that the trustor or their successor can cure the default within three months of a notice of default by paying the total amount due, excluding certain principal amounts. Upon curing the default and paying any associated fees, the trustee must cancel the recorded notice of default. Failure to do so within 30 days may result in liability for damages.

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What is the Utah Code 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 attorneys fees.

What is the code 57 1 25 in Utah?

Notice of trustees sale -- Description of property -- Time and place of sale. by mailing the notice, including the statement required under Subsection (3)(b), to the occupant of each dwelling unit on the property to be sold. The sale shall be held at the time and place designated in the notice of sale.

What is the Utah Code for special warranty deed?

A special warranty deed form is defined by its warranty of title. In Utah, the warranty of title is defined by Utah Code 57-1-12.5 to include the following covenants: That the property is free from all encumbrances (mortgages, liens, etc.) made by the grantor other than those disclosed in the deed; and.

What is the statute of a quitclaim deed in Utah?

A quitclaim deed when executed as required by law shall have the effect of a conveyance of all right, title, interest, and estate of the grantor in and to the premises therein described and all rights, privileges, and appurtenances thereunto belonging, at the date of the conveyance.

What is the Utah Code 57 1 31?

Trust deeds -- Default in performance of obligations secured -- Reinstatement -- Cancellation of recorded notice of default. After the beneficiary or beneficiarys successor in interest has been paid and the default cured, the obligation and trust deed shall be reinstated as if no acceleration had occurred.

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What is substitution of trustee and full reconveyance in Utah?

In a nutshell, the Substitution of Trustee and Deed of Reconveyance is a legal document that evidences security interest is being release by a lender. In most cases, the document shows that a loan has been paid off. Property owners may even receive this document if they have refinanced a loan.

What is the Utah Code 57 1 38?

Release of security interest. 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.

57-1-31 Trust deeds -- Default in performance of obligations secured 2025

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