State Codes and Statutes
Statutes > Utah > Title-57 > Chapter-01 > 57-1-3157-1-31. Trust deeds -- Default in performance of obligations secured --Reinstatement -- Cancellation of recorded notice of default.
(1) Whenever all or a portion of the principal sum of any obligation secured by a trustdeed has, prior to the maturity date fixed in the obligation, become due or been declared due byreason of a breach or default in the performance of any obligation secured by the trust deed,including a default in the payment of interest or of any installment of principal, or by reason offailure of the trustor to pay, in accordance with the terms of the trust deed, taxes, assessments,premiums for insurance, or advances made by the beneficiary in accordance with terms of theobligation or of the trust deed, the trustor or the trustor's successor in interest in the trust propertyor any part of the trust property or any other person having a subordinate lien or encumbrance ofrecord on the trust property or any beneficiary under a subordinate trust deed, at any time withinthree months of the filing for record of notice of default under the trust deed, if the power of saleis to be exercised, may pay to the beneficiary or the beneficiary's successor in interest the entireamount then due under the terms of the trust deed (including costs and expenses actually incurredin enforcing the terms of the obligation, or trust deed, and the trustee's and attorney's fees actuallyincurred) other than that portion of the principal as would not then be due had no defaultoccurred, and thereby cure the existing default. After the beneficiary or beneficiary's successor ininterest has been paid and the default cured, the obligation and trust deed shall be reinstated as ifno acceleration had occurred.
(2) If the default is cured and the trust deed reinstated in the manner provided inSubsection (1), and a reasonable fee is paid for cancellation, including the cost of recording thecancellation of notice of default, the trustee shall execute, acknowledge, and deliver acancellation of the recorded notice of default under the trust deed; and any trustee who refuses toexecute and record this cancellation within 30 days is liable to the person curing the default forall actual damages resulting from this refusal. A reconveyance given by the trustee or theexecution of a trustee's deed constitutes a cancellation of a notice of default. Otherwise, acancellation of a recorded notice of default under a trust deed is, when acknowledged, entitled tobe recorded and is sufficient if made and executed by the trustee in substantially the followingform:
The undersigned hereby cancels the notice of default filed for record__________(month\day\year), and recorded in Book ____, Page ____, Records of ____ County,(or filed of record __________(month\day\year), with recorder's entry No. ____, ____ County),Utah, which notice of default refers to the trust deed executed by ____ and ___________ astrustors, in which ____ is named as beneficiary and ____ as trustee, and filed for record__________(month\day\year), and recorded in Book ____, Page ____, Records of ____ County,(or filed of record __________(month\day\year), with recorder's entry No. ____, ____ County),Utah.
Signature of Trustee ______________________________________________________
Amended by Chapter 236, 2001 General Session
