Utah Code 38-1a-704. Sale of property — Redemption — Disposition of proceeds
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(1) The court shall cause the property to be sold in satisfaction of the liens and costs as in the case of a foreclosure of a mortgage, subject to the same right of redemption.
Terms Used In Utah Code 38-1a-704
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Owner: means a person who possesses an interest in a project property and contracts with an original contractor for preconstruction service or construction work. See Utah Code 38-1a-102
- Property: includes both real and personal property. See Utah Code 68-3-12.5
(2) If the proceeds of sale after the payment of costs are not sufficient to satisfy the whole amount of liens included in the decree, then the proceeds shall be paid in the order designated in Section 38-1a-703, and pro rata to the persons claiming in each class if the sum realized is insufficient to pay the persons of the class in full.
(3) Any excess sale proceeds remaining after the payment of all liens and costs shall be paid to the owner.