Utah Code 38-1a-601. Notice of construction loan
Current as of: 2024 | Check for updates
|
Other versions
(1) After recording a mortgage or trust deed securing a construction loan on a private project, the construction lender on the loan shall promptly, in conjunction with the closing of the construction loan, file with the registry a notice of construction loan.
Terms Used In Utah Code 38-1a-601
- Construction lender: means a person who makes a construction loan. See Utah Code 38-1a-102
- Construction project: means an improvement that is constructed pursuant to an original contract. See Utah Code 38-1a-102
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- Private project: means a construction project that is not a government project. See Utah Code 38-1a-102
- Project property: means the real property interest on or for which preconstruction service or construction work is or will be provided. See Utah Code 38-1a-102
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Registry: means the State Construction Registry under Part 2, State Construction Registry. See Utah Code 38-1a-102
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
(2) A notice under Subsection (1) shall accurately state:(2)(a) the lender’s name, address, and telephone number;(2)(b) the name of the trustor on the trust deed securing the loan;(2)(c) the tax parcel identification number of each parcel included or to be included in the construction project for which the loan was given;(2)(d) the address of the project property; and(2)(e) the name of the county in which the project property is located.(3) A construction lender that files a notice of construction loan containing incomplete or inaccurate information may not be held liable for damages suffered by any other person who relies on the inaccurate or incomplete information in filing a preliminary notice.