Utah Code 38-1a-602. Notice concerning construction loan default
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(1) Within five business days after a notice of default is filed for recording under Section 57-1-24 with respect to a trust deed on the project property securing a construction loan, the construction lender under the loan shall file a notice with the registry.
Terms Used In Utah Code 38-1a-602
- Construction lender: means a person who makes a construction loan. See Utah Code 38-1a-102
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Entry number: means the reference number that:(16)(a) the designated agent assigns to each notice or other document filed with the registry; and(16)(b) is unique for each notice or other document. 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
- 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
(2) A notice under Subsection (1) shall:(2)(a) include:(2)(a)(i) the information required to be included in a notice of construction loan under Subsection 38-1a-601(2); and(2)(a)(ii) the entry number of the notice of construction loan;(2)(b) state that a notice of default with respect to the construction loan has been recorded; and(2)(c) state the date that the notice of default was recorded.