(1) The trustee shall give written notice of the time and place of sale particularly describing the
property to be sold:
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Terms Used In Utah Code 57-1-25
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Trustee: A person or institution holding and administering property in trust.
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
(1)(a) by publication of the notice:
(1)(a)(i)
(1)(a)(i)(A) at least three times;
(1)(a)(i)(B) at least once a week for three consecutive weeks;
(1)(a)(i)(C) the last publication to be at least 10 days but not more than 30 days before the date the sale is scheduled; and
(1)(a)(i)(D) in a newspaper having a general circulation in each county in which the property to be sold, or some part of the property to be sold, is situated; and
(1)(a)(ii) in accordance with Section
45-1-101 for 30 days before the date the sale is scheduled;
(1)(b) by posting the notice:
(1)(b)(i) at least 20 days before the date the sale is scheduled; and
(1)(b)(ii)
(1)(b)(ii)(A) in some conspicuous place on the property to be sold; and
(1)(b)(ii)(B) at the office of the county recorder of each county in which the trust property, or some part of it, is located; and
(1)(c) if the stated purpose of the
obligation for which the trust
deed was given as security is to finance residential rental property:
(1)(c)(i) by posting the notice, including the statement required under Subsection (3)(b):
(1)(c)(i)(A) on the primary door of each dwelling unit on the property to be sold, if the property to be sold has fewer than nine dwelling units; or
(1)(c)(i)(B) in at least three conspicuous places on the property to be sold, in addition to the posting required under Subsection (1)(b)(ii)(A), if the property to be sold has nine or more dwelling units; or
(1)(c)(ii) 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.
(2)
(2)(a) The sale shall be held at the time and place designated in the notice of sale.
(2)(b) The time of sale shall be between the hours of 8 a.m. and 5 p.m.
(2)(c) The place of sale shall be clearly identified in the notice of sale under Subsection (1) and shall be at a courthouse serving the county in which the property to be sold, or some part of the property to be sold, is located.
(3)
(3)(a) The notice of sale shall be in substantially the following form:
Notice of Trustee‘s Sale
The following described property will be sold at public auction to the highest bidder, payable in lawful money of the United States at the time of sale, at (insert location of sale) ________________on __________(month\day\year), at __.m. of said day, for the purpose of foreclosing a trust deed originally executed by ____ (and ____, his wife,) as trustors, in favor of ____, covering real property located at ____, and more particularly described as:
(Insert legal description)
The current beneficiary of the trust deed is ______________________ and the record owners of the property as of the recording of the notice of default are _________________ and ____________________.
Dated __________(month\day\year)._______________
Trustee
(3)(b) If the stated purpose of the obligation for which the trust deed was given as security is to finance residential rental property, the notice required under Subsection (1)(c) shall include a statement, in at least 14-point font, substantially as follows:
“Notice to Tenant
As stated in the accompanying Notice of Trustee’s Sale, this property is scheduled to be sold at public auction to the highest bidder unless the default in the obligation secured by this property is cured. If the property is sold, you may be allowed under federal law to continue to occupy your rental unit until your rental agreement expires, or until 90 days after the date you are served with a notice to vacate, whichever is later. If your rental or lease agreement expires after the 90-day period, you may need to provide a copy of your rental or lease agreement to the new owner to prove your right to remain on the property longer than 90 days after the sale of the property.
You must continue to pay your rent and comply with other requirements of your rental or lease agreement or you will be subject to eviction for violating your rental or lease agreement.
The new owner or the new owner’s representative will probably contact you after the property is sold with directions about where to pay rent.
The new owner of the property may or may not want to offer to enter into a new rental or lease agreement with you at the expiration of the period described above.”
(4) The failure to provide notice as required under Subsections (1)(c) and (3)(b) or a defect in that notice may not be the basis for challenging or invaliding a trustee’s sale.
(5) A trustee qualified under Subsection 57-1-21(1)(a)(i) or (iv) who exercises a power of sale has a duty to the trustor not to defraud, or conspire or scheme to defraud, the trustor.
