Utah Code 57-25-103. Nature of rights — Subordination of interests
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Terms Used In Utah Code 57-25-103
- Agency: means the Utah Department of Environmental Quality or other state or federal agency that determines or approves the environmental response project under which the environmental covenant is created. See Utah Code 57-25-102
- Common interest community: means a condominium, cooperative, or other real property with respect to which a person, by virtue of the person's ownership of a parcel of real property, is obligated to pay property taxes or insurance premiums, or for maintenance, or improvement of other real property described in a recorded covenant that creates the common interest community. See Utah Code 57-25-102
- Environmental covenant: means a servitude arising under an environmental response project that imposes activity and use limitations. See Utah Code 57-25-102
- Holder: means the grantee of an environmental covenant as specified in Subsection
57-25-103(1) . See Utah Code 57-25-102 - 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.
- 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
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: includes :
(31)(a) land;(31)(b) a tenement;(31)(c) a hereditament;(31)(d) a water right;(31)(e) a possessory right; and(31)(f) a claim. See Utah Code 68-3-12.5(1)(a) Any person, including a person that owns an interest in the real property, the agency, or a municipality or other unit of local government, may be a holder.(1)(b) An environmental covenant may identify more than one holder.(1)(c) The interest of a holder is an interest in real property.(2) A right of an agency under this chapter or under an environmental covenant, other than a right as a holder, is not an interest in real property.(3)(3)(a) An agency is bound by any obligation it affirmatively assumes in an environmental covenant, but an agency does not assume obligations merely by signing an environmental covenant.(3)(b) Any other person that signs an environmental covenant is bound by the obligations the person assumes in the covenant, but signing the covenant does not change obligations, rights, or protections granted or imposed under law other than this chapter except as provided in the covenant.(4) The following requirements apply to interests in real property in existence at the time an environmental covenant is created or amended:(4)(a) An interest that has priority under other law is not affected by an environmental covenant unless the person that owns the interest subordinates that interest to the covenant.(4)(b) This chapter does not require a person that owns a prior interest to subordinate that interest to an environmental covenant or to agree to be bound by the covenant.(4)(c)(4)(c)(i) A subordination agreement may be contained in an environmental covenant covering real property or in a separate record.(4)(c)(ii) If the environmental covenant covers commonly owned property in a common interest community, the record may be signed by any person authorized by the governing board of the owners’ association.(4)(d) An agreement by a person to subordinate a prior interest to an environmental covenant affects the priority of that person’s interest but does not by itself impose any affirmative obligation on the person with respect to the environmental covenant.