Utah Code 57-28-303. Priority
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(1) All amounts secured by a reverse mortgage have the same lien priority as the first disbursement under the reverse mortgage.
Terms Used In Utah Code 57-28-303
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(2) For purposes of Subsection (1), the amount secured by the reverse mortgage includes any payment to the borrower from the loan proceeds, regardless of the purpose of the payment.