(1)

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Terms Used In Utah Code 57-8-45

  • association: means all of the unit owners:
         (2)(a) acting as a group in accordance with the declaration and bylaws; or
         (2)(b) organized as a legal entity in accordance with the declaration. See Utah Code 57-8-3
  • 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
  • Declaration: means the instrument by which the property is submitted to the provisions of this act, as it from time to time may be lawfully amended. See Utah Code 57-8-3
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Judicial foreclosure: means a foreclosure of a unit:
         (22)(a) for the nonpayment of an assessment;
         (22)(b) in the manner provided by law for the foreclosure of a mortgage on real property; and
         (22)(c) as provided in this chapter. See Utah Code 57-8-3
  • 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.
  • Person: means an individual, corporation, partnership, association, trustee, or other legal entity. See Utah Code 57-8-3
  • 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.
  • Unit: includes one or more rooms or spaces located in one or more floors or a portion of a floor in a building. See Utah Code 57-8-3
  • Unit owner: means the person or persons owning a unit in fee simple and an undivided interest in the fee simple estate of the common areas and facilities in the percentage specified and established in the declaration or, in the case of a leasehold condominium project, the person or persons whose leasehold interest or interests in the condominium unit extend for the entire balance of the unexpired term or terms. See Utah Code 57-8-3
     (1)(a) Except as provided in Section 57-8-13.1, to enforce a lien established under Section 57-8-44, an association of unit owners may:

          (1)(a)(i) cause a unit to be sold through nonjudicial foreclosure as though the lien were a deed of trust, in the manner provided by:

               (1)(a)(i)(A) Sections 57-1-24, 57-1-25, 57-1-26, and 57-1-27; and
               (1)(a)(i)(B) this chapter; or
          (1)(a)(ii) foreclose the lien through a judicial foreclosure in the manner provided by:

               (1)(a)(ii)(A) law for the foreclosure of a mortgage; and
               (1)(a)(ii)(B) this chapter.
     (1)(b) For purposes of a nonjudicial or judicial foreclosure as provided in Subsection (1)(a):

          (1)(b)(i) the association of unit owners is considered to be the beneficiary under a trust deed; and
          (1)(b)(ii) the unit owner is considered to be the trustor under a trust deed.
(2) A unit owner’s acceptance of the owner’s interest in a unit constitutes a simultaneous conveyance of the unit in trust, with power of sale, to the trustee designated as provided in this section for the purpose of securing payment of all amounts due under the declaration and this chapter.
(3)

     (3)(a) A power of sale and other powers of a trustee under this part and under Sections 57-1-19 through 57-1-34 may not be exercised unless the association of unit owners appoints a qualified trustee.
     (3)(b) An association of unit owners’ execution of a substitution of trustee form authorized in Section 57-1-22 is sufficient for appointment of a trustee under Subsection (3)(a).
     (3)(c) A person may not be a trustee under this part unless the person qualifies as a trustee under Subsection 57-1-21(1)(a)(i) or (iv).
     (3)(d) A trustee under this part is subject to all duties imposed on a trustee under Sections 57-1-19 through 57-1-34.
(4) This chapter does not prohibit an association of unit owners from bringing an action against a unit owner to recover an amount for which a lien is created under Section 57-8-44 or from taking a deed in lieu of foreclosure, if the action is brought or deed taken before the sale or foreclosure of the unit owner’s unit under this chapter.

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