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Terms Used In Utah Code 57-8a-302
association: means a corporation or other legal entity, any member of which:
(i)
is an owner of a residential lot located within the jurisdiction of the association, as described in the governing documents; and
(ii)
by virtue of membership or ownership of a residential lot is obligated to pay:
(A)
real property taxes;
(B)
insurance premiums;
(C)
maintenance costs; or
(D)
for improvement of real property not owned by the member. See Utah Code 57-8a-102
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.
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 lot:
(a)
for the nonpayment of an assessment;
(b)
in the manner provided by law for the foreclosure of a mortgage on real property; and
foreclose the lien through a judicial foreclosure in the manner provided by:
(A)
law for the foreclosure of a mortgage; and
(B)
this part.
(b)
For purposes of a nonjudicial or judicial foreclosure as provided in Subsection (1)(a):
(i)
the association is considered to be the beneficiary under a trust deed; and
(ii)
the lot owner is considered to be the trustor under a trust deed.
(2)
A lot owner’s acceptance of the owner’s interest in a lot constitutes a simultaneous conveyance of the lot 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)
(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 appoints a qualified trustee.
(b)
An association’s execution of a substitution of trustee form authorized in Section 57-1-22 is sufficient for appointment of a trustee under Subsection (3)(a).
(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).
(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 part does not prohibit an association from bringing an action against a lot owner to recover an amount for which a lien is created under Section 57-8a-301 or from taking a deed in lieu of foreclosure, if the action is brought or deed taken before the sale or foreclosure of the lot owner’s lot under this part.
