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Terms Used In Utah Code 61-2d-106

  • Contract: A legal written agreement that becomes binding when signed.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

     To be valid, an arbitration clause in a high-cost mortgage contract must comply with the standards set forth in Title 78B, Chapter 11, Utah Uniform Arbitration Act or the Federal Arbitration Act, or any successor acts.