Utah Code 78B-6-1221. Lienholders required to exhaust other security first
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Terms Used In Utah Code 78B-6-1221
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes both real and personal property. See Utah Code 68-3-12.5
Any party to the action, who holds a lien upon the property or any portion of it and has other securities for the payment of the amount of the lien may be required by the court to exhaust the other securities before a distribution of the proceeds of sale. The court may also order a just reduction to be made from the amount of the lien on the property in the amount of the securities.