Utah Code 57-1-22. Successor trustees — Appointment by beneficiary — Effect — Substitution of trustee — Recording

(1)

Need help reviewing a real estate contract?
Have it reviewed by a lawyer, get answers to your questions and move forward with confidence.
Connect with a lawyer now

Terms Used In Utah Code 57-1-22

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.
Property: includes both real and personal property. See Utah Code 68-3-12.5
Trustee: A person or institution holding and administering property in trust.

(a)	The beneficiary may appoint a successor trustee at any time by filing an appointment of trustee or a substitution of trustee for record in the office of the county recorder of each county in which the trust property or a part of the trust property is located.

(b)	The trustee appointed under Subsection (1)(a) has the power, duties, authority, and title described in the deed of trust.

(c)	The beneficiary may, by express provision in the appointment of trustee or substitution of trustee, ratify and confirm an action taken on the beneficiary’s behalf by the new trustee prior to the recording of the substitution of trustee.

(2)

An appointment of trustee or a substitution of trustee shall:

(a)

identify the trust deed by stating:

(i)	the names of the original parties to the trust deed;

(ii)	the date of recordation; and

(iii)

(A)	the book and page where the trust deed is recorded; or

(B)	the entry number;

(b)	include the legal description of the trust property;

(c)	state the name and address of the new trustee; and

(d)	be executed and acknowledged by all of the beneficiaries under the trust deed or their successors in interest.

(3)

(a)	If not previously recorded at the time of recording a notice of default, the successor trustee shall file for record, in the office of the county recorder of each county in which the trust property or some part of it is situated, the appointment of trustee or substitution of trustee.

(b)

A copy of the appointment of trustee or the substitution of trustee shall be sent in the manner provided in Subsection 57-1-26(2) to any:

(i)	person who requests a copy of any notice of default or notice of sale under Subsection 57-1-26(1)(a); and

(ii)	person who is a party to the trust deed to whom a copy of a notice of default would be required to be mailed by Subsection 57-1-26(3).

(4)

An appointment of trustee or a substitution of trustee shall be in substantially the following form:

“Appointment or Substitution of Trustee

Previous section

Next section

Chapter 1 Contents

LawServer

Utah Code 57-1-22. Successor trustees — Appointment by beneficiary — Effect — Substitution of trustee — Recording — Form

Terms Used In Utah Code 57-1-22