Utah Code 57-1-32. Sale of trust property by trustee — Action to recover balance due upon obligation for which trust deed was given as security — Collection of costs and attorney’s fees
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Terms Used In Utah Code 57-1-32
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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.
At any time within three months after any sale of property under a trust deed as provided in Sections 57-1-23, 57-1-24, and 57-1-27, an action may be commenced to recover the balance due upon the obligation for which the trust deed was given as security, and in that action the complaint shall set forth the entire amount of the indebtedness that was secured by the trust deed, the amount for which the property was sold, and the fair market value of the property at the date of sale. Before rendering judgment, the court shall find the fair market value of the property at the date of sale. The court may not render judgment for more than the amount by which the amount of the indebtedness with interest, costs, and expenses of sale, including trustee‘s and attorney’s fees, exceeds the fair market value of the property as of the date of the sale. In any action brought under this section, the prevailing party shall be entitled to collect its costs and reasonable attorney fees incurred.
Amended by Chapter 236, 2001 General Session