(1) 

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Terms Used In Utah Code 57-1-40.5

  • 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.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • 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
  • real property: includes :Utah Code 68-3-12.5
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Trustee: A person or institution holding and administering property in trust.
  • Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
(a)  If a trustor or mortgagor pledges more than one parcel of real property as collateral under a trust deed or mortgage, the beneficiary, mortgagee, or servicer may agree for a sum certain to release a portion of the real property pledged on the trust deed or mortgage when a sum certain is paid.

(b)  When the sum certain is paid, a title insurer or title agent may partially convey a trust deed or partially release a mortgage in accordance with the provisions of Subsections (2) through (6) if:

(i)  the sum certain that is part of the obligation secured by the trust deed or mortgage has been paid by the title insurer or title agent to release or reconvey a portion of the real property pledged as collateral; or

(ii)  the title insurer or title agent possesses satisfactory evidence of the payment of the sum certain thus authorizing release or reconveyance of a portion of the real property pledged.

(2)  A title insurer or title agent may partially reconvey a trust deed or partially release a mortgage under Subsection (1) regardless of whether the title insurer or title agent is named as a trustee under a trust deed or has the authority to release a mortgage.

(3)  At the time the obligation secured by the trust deed or mortgage is paid as required by Subsection (1), or at any later time, the title insurer or title agent shall deliver a notice of intent to partially release or partially reconvey, and a copy of the partial release or partial reconveyance that is to be recorded, as described in Subsection (4), to the beneficiary, mortgagee, or servicer at:

(a)  the address specified in the trust deed or mortgage;

(b)  any address for the beneficiary or mortgagee specified in the last recorded assignment of the trust deed or mortgage;

(c)  any address for the beneficiary, mortgagee, or servicer specified in a request for notice recorded under Section 57-1-26; or

(d)  the address shown on any payoff statement received by the title insurer or agent from the beneficiary, mortgagee, or servicer.

(4)  The notice of intent to partially release or partially reconvey shall:

(a)  contain the name of:

(i)  the beneficiary or mortgagee;

(ii)  the servicer, if any;

(iii)  the title insurer or title agent;

(b)  contain the date; and

(c)  be substantially in the following form:

NOTICE OF INTENT TO PARTIALLY RELEASE OR PARTIALLY RECONVEY
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