Utah Code 57-28-303. Priority

57-28-303. Priority.

(1)	All amounts secured by a reverse mortgage have the same lien priority as the first disbursement under the reverse mortgage.

Lien: A claim against real or personal property in satisfaction of a debt.
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

(2)	For purposes of Subsection (1), the amount secured by the reverse mortgage includes any payment to the borrower from the loan proceeds, regardless of the purpose of the payment.

Enacted by Chapter 290, 2015 General Session