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Terms Used In Utah Code 57-3-202
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.
Document: means every instrument in writing, including every conveyance, affecting, purporting to affect, describing, or otherwise concerning any right, title, or interest in real property, except wills and leases for a term not exceeding one year. See Utah Code 57-1-1
master form: means a mortgage or trust deed used as a master or similar standardized form that is drafted and recorded in accordance with this part to be incorporated in whole or in part into multiple mortgages or trust deeds. See Utah Code 57-3-201
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.
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(a)
A person may record a master form in the office of the county recorder.
(b)
A person who files a master form shall state in the caption required under Section 57-3-106 that the instrument is a master form.
(2)
A master form is not required to:
(a)
contain identification or description of any specific real property; or
(b)
name a specific:
(i)
mortgagor;
(ii)
trustor; or
(iii)
trustee.
(3)
A master form shall:
(a)
name a specific mortgagee or beneficiary;
(b)
contain an acknowledgment, proof, or certification; and
(c)
identify the person causing the recording of the master form.
(4)
A county recorder shall:
(a)
index a master form in the same manner as the county recorder indexes mortgages and trust deeds in accordance with Section 17-21-6; and
(b)
indicate on all indices and records of the county referencing the master form that the instrument is a master form.
(5)
(a)
If a county recorder receives a document for recording that contains both a master form and a mortgage or trust deed, the county recorder:
(i)
is not required to:
(A)
separate the master form from the mortgage or trust deed; or
(B)
record the master form and the mortgage or trust deed as separate instruments; but
(ii)
may separate the master form from the mortgage or trust deed and record only the master form if the unrecorded portion is clearly designated or marked as a section not recorded.
(b)
A master form recorded under Subsection (5)(a), is considered as a master form under this part for purposes of the incorporation by reference of a previously recorded master form.
