Utah Code 57-8-18. Blanket mortgages and other blanket liens affecting unit at time of first conveyance
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Terms Used In Utah Code 57-8-18
- Condominium: means the ownership of a single unit in a multiunit project together with an undivided interest in common in the common areas and facilities of the property. See Utah Code 57-8-3
- Land: includes :Utah Code 68-3-12.5
- 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.
- Unit: includes one or more rooms or spaces located in one or more floors or a portion of a floor in a building. See Utah Code 57-8-3
At the time of the first conveyance of each unit, every mortgage and other lien affecting such unit, including the percentage of undivided interest of the unit in the common areas and facilities, shall have been paid and satisfied of record, or the unit being conveyed and its percentage of undivided interest in the common areas and facilities shall have been released therefrom by partial release duly recorded. The provisions of this section shall not apply, however, to any withdrawable land in a contractible condominium.
Amended by Chapter 173, 1975 General Session