Utah Code 57-8-47. Provisions applicable to nonjudicial foreclosure

(1)

An association of unit owners’ nonjudicial foreclosure of a unit is governed by:

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Terms Used In Utah Code 57-8-47

association: means all of the unit owners:

(a)	acting as a group in accordance with the declaration and bylaws; or

(b)

organized as a legal entity in accordance with the declaration. See Utah Code 57-8-3

Deed: The legal instrument used to transfer title in real property from one person to another.

Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}

Lien: A claim against real or personal property in satisfaction of a debt.

Nonjudicial foreclosure: means the sale of a unit:

(a)	for the nonpayment of an assessment;

(b)	in the same manner as the sale of trust property under Sections 57-1-19 through 57-1-34; and

(c)	as provided in this chapter. See Utah Code 57-8-3 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
(a)	Sections 57-1-19 through 57-1-34, to the same extent as though the association of unit owners’ lien were a trust deed; and

(b)	this chapter.

(2)	If there is a conflict between a provision of this chapter and a provision of Sections 57-1-19 through 57-1-34 with respect to an association of unit owners’ nonjudicial foreclosure of a unit, the provision of this chapter controls.

Enacted by Chapter 355, 2011 General Session

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