Utah Code 78B-2-220. Redemption when more than one mortgagor
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Terms Used In Utah Code 78B-2-220
- action: as used in this chapter includes counterclaims and cross-complaints and all other civil actions in which affirmative relief is sought. See Utah Code 78B-2-101
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Person: means :Utah Code 68-3-12.5
If there is more than one mortgagor, or more than one person claiming under a mortgagor, some of whom are not entitled to maintain an action under the provisions of this article, any one of them who is entitled to maintain an action may redeem a divided or undivided part of the mortgaged premises as his interest may appear, and have an accounting for a part of the rents and profits proportionate to his interest in the mortgaged premises, on payment of a part of the mortgage money, bearing the same proportion to the whole of the money as the value of his divided or undivided interest in the premises bears to the whole of the premises.
Renumbered and Amended by Chapter 3, 2008 General Session