Utah Code 31A-23a-406.5. Conduct of escrow

(1)	Only an escrow agent or a title insurer in compliance with Subsection 31A-4-107(1)(a) and Section 31A-14-211 shall conduct escrow.

Terms Used In Utah Code 31A-23a-406.5

Escrow: Money given to a third party to be held for payment until certain conditions are met.
Escrow: means :

(i)

a transaction that effects the sale, transfer, encumbering, or leasing of real property, when a person not a party to the transaction, and neither having nor acquiring an interest in the title, performs, in accordance with the written instructions or terms of the written agreement between the parties to the transaction, any of the following actions:

(A)	the explanation, holding, or creation of a document; or

(B)	the receipt, deposit, and disbursement of money;

(ii)

a settlement or closing involving:

(A)	a mobile home;

(B)	a grazing right;

(C)	a water right; or

(D)

other personal property authorized by the commissioner. See Utah Code 31A-1-301

Escrow agent: means an agency title insurance producer meeting the requirements of Sections 31A-4-107, 31A-14-211, and 31A-23a-204, who is acting through an individual title insurance producer licensed with an escrow subline of authority. See Utah Code 31A-1-301

Insurer: is a s defined in Section 31A-1-301, except that the following persons or similar persons are not insurers for purposes of 7:

(a)

a risk retention group as defined in:

(i)

the Superfund Amendments and Reauthorization Act of 1986, Pub. See Utah Code 31A-23a-102

Person: includes :

(a)	an individual;

(b)	a partnership;

(c)	a corporation;

(d)	an incorporated or unincorporated association;

(e)	a joint stock company;

(f)

a trust;

(g)	a limited liability company;

(h)	a reciprocal;

(i)	a syndicate; or

(j)

another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301

(2)

Subsection (1) does not limit or expand the authority granted to:

(a)	a person defined as an escrow agent in Section 7-22-101;

(b)	a person licensed to practice law in Utah, if that person meets the requirements of Section 31A-23a-204;

(c)	a person licensed under Title 61, Chapter 2f, Real Estate Licensing and Practices Act; or

(d)	a person licensed under Title 58, Chapter 55, Utah Construction Trades Licensing Act.

Enacted by Chapter 319, 2013 General Session

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