After recording a mortgage or trust deed securing a construction loan on a private project, the construction lender on the loan shall promptly, in conjunction with the closing of the construction loan, file with the registry a notice of construction loan.
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Terms Used In Utah Code 38-1a-601
Construction lender: means a person who makes a construction loan. See Utah Code 38-1a-102
Construction project: means an improvement that is constructed pursuant to an original contract. See Utah Code 38-1a-102
Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
Deed: The legal instrument used to transfer title in real property from one person to another.
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Private project: means a construction project that is not a government project. See Utah Code 38-1a-102
Project property: means the real property interest on or for which preconstruction service or construction work is or will be provided. See Utah Code 38-1a-102
Registry: means the State Construction Registry under 2. See Utah Code 38-1a-102
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
Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
(2)
A notice under Subsection (1) shall accurately state:
(a)
the lender’s name, address, and telephone number;
(b)
the name of the trustor on the trust deed securing the loan;
(c)
the tax parcel identification number of each parcel included or to be included in the construction project for which the loan was given;
(d)
the address of the project property; and
(e)
the name of the county in which the project property is located.
(3)
A construction lender that files a notice of construction loan containing incomplete or inaccurate information may not be held liable for damages suffered by any other person who relies on the inaccurate or incomplete information in filing a preliminary notice.
Renumbered and Amended by Chapter 278, 2012 General Session
