(1)  Within five business days after a notice of default is filed for recording under Section 57-1-24 with respect to a trust deed on the project property securing a construction loan, the construction lender under the loan shall file a notice with the registry.

contract signature

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Terms Used In Utah Code 38-1a-602

  • Construction lender: means a person who makes a construction loan. See Utah Code 38-1a-102
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Entry number: means the reference number that:
(a) the designated agent assigns to each notice or other document filed with the registry; and
(b) is unique for each notice or other document. 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
    • (2)  A notice under Subsection (1) shall:

    (a)  include:

    (i)  the information required to be included in a notice of construction loan under Subsection 38-1a-601(2); and

    (ii)  the entry number of the notice of construction loan;

    (b)  state that a notice of default with respect to the construction loan has been recorded; and

    (c)  state the date that the notice of default was recorded.

    Renumbered and Amended by Chapter 278, 2012 General Session

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