A
notary may not perform a notarial act if the notary:
| (1) |
is a signer of the document that is to be notarized, except for:
Terms Used In Utah Code 46-1-7- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Grantor: The person who establishes a trust and places property into it.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Notary: includes a remote notary. See Utah Code 46-1-2
- Trustee: A person or institution holding and administering property in trust.
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
| (a) |
a self-proved will as provided in Section 75-2-504; or |
| (b) |
a self-proved electronic will as provided in Section 75-2-1408; |
|
| (2) |
is named in the document that is to be notarized except for:
| (a) |
a self-proved will as provided in Section 75-2-504; |
| (b) |
a self-proved electronic will as provided in Section 75-2-1408; |
| (c) |
a licensed attorney that is listed in the document only as representing a signer or another person named in the document; or |
| (d) |
a licensed escrow agent, as defined in Section 31A-1-301, that:
| (i) |
acts as the title insurance producer in signing closing documents; and |
| (ii) |
is not named individually in the closing documents as a grantor, grantee, mortgagor, mortgagee, trustor, trustee, vendor, vendee, lessor, lessee, buyer, or seller; |
|
|
| (3) |
will receive direct compensation from a transaction connected with a financial transaction in which the notary is named individually as a principal; or |
| (4) |
will receive direct compensation from a real property transaction in which the notary is named individually as a grantor, grantee, mortgagor, mortgagee, trustor, trustee, beneficiary, vendor, vendee, lessor, lessee, buyer, or seller. |
Amended by Chapter 1, 2020 Special Session 6
