As used in Sections 57-1-20
||“Beneficiary” means the person named or otherwise designated in a trust deed as the person for whose benefit a trust deed is given, or his successor in interest.
Terms Used In Utah Code 57-1-19
- 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
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means :Utah Code 68-3-12.5
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- real property: includes :Utah Code 68-3-12.5
- 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.
||“Trustor” means the person conveying real property by a trust deed as security for the performance of an obligation.
||“Trust deed” means a deed executed in conformity with Sections 57-1-20 through 57-1-36 and conveying real property to a trustee in trust to secure the performance of an obligation of the trustor or other person named in the deed to a beneficiary.
||“Trustee” means a person to whom title to real property is conveyed by trust deed, or his successor in interest.
||“Real property” has the same meaning as set forth in Section 57-1-1.
||“Trust property” means the real property conveyed by the trust deed.
Amended by Chapter 155, 1988 General Session