“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.
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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.
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
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.
(2)
“Trustor” means the person conveying real property by a trust deed as security for the performance of an obligation.
(3)
“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.
(4)
“Trustee” means a person to whom title to real property is conveyed by trust deed, or his successor in interest.
(5)
“Real property” has the same meaning as set forth in Section 57-1-1.
(6)
“Trust property” means the real property conveyed by the trust deed.
