The recording of a mortgage or trust deed that incorporates a provision of a master form in accordance with Section 57-3-203, operates as constructive notice of the mortgage or trust deed, including all incorporated provisions of the referenced master form.
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Terms Used In Utah Code 57-3-204
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
Contract: A legal written agreement that becomes binding when signed.
Deed: The legal instrument used to transfer title in real property from one person to another.
master form: means a mortgage or trust deed used as a master or similar standardized form that is drafted and recorded in accordance with this part to be incorporated in whole or in part into multiple mortgages or trust deeds. See Utah Code 57-3-201
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
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.
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)
Nothing in this part modifies the law regarding the effectiveness of a mortgage, trust deed, or contract as between:
(a)
the mortgagor and mortgagee of the mortgage; or
(b)
the trustor, beneficiary, and trustee under a trust deed.
