Utah Code 57-8-47. Provisions applicable to nonjudicial foreclosure
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(1) An association of unit owners’ nonjudicial foreclosure of a unit is governed by:
Terms Used In Utah Code 57-8-47
- association: means all of the unit owners:(2)(a) acting as a group in accordance with the declaration and bylaws; or(2)(b) organized as a legal entity in accordance with the declaration. See Utah Code 57-8-3
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Nonjudicial foreclosure: means the sale of a unit:
(30)(a) for the nonpayment of an assessment;(30)(b) in the same manner as the sale of trust property under Sections57-1-19 through57-1-34 ; and(30)(c) as provided in this chapter. See Utah Code 57-8-3- Unit: includes one or more rooms or spaces located in one or more floors or a portion of a floor in a building. See Utah Code 57-8-3
(1)(a) Sections57-1-19 through57-1-34 , to the same extent as though the association of unit owners’ lien were a trust deed; and(1)(b) this chapter.(2) If there is a conflict between a provision of this chapter and a provision of Sections57-1-19 through57-1-34 with respect to an association of unit owners’ nonjudicial foreclosure of a unit, the provision of this chapter controls.