7-7-35 - Sale of real estate securities -- Dealing with buyer -- Liability of original borrower. - Utah Statutes

7-7-35. Sale of real estate securities -- Dealing with buyer -- Liability of originalborrower.
In the case of an investment made by an association in a real estate loan, in the event theownership of the real estate security or any part thereof becomes vested in a person other than theparty or parties originally executing the security instruments, and providing there is no agreementin writing to the contrary, an association may, without notice to the party or parties, deal with thesuccessor or successors in interest with reference to the mortgage or trust deed and the debtsecured by it in the same manner as with the party or parties. The association may forbear to sueor may extend time for payment of or otherwise modify the terms of the debt secured by that realestate, without discharging or in any way affecting the original liability of the party or parties.

Enacted by Chapter 16, 1981 General Session