57-1-22 - Successor trustees -- Appointment by beneficiary -- Effect -- Substitution of trustee -- Recording -- Form. - Utah Statutes

57-1-22. Successor trustees -- Appointment by beneficiary -- Effect -- Substitutionof trustee -- Recording -- Form.
(1) (a) The beneficiary may appoint a successor trustee at any time by filing for record inthe office of the county recorder of each county in which the trust property or some part of thetrust property is situated, a substitution of trustee.
(b) The new trustee shall succeed to all the power, duties, authority, and title of thetrustee named in the deed of trust and of any successor trustee.
(c) The beneficiary may, by express provision in the substitution of trustee, ratify andconfirm action taken on the beneficiary's behalf by the new trustee prior to the recording of thesubstitution of trustee.
(2) The substitution shall:
(a) identify the trust deed by stating:
(i) the names of the original parties to the trust deed;
(ii) the date of recordation; and
(iii) (A) the book and page where the trust deed is recorded; or
(B) the entry number;
(b) include the legal description of the trust property;
(c) state the name and address of the new trustee; and
(d) be executed and acknowledged by all of the beneficiaries under the trust deed or theirsuccessors in interest.
(3) (a) If not previously recorded, at the time of recording a notice of default, thesuccessor trustee shall file for record, in the office of the county recorder of each county in whichthe trust property or some part of it is situated, the substitution of trustee.
(b) A copy of the substitution of trustee shall be sent in the manner provided inSubsection 57-1-26(2) to any:
(i) person who requests a copy of any notice of default or notice of sale under Subsection57-1-26(1)(a); and
(ii) person who is a party to the trust deed to whom a copy of a notice of default wouldbe required to be mailed by Subsection 57-1-26(3).
(4) A substitution of trustee shall be in substantially the following form:
Substitution of Trustee
(insert name and address of new trustee)
is hereby appointed successor trustee under the trust deed executed by ____ astrustor, in which ____ is named beneficiary and ____ as trustee, and filed for record__________(monthdayyear), and recorded in Book ____, Page ____, Records of ____ County,(or filed for record __________(monthdayyear), with recorder's entry No. ____, ____ County),Utah.
(Insert legal description)
Signature_____________________________
(Certificate of Acknowledgment)

Amended by Chapter 209, 2002 General Session