57-1-24 - Sale of trust property by trustee -- Notice of default. - Utah Statutes

57-1-24. Sale of trust property by trustee -- Notice of default.
The power of sale conferred upon the trustee who is qualified under Subsection57-1-21(1)(a)(i) or (iv) may not be exercised until:
(1) the trustee first files for record, in the office of the recorder of each county where thetrust property or some part or parcel of the trust property is situated, a notice of default,identifying the trust deed by stating the name of the trustor named in the trust deed and giving thebook and page, or the recorder's entry number, where the trust deed is recorded and a legaldescription of the trust property, and containing a statement that a breach of an obligation forwhich the trust property was conveyed as security has occurred, and setting forth the nature ofthat breach and of the trustee's election to sell or cause to be sold the property to satisfy theobligation;
(2) not less than three months has elapsed from the time the trustee filed for record underSubsection (1); and
(3) after the lapse of at least three months the trustee shall give notice of sale as providedin Sections 57-1-25 and 57-1-26.

Amended by Chapter 236, 2001 General Session