57-1-32 - Sale of trust property by trustee -- Action to recover balance due upon obligation for which trust deed was given as security -- Collection of costs and attorney's fees. - Utah Statutes

57-1-32. Sale of trust property by trustee -- Action to recover balance due uponobligation for which trust deed was given as security -- Collection of costs and attorney'sfees.
At any time within three months after any sale of property under a trust deed as providedin Sections 57-1-23, 57-1-24, and 57-1-27, an action may be commenced to recover the balancedue upon the obligation for which the trust deed was given as security, and in that action thecomplaint shall set forth the entire amount of the indebtedness that was secured by the trust deed,the amount for which the property was sold, and the fair market value of the property at the dateof sale. Before rendering judgment, the court shall find the fair market value of the property atthe date of sale. The court may not render judgment for more than the amount by which theamount of the indebtedness with interest, costs, and expenses of sale, including trustee's andattorney's fees, exceeds the fair market value of the property as of the date of the sale. In anyaction brought under this section, the prevailing party shall be entitled to collect its costs andreasonable attorney fees incurred.

Amended by Chapter 236, 2001 General Session