Utah Code § 57-1-22 Successor Trustees - Appointment By Beneficiary - Effect - Substitution of Trustee - Recording - Form

• Library: Utah Statutes
• Edition: 2023
• Currency: Current through the 2023 Second Special Session
• Year: 2023
• Citation: Utah Code § 57-1-22

(1)

(a) The beneficiary may appoint a successor trustee at any time by filing an appointment of trustee or a substitution of trustee for record in the office of the county recorder of each county in which the trust property or [some] a part of the trust property is [situated, a substitution of trustee] located.

(b) The [new] trustee [shall succeed to all the] appointed under Subsection (1)(a) has the power, duties, authority, and title [of the trustee named] described in the deed of trust [and of any successor trustee].

(c) The beneficiary may, by express provision in the appointment of trustee or substitution of trustee, ratify and confirm an action taken on the beneficiary's behalf by the new trustee prior to the recording of the substitution of trustee.

(2) [A] An appointment of trustee or a substitution of trustee 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 their successors in interest.

(3)

(a) If not previously recorded at the time of recording a notice of default, the successor trustee shall file for record, in the office of the county recorder of each county in which the trust property or some part of it is situated, the appointment of trustee or substitution of trustee.

(b) A copy of the appointment of trustee or the substitution of trustee shall be sent in the manner provided in Subsection 57-1-26(2) to any:

(i) person who requests a copy of any notice of default or notice of sale under Subsection 57-1-26(1)(a); and

(ii) person who is a party to the trust deed to whom a copy of a notice of default would be required to be mailed by Subsection 57-1-26(3).

(4) [A] An appointment of trustee or a substitution of trustee shall be in substantially the following form:

[Substitution of Trustee]

[(insert name and address of new trustee)]

"Appointment or Substitution of Trustee

_________________________ (name and address of appointed or substituted trustee)

is hereby appointed [successor] trustee under the trust deed executed by ____ as trustor, in which ____ is named beneficiary and ____ as trustee, and filed for record __________ (month\day\year), and recorded in Book ____, Page ____, Records of ____ County, (Utah or filed for record _________ (month\day\year), with recorder's entry No. ____, ____ County), Utah.