H.B. 303

1

TRUST DEED ASSIGNMENT AMENDMENTS
2 2013 GENERAL SESSION
3 STATE OF UTAH
4 Chief Sponsor: R. Curt Webb
5 Senate Sponsor: Stephen H. Urquhart
6
7 LONG TITLE
8 General Description:
9 This bill creates and approves recording of a notice of assignment of a beneficial
10 interest under a trust deed.
11 Highlighted Provisions:
12 This bill:
13 . approves recording of a notice of assignment of a beneficial interest as prima facie
14 evidence of a prior assignment of a beneficial interest under a trust deed;
15 . entitles a notice of assignment of a beneficial interest to be recorded; and
16 . makes technical changes.
17 Money Appropriated in this Bill:
18 None
19 Other Special Clauses:
20 None
21 Utah Code Sections Affected:
22 AMENDS:
23 57-1-36, as last amended by Laws of Utah 1988, Chapter 155
24 ENACTS:
25 57-1-22.5, Utah Code Annotated 1953
26
27 Be it enacted by the Legislature of the state of Utah:

28 Section 1. Section 57-1-22.5 is enacted to read:
29 57-1-22.5. Notice of assignment of beneficial interest.
30 (1) A recorded notice of assignment of a beneficial interest, executed by the assigning
31 beneficiary, is prima facie evidence of an assignment of the trust deed as described in the
32 notice.
33 (2) The notice of assignment of a beneficial interest shall:
34 (a) state:
35 (i) the names of the original parties to the trust deed;
36 (ii) the date the trust deed was recorded;
37 (iii) (A) the book and page where the trust deed is recorded; or
38 (B) the entry number where the trust deed is recorded;
39 (iv) the legal description of the trust property; and
40 (v) the name and address of the new beneficiary; and
41 (b) be in substantially the following form:
42 Notice of Assignment of Beneficial Interest
43 The undersigned hereby gives notice that it assigned and transferred all of its rights,
44 title, and interest under the trust deed described below, together with all of the indebtedness
45 secured thereby, to
46 (insert name and address of current beneficiary)
47 The trust deed was executed by ______ as trustor, in which ______ was the named beneficiary,
48 ______ was the named trustee, and it was filed for record ______ (month/date/year), (in Book
49 __, Page ____, Records of ______ County Recorder)/(as entry No. ______, _______ County),
50 Utah. This notice of assignment of beneficial interest affects the property located in
51 ___________________ County, State of Utah, and is described more specifically as follows:
52 (insert legal description)
53 Dated ___________________
54 Signature __________________________
55 (Certificate of Acknowledgment)
56 Section 2. Section 57-1-36 is amended to read:
57 57-1-36. Trust deeds -- Instruments entitled to be recorded -- Assignment of a
58 beneficial interest.

59 Any trust deed, substitution of trustee, assignment of a beneficial interest under a trust
60 deed, notice of assignment of a beneficial interest, notice of default, trustee's deed,
61 reconveyance of the trust property, and any instrument by which any trust deed is subordinated
62 or waived as to priority, if acknowledged as provided by law, is entitled to be recorded. The
63 recording of an assignment of a beneficial interest [in the] under a trust deed or a notice of
64 assignment of a beneficial interest does not in itself impart notice of the assignment to the
65 trustor, [his] or the trustor's heirs or personal representatives, so as to invalidate any payment
66 made by [any of them] the trustor, or the trustor's heirs or personal representatives, to the
67 person holding the note, bond, or other instrument evidencing the obligation by the trust deed.




Legislative Review Note
as of 1-21-13 4:08 PM

Office of Legislative Research and General Counsel

[Bill Documents]