| (2) |
| (a) |
If the default is cured and the trust deed reinstated in the manner provided in Subsection (1), and a reasonable fee is paid for cancellation, including the cost of recording the cancellation of notice of default, the trustee shall:
| (i) |
execute, acknowledge, and deliver a cancellation of the recorded notice of default under the trust deed; and |
| (ii) |
mail, by certified or registered mail, return receipt requested, with postage prepaid, within 20 days, a copy of the recorded cancellation of notice of default to each person entitled to receive a copy of a notice of default and a copy of a notice of sale under Subsection 57-1-26(3). |
|
| (b) |
A trustee who refuses to execute and record this cancellation within 30 days is liable to the person curing the default for all actual damages resulting from this refusal. |
| (c) |
A reconveyance given by the trustee or the execution of a trustee's deed constitutes a cancellation of a notice of default. |
| (d) |
Otherwise, a cancellation of a recorded notice of default under a trust deed is, when acknowledged, entitled to be recorded and is sufficient if made and executed by the trustee in substantially the following form:
Cancellation of Notice of Default
The undersigned hereby cancels the notice of default filed for record __________(month\day\year), and recorded in Book ____, Page ____, Records of ____ County, (or filed of record __________(month\day\year), with recorder's entry No. ____, ____ County), Utah, which notice of default refers to the trust deed executed by ____ and ___________ as trustors, in which ____ is named as beneficiary and ____ as trustee, and filed for record __________(month\day\year), and recorded in Book ____, Page ____, Records of ____ County, (or filed of record __________(month\day\year), with recorder's entry No. ____, ____ County), Utah.
(legal description)
Signature of Trustee ______________________________________________________
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