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S.B. 274

             1     

CONDOMINIUM FORECLOSURE AMENDMENTS

             2     
2013 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Chief Sponsor: Stephen H. Urquhart

             5     
House Sponsor: ____________

             6     
             7      LONG TITLE
             8      General Description:
             9          This bill enacts provisions related to the foreclosure of a trust deed secured by real
             10      property that is subject to an association of unit owners under Title 57, Chapter 8,
             11      Condominium Ownership Act, or an association under Title 57, Chapter 8a,
             12      Community Association Act.
             13      Highlighted Provisions:
             14          This bill:
             15          .    defines terms; and
             16          .    requires the beneficiary of a trust deed that is secured by real property that is subject
             17      to an association of unit owners under Title 57, Chapter 8, Condominium
             18      Ownership Act, or an association under Title 57, Chapter 8a, Community
             19      Association Act, to pay the unit's share of certain common costs to the association
             20      after the trustee files a notice of default.
             21      Money Appropriated in this Bill:
             22          None
             23      Other Special Clauses:
             24          None
             25      Utah Code Sections Affected:
             26      ENACTS:
             27          57-1-36.5, Utah Code Annotated 1953


             28     
             29      Be it enacted by the Legislature of the state of Utah:
             30          Section 1. Section 57-1-36.5 is enacted to read:
             31          57-1-36.5. Payment of certain costs to condominium or community association
             32      after notice of default.
             33          (1) As used in this section:
             34          (a) "Association" means:
             35          (i) an association of unit owners, as defined in Section 57-8-3 ; or
             36          (ii) an association, as defined in Section 57-8a-102 .
             37          (b) "Unit" means:
             38          (i) a lot, as defined in Section 57-8a-102 ; or
             39          (ii) a unit, as defined in Section 57-8-3 .
             40          (2) (a) In accordance with this section, the beneficiary of a trust deed that is secured by
             41      a unit that is part of an association shall pay to the association the amount of the unit's share of
             42      the costs described in Subsection (4)(a) from the day after a notice of default is recorded until
             43      the day on which:
             44          (i) the unit is sold at a trustee's sale; or
             45          (ii) the notice of default is cancelled.
             46          (b) The beneficiary shall pay the amount described in Subsection (2)(a) to the
             47      association within 10 days after the later of the day on which:
             48          (i) the unit is sold at a trustee's sale;
             49          (ii) the notice of default is cancelled; or
             50          (iii) the beneficiary receives the document described in Subsection (4).
             51          (3) (a) Within three days after the day on which a trustee records a notice of default
             52      under Section 57-1-24 against a unit that is part of an association, the trustee shall deliver to the
             53      association, at the association's address on file with the Department of Commerce:
             54          (i) in accordance with Subsection (3)(b), written notice that a notice of default was
             55      recorded on the unit; and
             56          (ii) a copy of the notice of default.
             57          (b) A written notice under Subsection (3)(a)(i) shall state:
             58          (i) the name and address of the trustee;


             59          (ii) the name and address of the beneficiary; and
             60          (iii) the date on which the notice of default was recorded.
             61          (4) Within 30 days after the day on which an association receives the notice described
             62      in Subsection (3), the association shall deliver to the beneficiary a document that includes:
             63          (a) the amount of the unit's monthly share of:
             64          (i) landscaping maintenance in the common areas;
             65          (ii) water; and
             66          (iii) insurance; and
             67          (b) the method by which the beneficiary shall make the payment required under
             68      Subsection (2) to the association.




Legislative Review Note
    as of 3-1-13 3:13 PM


Office of Legislative Research and General Counsel


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