1     
TRUST DEEDS AND STATUTE OF LIMITATIONS

2     
2018 GENERAL SESSION

3     
STATE OF UTAH

4     
Chief Sponsor: Jeremy A. Peterson

5     
Senate Sponsor: ____________

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7     LONG TITLE
8     General Description:
9          This bill addresses commencement of an action on an obligation secured by a trust
10     deed.
11     Highlighted Provisions:
12          This bill:
13          ▸     clarifies when an action on an obligation secured by a trust deed is barred because
14     of the applicable statute of limitations; and
15          ▸     makes technical changes.
16     Money Appropriated in this Bill:
17          None
18     Other Special Clauses:
19          None
20     Utah Code Sections Affected:
21     AMENDS:
22          57-1-34, as last amended by Laws of Utah 2016, Chapter 305
23     

24     Be it enacted by the Legislature of the state of Utah:
25          Section 1. Section 57-1-34 is amended to read:
26          57-1-34. Sale of trust property by trustee -- Foreclosure of trust deed --
27     Limitation of actions.
28          (1) [A] For the commencement of an action on an obligation secured by a trust deed, a
29     person shall, within the period prescribed [by law for the commencement of an action on an
30     obligation secured by a trust deed] in Subsection (2):
31          [(1)] (a) commence an action to foreclose the trust deed; or
32          [(2)] (b) file for record a notice of default under Section 57-1-24.
33          (2) The time period for the commencement of an action or filing for record of notice
34     under this section:
35          (a) is the time period prescribed in Section 78B-2-309; and
36          (b) begins from the date established under Section 78B-2-113.
37          (3) This section applies to all obligations secured by a trust deed that, as of May 8,
38     2018, have any principal balance remaining on the obligation secured by the trust deed.




Legislative Review Note
Office of Legislative Research and General Counsel