UTAH LEAGUE OF INSURED SAV. ASS'NS v. State of Utah

555 F. Supp. 664
CourtDistrict Court, D. Utah
DecidedJanuary 17, 1983
DocketCiv. C-81-0664W
StatusPublished
Cited by1 cases

This text of 555 F. Supp. 664 (UTAH LEAGUE OF INSURED SAV. ASS'NS v. State of Utah) is published on Counsel Stack Legal Research, covering District Court, D. Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
UTAH LEAGUE OF INSURED SAV. ASS'NS v. State of Utah, 555 F. Supp. 664 (D. Utah 1983).

Opinion

WINDER, District Judge.

Plaintiffs’ motion for a declaratory judgment and defendants’ motion for summary judgment were orally argued on September 2, 1982. Plaintiffs were represented by Richard W. Giauque and Stephen T. Hard, and defendants were represented by Craig L. Barlow. David R. Olsen and Steven Tyler represented Amicus Utah Association of Realtors in support of defendants. Following the hearing, the court took the matter under advisement and has since reviewed the memoranda of counsel, pertinent cited authorities and legislative history. Based on the foregoing, the court renders the following decision.

Plaintiffs seek a declaratory judgment that the Due-on-Sale Act, Utah Code Annotated sections 57-15-1 to 10 (1981 Supp.) is unconstitutional. Defendants, conversely, move for an order denying plaintiffs’ motion for declaratory judgment and a declaration that the Due-on-Sale Act is constitutional. 1

*666 Plaintiff Utah League of Insured Savings Associations is an association of federal and state-chartered savings and loan associations with offices in the State of Utah. On August 5, 1982, this court granted a declaratory judgment with respect to the federal plaintiffs in the case. The remaining plaintiffs are Utah State-chartered savings and loan associations. Collectively, they have over 32,000 outstanding security interests which secure loans on real estate with four or fewer residential dwelling units. The majority of those security interests were executed prior to May 12, 1981, the effective date of the Due-on-Sale Act. Many of the security interests which are used by the plaintiffs contain a “due-on-sale clause,” which provides in part that:

If all or any part of the property or an interest therein is sold or transferred by Borrower without Lenders’ prior written consent, . . . Lender may, at Lender’s option declare all the sums secured by this Deed of Trust to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sum secured by this Deed of Trust shall be at such rate as Lender shall request.

The Due-on-Sale Act, sections 57-15-1 et seq., prohibits lenders subject to the Act from enforcing due-on-sale clauses contained in security interests originated either before or after May 12, 1981, except under the circumstances provided in sections 57-15-2 (where the transfer or sale of the real estate would substantially impair the lender’s prospect of prompt and full payment); 57-15-7 (if lender’s security interest is substantially impaired); 57-15-8 (if written notice of a request for an assumption is not timely made before a transfer or within 90 days after transfer, the lender may call the entire loan balance due without a determination the security interest is substantially impaired); and 57-15-8.5 (assumer has refused to consent to statutorily provided assumption fee and interest rate increases).

The Due-on-Sale Act does not apply to security interests in real estate originated by entities established pursuant to the Utah Housing Finance Agency Act, section 63-44a-l et seq., Utah Code Ann.; by public agencies making noninterest or low interest loans; or by private nonprofit corporations making noninterest or low interest loans for the rehabilitation of existing residential structures. The Due-on-Sale Act also does not apply to any person with a security interest in real estate who is not regularly engaged in the business of making real estate loans. See section 57-15-6, Utah Code Ann.

Members of the Utah League of Insured Savings and Loan Associations have experienced two general categories of property transfers where the League members’ ability to enforce the Due-on-Sale provisions has been impaired by the Due-on-Sale Act. In the first category, a number of borrowers from the League members transferred interest in property subject to due-on-sale clauses without obtaining the League members’ written consents to those transfers. Additionally, a number of transferees of those properties have not submitted credit applications to the League members and have not agreed to increases in the interest rate on the remaining indebtedness, even though the transferee had actual or constructive notice that such was required by the security interests.

*667 In the second category, after the enactment of the Due-on-Sale Act, a number of borrowers from the League members transferred interest in property subject to due-on-sale clauses, wherein the League members were notified of the transfers and the transferees of the property agreed to assume the borrower’s obligations to the League members. In assuming those obligations, the transferees agreed to pay assumption fees of one percent and agreed that the interest rates on the remaining indebtedness would be increased immediately by one percent per annum and further would be increased by one percent per annum five years after the date of assumption. League members have agreed to these particular increases in the interest rate only because of the provision of the Due-on-Sale Act section 57-15-8.5, which limits the amount interest rates can be increased in connection with assumptions of existing loans. Otherwise, the outstanding security interests containing due-on-sale clauses allow the League members to raise the interest rates above the limit set forth in section 57-15-8.5.

It is stipulated that in the absence of the Due-on-Sale Act, the League members would seek to enforce due-on-sale clauses contained in their security interests other than and in addition to those limited conditions set forth in sections 57-15-2, -7, -8, and -8.5. It is also stipulated that the passage and application of the Due-on-Sale Act, particularly the retroactive application thereof, has had, and will continue to have, an effect on plaintiffs.

In addition to the adoption of the Due-on-Sale Act during the 1981 General Session of the Utah Legislature, the Savings and Loan Associations Act, sections 7-7-1 to -44, Utah Code Ann. (1981 Supp.) was also passed and signed into law.

Plaintiffs contend the Due-on-Sale Act is unconstitutional in that it retroactively impairs contracts, violates equal protection and denies due process. They alternatively argue that even if the Act withstands these constitutional challenges, it is superseded by provisions within the Savings and Loan Associations Act.

Impairment of Contracts

Plaintiffs contend section 57-15-2, Utah Code Ann., which gives retroactive effect to the Act, violates Contract Clauses in the United States and Utah Constitutions. The .Act declares that “[any due-on-sale clause] in an instrument in existence before or after the effective date of this Act representing a security interest in real estate is unenforceable as an unreasonable restraint on alienation .... ” Section 57-15-2, Utah Code Ann. Article I, Section 10, of the Constitution of the United States, provides in part that “[n]o state shall ... pass any ... law impairing the obligation of contracts.” Similarly, the Constitution of the State of Utah, Article I, Section 18, requires that “[no] . ..

Free access — add to your briefcase to read the full text and ask questions with AI

Related

Perry v. Island Savings & Loan Ass'n
684 P.2d 1281 (Washington Supreme Court, 1984)

Cite This Page — Counsel Stack

Bluebook (online)
555 F. Supp. 664, Counsel Stack Legal Research, https://law.counselstack.com/opinion/utah-league-of-insured-sav-assns-v-state-of-utah-utd-1983.