Utah § 57-1-42 Liability of title insurer or title agent.

Utah Statutes

§ 57-1-42 — Liability of title insurer or title agent.

Utah·Title 57 Real Estate·Ch. 57-1 Conveyances

A title insurer or title agent purporting to act under the provisions of Section 57-1-40 who reconveys a trust deed or releases a mortgage is liable to the beneficiary or mortgagee for the damages suffered as a result of the reconveyance if:

(1)the obligation secured by the trust deed or mortgage:

(1)(a) has not been fully paid; or

(1)(b) has not been partially paid in an amount agreed to by the beneficiary, mortgagee, or servicer as sufficient to release the mortgage or reconvey the trust deed; and

(2)(2)(a) the title insurer or title agent failed to comply with the provisions of Sections 57-1-40 and 57-1-41; or

(2)(b) the title insurer or title agent acted with gross negligence or in bad faith in reconveying the trust deed.

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A title insurer or title agent purporting to act under the provisions of Section 57-1-40 who reconveys a trust deed or releases a mortgage is liable to the beneficiary or mortgagee for the damages suffered as a result of the reconveyance if:
(1) the obligation secured by the trust deed or mortgage:

(1)(a) has not been fully paid; or
(1)(b) has not been partially paid in an amount agreed to by the beneficiary, mortgagee, or servicer as sufficient to release the mortgage or reconvey the trust deed; and
(2) (2)(a) the title insurer or title agent failed to comply with the provisions of Sections 57-1-40 and 57-1-41; or
(2)(b) the title insurer or title agent acted with gross negligence or in bad faith in reconveying the trust deed.

Utah § 57-1-42 (Liability of title insurer or title agent.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.