Utah Statutes
§ 57-28-305 — Lender default.
Utah·Title 57 Real Estate·Ch. 57-28 Utah Reverse Mortgage Act·Part 57-28-3 Reverse Mortgage Proceeds, Priority, Foreclosure, and Lender Default
(1)A lender who fails to make a loan advance on a non-federally insured reverse mortgage in accordance with the reverse mortgage agreement shall forfeit any right to repayment of the outstanding loan balance.
(2)After a lender forfeits the lender's right to repayment under Subsection (1), the reverse mortgage loan agreement is void.
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Utah § 57-28-305 (Lender default.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Enacted by Chapter 290, 2015 General Session
Nearby Sections
15
§ 57-1-1
Definitions.§ 57-1-10
After-acquired title passes.§ 57-1-12
Form of warranty deed -- Effect.§ 57-1-12.5
Form of special warranty deed -- Effect.§ 57-1-13
Form of quitclaim deed.§ 57-1-14
Form of mortgage -- Effect.§ 57-1-19
Trust deeds -- Definitions of terms.