1959 Session: Bills 69-70

              1959
S.  B. No. 69
By Messrs. Fowles, Gibson and Barlow
AN ACT RELATING TO TRUST DEEDS; AUTHORIZING TRANSFERS IN TRUST OF
REAL PROPERTY,  GRANTING TRUSTEES OF TRUST DEEDS A FdttER OF SALE,
PROVIDING THE MANNER IN WHICH THE POWER OF SALE SHALL BE EXERCISED AND THE SALE HELD, PROVIDING FOR THE RIGHTS AND OBLIGATIONS
OF PARTIES TO TRUST DEEDS, AND REPEALING SECTION 78-37-7, UTAH
CODE ANNOTATED 1953.
Be It enacted by the Legislature of the State of Utah;
Section 1.    The availability of more adequate financing for home
purchase, improvement and construction and for business expansion is
essential to the development of the State of Utah and such financing
for real property will be encouraged by the use of trust deeds as
herein provided.    It is therefore declared to be the public policy of
the State of Utah to provide for the use of trust deeds for real
property. Q^ngVjBor^ 4fl&rf -fjvq- aprejj^T"
Section 2.    As used in this act:
(1) "Beneficiary" means the person named or otherwise designated
in a trust deed as the person for whose benefit a trust deed is given,
or his successor in interest.
(2) "Trustor" means the person conveying real property by a trust
deed as security for the performance of an obligation.
(3) "Trust deed" means a deed executed in conformity with this
act and conveying real property to a trustee in trust to secure the
performance of an obligation of the grantor or other person named in
the deed to a beneficiary.
(4) "Trustee" means a person to whom the legal title to real
property is conveyed by trust deed, or his successor in interest.
(5) "Real property" means any estate or interest in land, including all buildings, fixtures and Improvements thereon and all water
rights, rights of way, easements, rents,  issues, profits, inoome,
tenements, hereditaments, privileges and appurtenances thereunto belonging, used or enjoyed with said land, or any part thereof.
(6) "Trust property" means the real property conveyed by the