2006 Utah Code - 57-15-3 — Substantial impairment of lender\'s prospect of prompt and full payment.

     57-15-3.   Substantial impairment of lender's prospect of prompt and full payment.
     For purposes of this act, the lender's prospect of prompt and full payment under the terms of the instrument is substantially impaired when, according to standards normally used by persons in the business of making loans on real estate for original loans under the same or similar circumstances and terms, the person to whom the real estate would be sold or transferred or by whom the indebtedness would be assumed is unable to meet the payment schedule set in the original contract.

Enacted by Chapter 224, 1981 General Session