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2020 Utah Code
Title 57 - Real Estate
Chapter 1 - Conveyances
Section 42 - Liability of title insurer or title agent.
Universal Citation: UT Code § 57-1-42 (2020)
57-1-42. Liability of title insurer or title agent.
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:
Amended by Chapter 403, 2013 General Session
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:
- (a) has not been fully paid; or
- (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)
- (a) the title insurer or title agent failed to comply with the provisions of Sections 57-1-40 and 57-1-41; or
- (b) the title insurer or title agent acted with gross negligence or in bad faith in reconveying the trust deed.
Amended by Chapter 403, 2013 General Session
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