At any time within three months after any sale of property under a trust deed as provided in Sections
57-1-23
,
57-1-24
, and
57-1-27
, an action may be commenced to recover the balance due upon the obligation for which the trust deed was given as security, and in that action the complaint shall set forth the entire amount of the indebtedness that was secured by the trust deed, the amount for which the property was sold, and the fair market value of the property at the date of sale. Before rendering judgment, the court shall find the fair market value of the property at the date of sale. The court may not render judgment for more than the amount by which the amount of the indebtedness with interest, costs, and expenses of sale, including trustee's and attorney's fees, exceeds the fair market value of the property as of the date of the sale. In any action brought under this section, the prevailing party shall be entitled to collect its costs and reasonable attorney fees incurred.
Notes of Decisions
MacHock v. Fink, 2006 UT 30 (Utah 2006).
· cites it 16× “He then argues that Machock's breach-of-guaranty complaint does not satisfy the pleading requirements for a deficiency action under Utah Code section 57-1-32 (Supp.2005). 1 10 We conclude that a creditor need not foreclose a trust deed prior to seeking recovery from a guarantor…”
Phillips v. Utah State Credit Union, 811 P.2d 174 (Utah 1991).
· cites it 26× “On January 15, 1987, Phillips filed an action in the district court based upon USCU’s failure to bring an action seeking a deficiency judgment upon the note pursuant to Utah Code Ann. § 57-1-32 . 2 Phillips’ action sought a reassignment of the Central Ranches note and mortgage…”
Stand. Fed. Sav. & Loan Ass'n v. Kirkbride, 821 P.2d 1136 (Utah 1991).
· cites it 24× “See Utah Code Ann. § 57-1-32 (1990). That section requires that any action for a deficiency judgment be filed within three months of a foreclosure and sale under a trust deed.”
City Consum. Servs., Inc. v. Peters, 815 P.2d 234 (Utah 1991).
· cites it 16× “UTAH TRUST DEED ACT Peters contends that even if City were permitted to sue her on her note, Utah’s trust deed deficiency statute, section 57-1-32, limits City’s recovery to costs, attorney fees, and deficiency in excess of $70,250, the fair market value of the property at the…”
Christenson v. Jewkes, 761 P.2d 1375 (Utah 1988).
· cites it 8× “The plaintiff commenced this action seeking a deficiency judgment for $109,000, which was owed after a nonjudicial sale of 38.”
Craig v. Provo City, 2016 UT 40 (Utah 2016).
· cites it 3× “2d at 1137 (citing UTAH CODE § 57-1-32). The statute at issue in Standard Federal gave a “creditor three months after a sale of property under a trust deed to bring an action for any amounts remaining unpaid.”
Sur. Life Ins. Co. v. Smith, 892 P.2d 1 (Utah 1995).
· cites it 15× “” Utah Code Ann. § 57-1-32 . It is clear from the plain language of the Act that its protections apply to any action to recover the balance due on the obligation secured by a trust deed, following a nonjudicial foreclosure sale.”
World Peace Movement of Am. v. Newspaper Agency Corp., 879 P.2d 253 (Utah 1994).
· cites it 4× “reasonable attorney's fee"); Utah Code Ann. § 57-1-32 (1994) (specifically providing for attorney fees in action to recover balance due on obligation for which trust deed given as security); Utah Code Ann.”
Doty v. West Gate Bank, 874 N.W.2d 839 (Neb. 2016).
“WEST GATE BANK Cite as 292 Neb. 787 the lender a note and trust deed to the property.”
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