38-1a-309. Interest rate -- Preconstruction service or construction contract -- Lien.
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/ut/title-38/chapter-1a/38-1a-309·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/9/2017
38-1a-309. Interest rate -- Preconstruction service or construction contract -- Lien.
(1)Subject to Subsection
(2), the interest rate that applies to a lawful contract for preconstruction service or construction work on or for a project property, or to a lien claimed under this chapter against the project property, is, unless otherwise provided in the lawful contract, the rate described in Subsection 15-1-1(2) .
(2)If a person that claims a lien against project property under this chapter is not in privity of contract with the owner or owner-builder, the interest rate that applies to the person's lien may not exceed the rate described in Subsection 15-1-1(2) .
Amended by Chapter 373 , 2017 General Session