38-1a-602. Notice concerning construction loan default.
125 words·~1 min read·
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38-1a-602. Notice concerning construction loan default.
(1)Within five business days after a notice of default is filed for recording under Section 57-1-24 with respect to a trust deed on the project property securing a construction loan, the construction lender under the loan shall file a notice with the registry.
(2)A notice under Subsection
(1)shall:
(a)include:
(i)the information required to be included in a notice of construction loan under Subsection 38-1a-601(2) ; and
(ii)the entry number of the notice of construction loan;
(b)state that a notice of default with respect to the construction loan has been recorded; and
(c)state the date that the notice of default was recorded.
Renumbered and Amended by Chapter 278 , 2012 General Session