Successor Trustees Appointment By Beneficiary Effect Substitution Of Trustee Recording Form (Page 2 of 2) in pdf

Utah Code

(b) A trustee's resignation under this Subsection (5) takes effect upon the recording of a

resignation of trustee.

"Resignation of Trustee

(Insert name and address of trustee) hereby resigns as trustee under the trust deed

executed by (insert name of trustor) as trustor, in which (insert name of the beneficiary) is

named beneficiary and (insert name of trustee) as trustee, and filed for record (insert the

month, day, and year the trust deed was recorded), and recorded in Book ___, Page ___,

Records of ______________ County, (or with recorder's entry no.____, ______________

County), Utah.

(Insert legal description)

Signature ________________________

(Certificate of acknowledgment)"

(d)

(i) Within three days after the day on which a trustee resigns under this Subsection (5), the

trustee shall deliver written notice of the trustee's resignation to each party in any legal

action pending against the trustee that is related to or arises from the trustee's performance

of a duty of a trustee.

(ii) Except as provided in Subsection (5)(d)(iv), within 10 days after the day on which a party

receives a notice described in Subsection (5)(d)(i), the party may move the court to

substitute the beneficiary of the trust deed as defendant in the action in the place of the

trustee until a successor trustee is appointed. When a successor trustee is appointed, the

successor trustee shall be substituted as defendant in place of the beneficiary.

(iii) Except as provided in Subsection (5)(d)(iv), if, after the expiration of the time described in

Subsection (5)(d)(ii), a party does not move the court to substitute the beneficiary or the

successor trustee in place of the trustee as defendant, the court shall dismiss with prejudice

all claims against the withdrawn trustee.

(iv) Subsection (5)(d)(ii) and (5)(d)(iii) do not apply to a cause of action against a trustee that

alleges negligent or intentional misconduct by the withdrawn trustee.

(e)

(i) The withdrawal of a trustee of a trust deed under this section does not affect the validity or

the priority of the trust deed.

(ii) After a trustee withdraws under this part, only a qualified successor trustee appointed by the

beneficiary under Section 57-1-22 may exercise trustee powers, including the power of sale.

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Successor Trustees Appointment By Beneficiary Effect Substitution Of Trustee Recording Form Page 2