Utah § 11-42-503 - Local entity payments to avoid a default in local entity obligations -- Reimbursement of payments when property sold at tax or foreclosure sale.
Full text of Utah Utah Code § 11-42-503 — Local entity payments to avoid a default in local entity obligations -- Reimbursement of payments when property sold at tax or foreclosure sale., with citation guidance and answers to common questions.
§ 11-42-503. Local entity payments to avoid a default in local entity obligations -- Reimbursement of payments when property sold at tax or foreclosure sale.
11-42-503.
Local entity payments to avoid a default in local entity obligations -- Reimbursement of payments when property sold at tax or foreclosure sale.
(1)
To avoid a default in the payment of outstanding local entity obligations, a local entity may pay:
(a)
the delinquent amount due, plus interest, penalties, and costs;
(b)
the amounts described in Subsection (1)(a) and the full balance of an assessment, if accelerated; or
(c)
any part of an assessment or an installment of an assessment that becomes due during the redemption period.
(2)
A local entity may:
(a)
pay the amounts under Subsection (1) from a guaranty fund or a reserve fund, or from any money legally available to the local entity; and
(b)
charge the amounts paid against the delinquent property.
(3)
(a)
Upon the tax sale or foreclosure of the property charged as provided in Subsection (2):
(i)
all amounts that the local entity paid shall be included in the sale price of the property recovered in the sale; and
(ii)
the local entity's guaranty fund, reserve fund, or other source of money paid under Subsection (2)(a), as the case may be, shall be reimbursed for those amounts.
(b)
If the property charged as provided in Subsection (2) is sold to the local entity at the tax sale or foreclosure and additional assessment installments become due, the local entity:
(i)
may pay the additional installments from the guaranty fund or reserve fund, as the case may be, or from any legally available money;
(ii)
shall recover, in a sale of the property, the amount of the installments paid; and
(iii)
shall reimburse the guaranty fund or reserve fund when the property is sold.
Section 11-42-503 ("Local entity payments to avoid a default in local entity obligations -- Reimbursement of payments when property sold at tax or foreclosure sale.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 11-42-503?
A common citation format is "Utah Code § 11-42-503" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 11-42-503 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
