On Mar. 27, 2025, UTA LEG enacted bill SB 294, becomes effective as of May 7, 2025.
On Mar. 7, UTA LEG passed bill on special deposit, modified mortgage.
UTA LEG passed SB 294, bill that established the Uniform special deposits act, UTA FIN 7-28 101-116, and Uniform mortgage modification act, UTA FIN 70D-4 201-601.
Special Deposits
Deposit is a special deposit if is deposit of funds in bank under an account agreement for benefit of at least two beneficiaries; for permissible purpose in account agreement.
Also, if denominated in exchange by domestic, foreign govt; subject to a contingency.
Must serve at least one permissible purpose stated in account agreement from time special deposit created in account agreement until termination of the special deposit.
Unless account agreement provides otherwise, the bank is obligated to pay beneficiary if there are sufficient actually and finally collected funds in balance of special deposit.
Mortgage Modification
For a mortgage modification, mortgage continues to secure obligation as modified.
Priority of mortgage not affected by modification; mortgage retains mortgage's priority regardless if record of mortgage modification is recorded; modification is not novation.
Legislative History
On Feb. 18, 2025, bill introduced into Senate; on Mar. 3, 2025, bill passed the Senate.
On Mar. 3, 2025, bill introduced into the House; on Mar. 7, 2025, bill passed House.
On Mar. 7, 2025, Senate received bill from House and concurred House amendments.
Effectiveness
If finalized, bill takes effect on May 7, 2025.
Mar. 27, 2025 UTA LEG Governor Approval
On Mar. 27, 2025, UTA LEG enacted bill SB 294, becomes effective as of May 7, 2025.
