United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-17-6

A lender that administers a reserve account must timely pay taxes, insurance premiums, and other covered charges if the account has enough funds.

chargesinsurance premiumsreserve accountstax payments

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“A lender that administers a reserve account must timely pay taxes, insurance premiums, and other covered charges if the account has enough funds.”

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Source record from le.utah.gov · Legal dates not recorded

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Provision
§ 7-17-6Liability of lender for failure to pay taxes, insurance premiums, or other charges.Provision

A lender that administers a reserve account must timely pay taxes, insurance premiums, and other covered charges if the account has enough funds.

Liability of lender for failure to pay taxes, insurance premiums, or other charges. A lender administering a reserve account shall make timely payments of taxes, insurance premiums and other charges for which the account is established, if funds paid into the account by the borrower, his successors or assigns, are sufficient for the payments. Negligent failure to make the payments required for taxes, insurance premiums and other charges as they become due, from available funds in the reserve account, shall subject the lender to liability for all damages directly resulting from the failure; provided that this sentence does not deprive the lender of the right to present any defense it may have in any action brought to enforce the liability. Failure of the borrower or his successors or assigns to deliver promptly to the lender all notices of tax assessments and insurance premiums or other charges, received by the borrower, his successors or assigns, shall relieve the lender from liability under this section.
Section 7-17-6Verify source

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