Debt

Timelines (and the Statute of Limitations) for Foreclosing on a Trust Deed in Utah

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Joseph G. Ballstaedt801.365.1021joe@snjlegal.com In Utah, trust deeds are often used to secure loans, ranging from loans for homebuyers to loans for general contractors used to finance real estate developments. The real property identified in the trust deed acts as collateral. If the debtor fails to pay, the lender can sell the property in a foreclosure …

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The Risks and Benefits of a Personal Guaranty

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Joseph G. Ballstaedt801.365.1021joe@snjlegal.com What is a personal guaranty? A personal guaranty is a legally binding promise that a person will fulfill the financial responsibilities of another. They are generally used to protect lenders or other types of creditors. For example, many lenders require small business owners to sign a personal guaranty as additional assurance of …

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