Statutes, codes, and regulations
Utah Administrative Code
CommerceTitle R156 - Professional Licensing
Rule R156-38a - Residence Lien Restriction and Lien Recovery Fund Rule
Section R156-38a-401 - Requirements for a Letter of Credit and/or Evidence of a Cash Deposit as Alternate Security for Mechanics' Lien

Utah Admin. Code 156-38a-401

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Current through Bulletin 2024-20, October 15, 2024
Section R156-38a-401 - Requirements for a Letter of Credit and/or Evidence of a Cash Deposit as Alternate Security for Mechanics' Lien

To qualify as alternate security under Subsection 38-1a-804(2)(c)(i)(B) "evidence of a cash deposit" must be an account at a federally insured depository institution that is pledged to the protected party and is payable to the protected party upon the occurrence of specified conditions in a written agreement.

Utah Admin. Code R156-38a-401