Randall v. Valley Title

OAKS, Justice:

This is a case of first impression on the duties of a trustee with respect to the excess proceeds of sale under our Act Relating to Trust Deeds, U.C.A., 1953, §§ 57-1-19 to -36. At issue is the meaning of the statute requiring the trustee to apply the proceeds of sale, after paying costs and satisfying the obligation secured by the trust deed, to “the person or persons legally entitled thereto.” § 57-1-29.

The defendant, Valley Title Co., trustee under a second trust deed, sold the property under a power of sale on August 12, 1980. At that time the property, a residential lot in…