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The Beneficiary of a Deed of Trust is the Lender, and the Deed serves to protect their investment. The Trustor is the borrower. While the legal title on the property is put into a Trust, as long as timely and consistent payments are made, the borrower has equitable title.
A substitution of trustee simply names a new person to take over that position, as well as a secondary trustee if necessary. A substitution of trustee and full reconveyance serves two purposes: It enables a lender (such as a mortgage company) to appoint a new trustee. It allows the new trustee to release the lien.
A trust deed, in general, is meant to last around four years.
A deed of trust is drafted by a solicitor, normally during the conveyancing process when buying, however you can draft a deed of trust after you purchase. You can only have a deed of trust to protect your money in a property if you hold it as tenants in common.
Based on 24 documents. 24. Substitute Mortgage means a mortgage indenture of the Company, other than the Mortgage, designated by the Company to the Trustee as a Substitute Mortgage pursuant to Section 4.03 hereof.
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In a deed of trust, that would include the grantors, trustee and beneficiary. Statute of limitations. Effective July 1, 2012, Miss. Code 15-1-81 sets the statute of limitations for enforcing a non-negotiable promissory note at 6 years from the due date.
(3) The beneficiary or holder of any deed of trust, including his agents, employees, successors, assigns, attorneys-in-fact or other legal representatives, may appoint a trustee or substitute a trustee, with or without the permission of the mortgagor or mortgagors.
A document known as a substitution of trustee and full reconveyance identifies the person who has the authority to reconvey the property and remove the lien. Most importantly, a deed of full reconveyance, known as a satisfaction of mortgage in some states, transfers title back to the borrower.
(3) The beneficiary or holder of any deed of trust, including his agents, employees, successors, assigns, attorneys-in-fact or other legal representatives, may appoint a trustee or substitute a trustee, with or without the permission of the mortgagor or mortgagors.
The substitute trustee is usually the law firm representing the lender. This is who will handle the sale and other foreclosure matters.

substitute trustee deed meaning