This form is a deed of trust modification. It is to be entered into by a borrower, co-grantor, and the lender. The agreement modifies the mortgage or deed of trust to secure a debt described within the agreement. Other provisions include: renewal and extension of the lien, co-grantor liability, and note payment terms.
Arkansas Change or Modification Agreement of Deed of Trust
State:
Multi-State
Control #:
US-00183
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Change Or Modification Agreement Of Deed Of Trust?
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FAQ
An Arkansas deed of trust conveys real property to a third party trustee to hold the title until a borrowing party repays in full a loan provided by a lender. This instrument is a legally binding agreement between a trustee, the borrower (?trustor? or ?grantor?), and a lender (?beneficiary?).
The subject matter of trust is called 'trust property' or 'trust-money. The 'beneficial interest' or 'interest of the beneficiary' is his right against the trustee as the owner of trust-property.
A trustee is any person or organization that holds the legal title of an asset or group of assets for another person, called the grantor. A trustee is granted this legal title through a trust in which the they hold title to the assets held in trust for the benefit of others.
Modification or termination of noncharitable irrevocable trust by consent. (1) A noncharitable irrevocable trust may be modified or terminated upon consent of the settlor and all beneficiaries, even if the modification or termination is inconsistent with a material purpose of the trust.
An Arkansas deed of trust conveys real property to a third party trustee to hold the title until a borrowing party repays in full a loan provided by a lender.
Arkansas Beneficiary (Transfer-on-Death) Deed At your death, the real estate goes automatically to the person you named to inherit it -- the "grantee beneficiary" -- without the need for probate court proceedings. (Ark. Code Ann. section 18-12-608.)
A trustee can be: A licensed Arkansas Attorney. A Bank or S & L authorized to do business in Arkansas. A duly licensed Trust Company. An agency or authority of the State of Arkansas.
The Board of Trustees shall have full power and authority to make, alter and rescind rules and regulations for the management and administration of the Trust. Any amendment to the Trust Deed will be carried out only with the approval of the Commissioner of Income Tax.