California Substitution of Trustee is a legal process which allows a new trustee to be appointed in place of the existing trustee for a trust. The process is governed by California Probate Code Sections 15200-15204. There are two types of California Substitution of Trustee: voluntary and involuntary. A voluntary substitution of trustee is when the beneficiaries of the trust, the settler, and the existing trustee agree to appoint a new trustee. An involuntary substitution of trustee occurs when a court orders that a new trustee be appointed because the existing trustee is unable or unwilling to fulfill their duties. Both types of substitution require the filing of a petition with the court and the court’s approval to appoint the new trustee.
California Substitution of Trustee
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FAQ
Legal Definition: The Trustee or Substitute Trustee is the authorized individual, acting as an agent of the court, who oversees the sale process and makes certain the property is sold in a fair and equitable manner.
The Substitution of Trustee and Full Reconveyance is signed by the present beneficiary and present Trustee under Deed of Trust, whose signatures are notarized.
A ?swap power? is also called a ?power to substitute.? It is a special right reserved to you (or someone else) in a trust you create while you are alive. This right gives you the power to swap an asset of yours, say cash, for an asset held in the trust you created.
Legal Definition: The Trustee or Substitute Trustee is the authorized individual, acting as an agent of the court, who oversees the sale process and makes certain the property is sold in a fair and equitable manner.
In a nutshell, the Substitution of Trustee and Deed of Reconveyance is a legal document that evidences security interest is being release by a lender. In most cases, the document shows that a loan has been paid off. Property owners may even receive this document if they have refinanced a loan.
If a trustee is not designated in the deed of trust, or upon the resignation, incapacity, disability, absence or death of the trustee, or the election of the beneficiary or beneficiaries to replace the trustee, the beneficiary or beneficiaries or their authorized agents shall appoint a trustee or a successor trustee.
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.