This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Idaho Deed of Trust Securing Obligations Pursuant to Indemnification Agreement
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US-01776BG
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How to fill out Deed Of Trust Securing Obligations Pursuant To Indemnification Agreement?
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FAQ
15-7-303. Duty to inform and account to beneficiaries. The trustee shall keep the beneficiaries of the trust reasonably informed of the trust and its administration.
The trustee is named in the deed of trust, and, as codified at I.C. § 45-1504, ?can be a bank, lawyer, title insurance agent, or a licensed trust organization,? though it is generally a title insurance agent [1]. In Idaho, the lender is the beneficiary of the trust deed and the trustee holds the lien on the property.
Idaho Code Section 45-1503(1) prohibits the beneficiary of an obligation secured by a trust deed (usually a promissory note) from instituting judicial action to enforce the obligation unless one of four requirements is met: (1) the trust deed has been foreclosed; (2) the action is one for foreclosure of mortgages on ...
45-1504. TRUSTEE OF TRUST DEED --- WHO MAY SERVE --- SUCCESSORS. (d) A licensed title insurance agent or title insurance company authorized to transact business under the laws of the state of Idaho. (2) The trustee may resign at its own election or be replaced by the beneficiary.
Although about 60% of the US states are mortgage states, Idaho is considered a deed state. A deed of trust is an agreement between a beneficiary, grantor, and trustee. A deed is signed to a trustee as a form of security to ensure that the performance of obligation is fulfilled.
Although about 60% of the US states are mortgage states, Idaho is considered a deed state. A deed of trust is an agreement between a beneficiary, grantor, and trustee. A deed is signed to a trustee as a form of security to ensure that the performance of obligation is fulfilled.
45-1502. Definitions ? Trustee's charge. As used in this act: (1) "Beneficiary" means the person named or otherwise designated in a trust deed as the person for whose benefit a trust deed is given, or his successor in interest, and who shall not be the trustee.