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.
South Dakota 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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Codified Laws § 55-3-23. In addition to the methods specified in §§ 55-3-24 to 55-3-27, inclusive, a trust terminates if: (1) The term of the trust expires; (2) The trust purpose is fulfilled; (3) The trust purpose becomes unlawful or impossible to fulfill; or (4) The trust is revoked.
Codified Laws § 55-13-13. (b) If charges against income are of unusual amount, the trustee may by means of reserves or other reasonable means charge them over a reasonable period of time and withhold from distribution sufficient sums to regularize distributions.
Privacy and South Dakota's Total Seal South Dakota's privacy statute provides for a total seal forbidding the release of trust information, including names of settlors, beneficiaries, and the contents of a trust, to the public during litigation.
Asset Protection Trusts South Dakota was the first state to enact a discretionary trust statute designed to protect trust assets from creditors. This statutory protection also applies to self-settled trusts, these being trusts settled by a transferor of which the transferor is a beneficiary.
55-4-57 Time for commencing judicial proceeding to contest validity of trust--Distribution of trust property--Recovery of improper distribution--Notice. 55-4-58 Presentation of claims against property of trust revocable at settlor's death.
South Dakota Decanting Statute: South Dakota requires only that a trustee have ?discretionary authority? over income or principal (without requiring that authority to be ?unfettered? or ?absolute?). Any trustee discretion over income or principal is appropriate.