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Texas Removal of Trustee and Appointment of Substitute Trustee

Appointment Of Substitute Trustee Texas

Name: Texas Removal of Trustee and Appointment of Substitute Trustee
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.65 (282 reviews)

Category:

Texas Court Samples - Real Estate - Trusts

State:

Texas

Control #:

TX-JW-0167

Format:

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Removal of Trustee and Appointment of Substitute Trustee

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FAQ

Substitute Trustee Person appointed by the current mortgagee or mortgage servicer to exercise the power of sale in lieu of the original trustee designated in the deed of trust. Simple Terms This is the person who conducts the sale at the foreclosure auction.

If, however, your Trust does not give you the power to remove a Trustee (and most Trusts do not include that type of power), then you must file a Petition to Remove the Trustee in Probate Court. The problem with a removal petition is that it requires a trial before the court will decide on removal.

The New South Wales Supreme Court administers the rules of equity and also has the inherent authority for removing a trustee in New South Wales. The considerations for doing so are a little broader than those under the Trustee Act.

A substitute trustee is a person named by the lender under the terms of the security instrument (deed of trust) to exercise the power of sale (Tex. Prop. Code § 51.0001(7)). The power to appoint a substitute trustee must be expressly designated by the lender in the deed of trust, otherwise the appointment is invalid.

Removal by the TrustorTrust agreements usually allow the trustor to remove a trustee, including a successor trustee. This may be done at any time, without the trustee giving reason for the removal.

The trust deed lists the trustees. Therefore, to change an individual trustee, you need to amend the trust deed. Most trust deeds permit a change of trustee by way of a trustee resolution and entry into a deed of variation. A trustee resolution is a signed statement of the actions taken by the trustee.

A petition for removal of a trustee can be filed by either a co-trustee or a beneficiary. This process can be further complicated if beneficiaries are also designated as trustees. The petition may also seek financial damages from the trustee.

Notices are entitled Notice of Trustee's Sale or Notice of Substitute Trustee's Sale. They provide information about the debt, the legal description of the property, and designate a three-hour period during which the sale will be held.

A Notice of Trustee's Sale informs homeowners and mortgage borrowers of record that their home will be sold at a trustee's sale on a specific date and at a specific location. The actual sale typically completes a non-judicial foreclosure in states allowing this type of foreclosure process.

Appointment Of Substitute Trustee Texas

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What does appointment of substitute trustee mean?

How do you get a trustee removed from a trust?

Who has the power to remove a trustee?

What is a substitute trustee deed Texas?

Can a trustee be removed without consent?

How do I change the trustee of a family trust?

How do I remove a trustee from a family trust?

What is a notice of substitute trustee sale in Texas?

What does notice of trustee sale mean?

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