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Once you pay off your mortgage, the mortgage lender — also referred to as the “trustee” — creates the deed of reconveyance document. The lender then signs this document and has it notarized.
The borrower's equitable title normally terminates automatically by operation of law (under applicable statutes or case law) at the trustee's sale. The trustee then issues a deed conveying the legal and equitable title to the property in fee simple to the highest bidder. In turn, the successful bidder records the deed and becomes the owner of ...
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings.
Mara v Browne [1895] is a Court of Chancery case [1] that dealt with liability as a constructive trustee ultimately ruling that, "if one, not being a trustee and not having authority from a trustee, takes upon himself to inter-meddle with trust matters or to do acts characteristic of the office of trustee, he may therefore make himself what is called in law trustee of his own wrong - i.e., a ...
If repaid on time, the lender would reinvest title using a reconveyance deed. This was the mortgage by conveyance (aka mortgage in fee) or, when written, the mortgage by charter and reconveyance [8] and took the form of a feoffment, bargain and sale, or lease and release. Since the lender did not necessarily enter into possession, had rights of ...
The trustee must also keep adequate records of the administration of the trust generally. [66] All trust property must stay separate from the trustee's own personal property and must not be "commingled." [67] A trustee can hold certain securities, usually publicly traded ones, in a "street name" or nominee registration for ease of management. [68]
Trump transferred 114.75 million shares, or 53% of Trump Media & Technology's outstanding stock, to the revocable trust of which he is the sole beneficiary, according to securities filings. Trump ...
Deterrence-based trust occurs when an individual fears punishment; as a result, the individual holds true to his or her responsibilities. In knowledge-based trust, some knowledge is known of the trustee and this allows the trustor to understand and predict the trustee's actions. Identification-based trust allows for one member to act as an ...
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